上 市 公 司 非银金融 2024年04月26日 招商证券 (600999) 公 司 研 究 —— 符合预期，经纪与投资收入贡献占比约 8 成 公 司 点 报告原因：有业绩公布需要点评 评 事件：招商证券公布2024年一季报，业绩符合预期。1Q24公司实现营收43.0亿/yoy-10%； 增持 （维持） 归母净利润21.6亿/yoy-5%。1Q24加权ROE（未年化）1.87%/yoy-0.22pct。 ⚫ 收入拆分：经纪+净投资收入占比约8成，投资业务同比增2成。营收拆分：1Q24经纪、 投行、资管、净利息、净投资、长股投（主要是博时基金和招商基金）收入分别为13.2、 证 市场数据： 2024年04月26日 券 0.9、1.6、1.2、20.7亿元，收入占比31%、2%、4%、3%、49%、8%；分别同比-7%、 收盘价（元） 15.24 研 一年内最高/最低（元） 15.91/12.62 -43%、-14%、-76%、+20%、-10%。投资业务为唯一正增业务：公司以固收类投资资 究 市净率 1.1 产为主，因此在债市较强的市场环境中投资收入表现更佳，1Q23-1Q24 公司各季净投资 报 息率（分红/ ...

Financial Performance - The total revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[3]. - Total operating revenue for Q1 2024 was RMB 4,298,673,959.40, a decrease of 9.66% compared to RMB 4,758,451,712.94 in Q1 2023[17]. - Net profit for Q1 2024 was RMB 2,158,289,650.23, slightly down from RMB 2,260,720,408.94, marking a decrease of 4.5% year-over-year[17]. - Net profit for Q1 2024 was CNY 1,957,509,006.87, an increase of 3.34% from CNY 1,894,366,959.07 in Q1 2023[24]. - The total comprehensive income for Q1 2024 was RMB 2,342,476,227.44, an increase from RMB 2,291,486,101.71 in Q1 2023[18]. Cash Flow - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[3]. - In Q1 2024, the net cash flow from operating activities was CNY 6.64 billion, a decrease of 73.1% compared to CNY 24.72 billion in Q1 2023[19]. - Total cash inflow from operating activities reached CNY 58.26 billion, up 25.2% from CNY 46.53 billion in the same period last year[19]. - The net cash flow from investment activities was CNY -10.44 billion, compared to a positive cash flow of CNY 2.70 billion in Q1 2023[19]. - Cash flow from financing activities resulted in a net outflow of CNY 26.74 billion, slightly worse than the CNY 25.90 billion outflow in Q1 2023[20]. - The net cash flow from financing activities was -26,446,988,590.80 CNY, compared to -22,140,551,926.78 CNY in Q1 2023, indicating a decline of approximately 19.5% year-over-year[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the end of the previous year[4]. - The total assets as of March 31, 2024, were CNY 582.76 billion, down from CNY 607.41 billion at the end of 2023[22]. - The company's cash and cash equivalents stood at RMB 89,995,573,836.69, down from RMB 110,022,616,088.89, indicating a decrease of about 18.24%[14]. - The total liabilities decreased to RMB 518,203,198,638.65 from RMB 573,816,058,013.50, reflecting a reduction of approximately 9.69%[15]. - The company's liabilities decreased, with short-term financing payables at CNY 43.52 billion, down from CNY 56.98 billion[22]. Income and Expenses - Net interest income dropped significantly to RMB 119,032,816.75 from RMB 487,963,842.43, reflecting a decline of 75.6% year-over-year[17]. - Net commission and fee income decreased to RMB 1,705,519,588.28, down 12.26% from RMB 1,944,710,059.47 in the same period last year[17]. - Investment income turned negative at RMB -242,494,161.71, contrasting sharply with a profit of RMB 1,680,666,535.68 in Q1 2023[17]. - Total operating expenses were RMB 2,024,215,439.19, a reduction of 8.4% from RMB 2,210,212,724.35 in Q1 2023[17]. - Total expenses for Q1 2024 were CNY 1,670,308,301.69, down from CNY 1,752,519,153.26, indicating a decrease of 4.68%[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[8]. - The company’s major shareholder, China Merchants Jinling Company, held 23.55% of the shares[8]. Fair Value Changes - The company reported a significant increase in fair value changes, with a gain of CNY 2,640,698,507.45, up 511.03% year-