Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a revenue of 170.90 billion and a net profit attributable to shareholders of 27.54 billion for the year, reflecting a year-on-year decline of 8.7% and 8.5% respectively. In the fourth quarter, the company achieved a revenue of 33.95 billion, a quarter-on-quarter decrease of 32.1%, and a net loss attributable to shareholders of 1.03 billion [1] - The company has seen a recovery in its funding-related business, with credit impairment losses remaining high, impacting overall performance. The revenue from fee-based and funding-related businesses was 69.35 billion and 46.78 billion respectively, with year-on-year changes of -13.7% and +16.2% [1] - The company is steadily advancing its wealth management transformation, despite pressure on fee-based businesses. The net income from brokerage, investment banking, and asset management was 27.81 billion, 15.10 billion, and 20.29 billion respectively, with year-on-year declines of -9.8%, -12.9%, and -23.3% [1] - The company is expanding its balance sheet, with a recovery in proprietary investments. Net interest income and investment income were 17.64 billion and 29.14 billion respectively, with year-on-year increases of +7.6% and +22.0% [1] - The company maintains a competitive advantage in its large asset management business, and the repurchase of shares during the reporting period reflects management's confidence. The expected net profit attributable to shareholders for 2024 and 2025 is projected to be 32.85 billion and 37.78 billion, representing year-on-year growth of +19.3% and +15.0% [1] Summary by Sections - **Revenue and Profit Forecast**: The company is expected to achieve revenues of 176.78 billion in 2024 and 188.03 billion in 2025, with net profits of 32.85 billion and 37.78 billion respectively [2] - **Income Breakdown**: The projected net income from fee-based services is expected to decline to 62.69 billion in 2024, while investment income is expected to rise to 38.49 billion [2] - **Cost Management**: Operating expenses are projected to decrease to 137.14 billion in 2024, with management expenses expected to be 75.69 billion [2]

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - The company's performance in 2023 showed a decline in revenue and net profit due to market fluctuations and impairment provisions, with revenue at CNY 17.09 billion, down 8.75% year-on-year, and net profit at CNY 2.75 billion, down 8.53% year-on-year. The quality of the balance sheet has further strengthened [5][15]. - The company anticipates a rebound in performance in 2024 due to a low base effect, with a reasonable value estimated at CNY 11.37 per share for A-shares and HKD 4.30 for H-shares [1][5]. Summary by Sections Market Fluctuations and Impairment Impacting Company Performance - Revenue decreased by 8.75% year-on-year, while net profit fell by 8.53% due to market volatility and impairment provisions [5][15]. - The weighted ROE was 3.45%, a decrease of 0.71 percentage points year-on-year, with total assets increasing by 4.24% to CNY 383.69 billion [8][15]. - The revenue structure shows a slight increase in the proportion of heavy asset business, reaching 40.15% [13]. Asset Management and Proprietary Business Performance - The asset management segment saw a revenue decline of 24.5% year-on-year, with net profit down 40.7% [15]. - Brokerage business revenue was CNY 2.78 billion, down 9.9% year-on-year, while the number of client accounts increased by 10.3% [20]. - Capital intermediary business revenue increased by 6.5%, with interest income from lending down by 7.5% [28]. Investment Banking and Proprietary Business Developments - Investment banking revenue decreased by 12.87% year-on-year, with a significant drop in equity underwriting [33]. - Proprietary business revenue increased by 19.01%, with notable improvements in off-exchange business [39]. Profit Forecast and Investment Recommendations - The report maintains a "Buy" rating, projecting a recovery in the wealth management business and overall market conditions in 2024 [1][5].

公司研 究 证 券研究 报 告 证券Ⅲ 2024年03月29日 东 方证券（600958）2023年报点评 推 荐 （维持） 目标价：11.0元 业绩符合预期，持续关注财富管理转型 当前价：8.24元 事项： 华创证券研究所  公司披露2023年年报，总营收170.9亿元（同比-8.7%），归母净利润27.5亿 证券分析师：徐康 元（同比-8.5%），归母净资产787.5亿元（较期初+1.8%）。 评论： 电话：021-20572556 邮箱：xukang@hcyjs.com  全年ROE为3.5%（同比-0.7pct），杜邦拆分： 执业编号：S0360518060005 1）杠杆：杠杆有所修复回升。财务杠杆倍数3.82倍（同比+0.32倍）。2022年 联系人：刘潇伟 公司开展再融资，净资产增长明显，杠杆有所回落；报告期内杠杆逐步回升至 历年均值。负债结构上，计息负债累计增长273亿元，其中卖出回购金融资产 邮箱： liuxiaowei@hcyjs.com 款+114亿元，主要来自自营业务杠杆；应付债券+44亿元；拆入资金+173亿 元，主要是同业拆借类短期负债。 公司基本数据 2）ROA下降至1.0% ...

Financial Performance - The company's total revenue for 2023 was CNY 17,090,058,490.58, a decrease of 8.75% compared to CNY 18,728,628,979.84 in 2022[48]. - The net profit attributable to shareholders for 2023 was CNY 2,753,755,356.48, down 8.53% from CNY 3,010,558,218.74 in 2022[48]. - The net cash flow from operating activities for 2023 was CNY 21,459,210,316.21, a slight decrease of 0.73% compared to CNY 21,616,532,485.13 in 2022[48]. - The total assets at the end of 2023 were CNY 383,690,461,669.31, an increase of 4.24% from CNY 368,066,958,507.49 at the end of 2022[44]. - The total liabilities at the end of 2023 were CNY 304,930,264,916.75, reflecting a 4.91% increase from CNY 290,668,669,914.77 at the end of 2022[44]. - The weighted average return on equity for 2023 was 3.45%, a decrease of 0.71 percentage points from 4.16% in 2022[45]. - The net capital at the end of the reporting period was CNY 50,592,451,966.46, compared to CNY 47,377,141,479.67 at the end of the previous year[46]. - The company reported a total of CNY 125,474,582.93 in non-recurring gains and losses for 2023[49]. - The company's basic earnings per share for 2022 were CNY 0.30, down from CNY 0.35 in 2021[45]. - The total assets increased by 4.24% from RMB 368.07 billion in 2022 to RMB 383.69 billion in 2023[53]. - The net profit for 2023 was RMB 2.76 billion, a decrease of 8.43% compared to RMB 3.01 billion in 2022[53]. - The company's operating income decreased by 8.75% from RMB 18.73 billion in 2022 to RMB 17.09 billion in 2023[53]. - The total liabilities increased by 4.91% from RMB 290.67 billion in 2022 to RMB 304.93 billion in 2023[53]. - The company's equity attributable to shareholders increased by 1.76% from RMB 77.40 billion in 2022 to RMB 78.76 billion in 2023[53]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling approximately 1.27 billion RMB, which represents 46.09% of the net profit attributable to shareholders for the year 2023[9]. Risk Management - The company faces various risks including market volatility, regulatory changes, and operational risks, which could adversely affect its business performance[11]. - The company emphasizes the importance of a comprehensive risk management system to address potential compliance, legal, and operational risks[12]. - The board of directors and senior management confirm the accuracy and completeness of the annual report, taking legal responsibility for its content[8]. - The company has a comprehensive organizational structure with specialized committees under the board of directors, ensuring effective governance and risk management[35]. - The company has implemented a comprehensive risk management system for innovative business, ensuring that risks are identified, assessed, and managed throughout the entire process[175]. - The company has conducted regular comprehensive and specialized stress tests to ensure that risks remain measurable and controllable under extreme conditions[178]. - The company has successfully maintained compliance with major risk control indicators related to net capital and liquidity throughout the reporting period[179]. Business Qualifications and Expansion - The company holds multiple business qualifications, including a securities and futures business license approved by the China Securities Regulatory Commission (CSRC) with registration number 913100001322947763[18]. - Orient Securities has expanded its business scope to include online securities commission services and open-ended fund distribution, enhancing its service offerings in the financial market[19]. - The company is qualified to conduct asset management business, which is crucial for diversifying its revenue streams and enhancing client services[20]. - The qualifications for conducting margin trading and securities lending are expected to enhance the company's competitive edge in the securities market[20]. - Orient Securities is positioned to leverage its qualifications for mergers and acquisitions, potentially expanding its market presence and service capabilities[20]. - The company’s strategic focus on expanding its business qualifications aligns with its long-term growth objectives in the financial services sector[19]. Market Position and Client Services - The company is actively involved in the interbank lending market and bond market, which positions it well for capitalizing on market opportunities[18]. - The company achieved a 100% approval rate for equity financing projects and maintained zero defaults in bond financing projects[58]. - The company's institutional client assets increased by 45.3% compared to the beginning of the period[58]. - The company maintained the number one market share in futures trading volume and ranked third in client equity scale[58]. - The company aims to enhance its wealth management capabilities and expand its product offerings to meet the needs of high-net-worth clients[98]. Financial Technology and Innovation - The company is actively enhancing its financial technology capabilities, including the development of a super investment management platform for comprehensive asset trading[59]. - The company received several awards, including the Shanghai Financial Innovation Achievement Award and the People's Bank of China Financial Technology Development Award, recognizing its advancements in financial technology[150]. - The company has received multiple awards for its financial technology innovations, including recognition for its big data service platform and blockchain SaaS service platform[174]. Capital Structure and Financing - The registered capital of Orient Securities is CNY 8,496,645,292, with net capital increasing to CNY 50,592,451,966.46 from CNY 47,377,141,479.67 year-over-year, reflecting a growth of approximately 4.6%[17]. - The company has a diversified financing structure, utilizing various debt financing methods including bonds, subordinated bonds, and short-term financing notes[180]. - The company maintains strong financing capabilities, with a Moody's long-term rating of Baa2 and a stable outlook, and a Standard & Poor's long-term rating of BBB- with a stable outlook[181]. - The company has established a capital replenishment mechanism to dynamically adjust the scale and structure of its business according to regulatory requirements and risk tolerance[177]. Subsidiaries and Branches - The company has established various subsidiaries, including Shanghai Dongzheng Futures Co., Ltd. with a registered capital of RMB 4.3 billion[37]. - The company has a total of 179 securities branches across various regions, with the highest number in Shanghai (47 branches)[40][41]. - The company has 45 futures branches distributed in major cities including Shanghai, Beijing, and Shenzhen[42]. Awards and Recognition - The company received multiple awards, including the "Best Debt Underwriting Investment Bank" and "Outstanding Underwriter" from various financial associations, highlighting its industry recognition[132]. - Dongzheng Asset Management received multiple industry awards, including the "Golden Fund - Bond Investment Return Fund Management Company" award from Shanghai Securities Journal[83]. Strategic Goals and Future Plans - The company plans to focus on digital transformation, group management, and international expansion as strategic drivers during the planning period[197]. - The company aims to enhance customer development and service capabilities, improving comprehensive customer management and vertical management[198]. - The company will implement a diversified investment strategy and adjust positions in response to market changes, particularly in equity securities investments[199]. - The company is committed to creating a modern investment bank with first-class core competitiveness, providing comprehensive financial services[197].

非银金融/证券Ⅱ 公 司 研 东方证券（600958.SH） 财富管理业务稳健发展，估值具有安全边际 究 2024年03月28日 ——东方证券 2023 年报点评 投资评级：买入（维持） 高超（分析师） 卢崑（联系人） gaochao1@kysec.cn lukun@kysec.cn 证 书编号：S0790520050001 证书编号：S0790122030100 日期 2024/3/27  财富管理业务稳健发展，估值具有安全边际 当前股价(元) 8.22 2023年公司营业总收入/归母净利润为170.9/27.5亿元，同比-8.8%/-8.5%，单Q4 公 一年最高最低(元) 12.12/7.88 归母净利润亏损1亿元，与业绩快报基本一致，加权平均ROE 3.45%，较2022 司 年-0.71pct，期末杠杆率（扣客户保证金）3.46倍，较年初+9%。Q4投资收益同 信 总市值(亿元) 698.42 比-89%拖累业绩；全年来看，市场波动导致经纪、投行和资管净收入同比下降， 息 流通市值(亿元) 611.24 投资收益起到一定支撑，信用减值计提 10 亿元构成拖累。我们下调 2024-2025 更 总股 ...

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The company reported a revenue of 17.09 billion yuan in 2023, a decrease of 8.75% year-on-year, and a net profit attributable to shareholders of 2.75 billion yuan, down 8.53% year-on-year. The decline in revenue is primarily due to cyclical impacts on brokerage, investment banking, and asset management businesses [1]. - The investment business showed growth, with income from investment activities reaching 2.39 billion yuan, an increase of 25.67% year-on-year, driven by strong performance in the first and third quarters [1]. - The company has made progress in institutional business, with a 24.9% increase in interbank bond trading volume and a 177.2% increase in exchange bond trading volume [1]. - The brokerage business faced pressure, with brokerage income of 2.78 billion yuan, down 9.85% year-on-year, and a market share of 1.63% [1]. - The asset management business saw a revenue decline of 23.31% year-on-year, with total management scale decreasing to 235.75 billion yuan [1]. - The investment banking segment experienced a revenue drop of 12.86% year-on-year, completing 15 equity financing projects with a total underwriting amount of 12.998 billion yuan [1]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 17.09 billion yuan, a decrease of 8.75% from the previous year. The net profit attributable to shareholders was 2.75 billion yuan, down 8.53% year-on-year, with an EPS of 0.30 yuan, a decline of 14.29% [1][2]. - The weighted average return on equity (ROE) was 3.45%, a decrease of 0.71 percentage points year-on-year [1]. Business Segments - Investment Business: Revenue from investment activities was 2.39 billion yuan, up 25.67% year-on-year, with significant contributions from the first and third quarters [1]. - Brokerage Business: Revenue was 2.78 billion yuan, down 9.85% year-on-year, with a market share of 1.63% [1]. - Asset Management: Revenue decreased to 2.03 billion yuan, down 23.31% year-on-year, with total management scale at 235.75 billion yuan [1]. - Investment Banking: Revenue was 1.51 billion yuan, down 12.86% year-on-year, with a total underwriting amount of 12.998 billion yuan [1]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025 downwards by 19.89% and 23.66%, respectively, expecting net profits of 3.18 billion yuan and 3.37 billion yuan in those years [1]. - The projected PE ratios for 2024, 2025, and 2026 are 22.4, 21.1, and 20.1, respectively, with PB ratios of 1.0, 0.9, and 0.9 [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company reported a slight decline in revenue and net profit for 2023, with total revenue at 17.09 billion yuan, down 9% year-on-year, and net profit at 2.754 billion yuan, down 8.5% year-on-year. The fourth quarter of 2023 saw a significant drop in revenue, with a 49% year-on-year decrease [6][7]. - Investment and credit business showed growth against the trend, while fee-based income was affected by market conditions. The company’s brokerage, investment banking, asset management, net interest income, net investment income, and long-term stock investment revenues experienced varied changes [6][7]. - The report highlights the impact of market volatility on the company's performance, particularly in the fourth quarter, where investment losses were a significant factor in the reported net loss [6][7]. - The company’s asset management performance was below industry standards, with a notable decline in profit contributions from public funds due to fee reduction policies [6][7]. - The report projects a recovery in net profit for 2024, estimating it at 3.07 billion yuan, representing an 11.5% year-on-year increase [7][9]. Summary by Sections Financial Performance - Total revenue for 2023 was 17.09 billion yuan, down 9% year-on-year, with a net profit of 2.754 billion yuan, also down 8.5% year-on-year. The fourth quarter saw a revenue of 3.39 billion yuan, down 49% year-on-year [6][7]. - The company’s return on equity (ROE) for 2023 was 3.45%, a decrease of 0.71 percentage points year-on-year [6][7]. Revenue Breakdown - The revenue from brokerage services was 2.78 billion yuan, down 10% year-on-year, while net investment income increased by 35% to 2.33 billion yuan. The company’s income from investment and credit business showed resilience [6][7]. Asset Management - The company’s public asset management unit reported a net profit of 490 million yuan, down 41% year-on-year, indicating pressure from fee reduction policies [6][7]. Future Projections - The report anticipates a recovery in net profit, projecting 3.07 billion yuan for 2024, with subsequent years showing continued growth [7][9].

证券研究报告 公 2024年03月28日 司 报 告 东方证券(600958) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 8.22元 财富管理业务有所承压，股质规模进一步压缩 - 公 目标价格： 11.66元 司 事件： 年 基本数据 报 东方证券发布 2023 年报，公司累计实现营业收入 170.9 亿，同比-8.7%； 点 总股本/流通股本(百万股) 8,496.65/8,463.16 归母净利润27.54亿，同比-8.5%；ROE 3.45%，较去年同期减少0.71pct。 评 流通A股市值(百万元) 61,123.89 ➢ 收费类业务：权益市场波动影响财富及资管业务收入 每股净资产(元) 8.68 1）公司2023年累计实现经纪业务手续费净收入27.8亿，同比-10%，23Q4 资产负债率(%) 79.47 单季度实现经纪业务收入6.2亿，同比-19%/环比+2%，23Q4经纪业务收 入占证券主营收入比重30.8%，环比+9.3pct。 一年内最高/最低(元) 12.12/7.88 2）公司2023年累计实现资管业务收入20.3亿，同比-23%，23Q4单季度 股价 ...

东方证券股份有限公司 独立董事2023年度述职报告 朱凯 本人作为东方证券股份有限公司独立董事，根据中国证监会《上 市公司独立董事管理办法》以及《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》（下称《规 范运作》）及《上海证券交易所上市公司自律监管指南第六号——定 期报告》等规定要求，独立客观地参与了公司重大事项决策，忠实勤 勉地履行了独立董事职责，现就 2023 年度工作情况作如下报告： 一、本人基本情况 本人自 2023 年 10 月起担任公司独立董事，现同时兼任公司第五 届董事会审计委员会主任委员、薪酬与提名委员会委员。本人工作履 历、专业背景以及兼职情况详见与本报告同日披露于上海证券交易所 网（http://www.sse.com.cn）的公司 2023 年年度报告。 本人除在公司担任独立董事外，与公司及其主要股东不存在直接 或者间接利害关系，或者其他可能影响本人进行独立客观判断关系， 不存在任何影响独立性的情况。 二、年度履职概况 1、出席董事会次数、方式及投票情况 公司 2023 年 10-12 月共召开 1 次董事会，本人亲自出席会议， 并对董事会所表 ...

公司代码：600958 公司简称：东方证券 东方证券股份有限公司 2023 年度内部控制评价报告 东方证券股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...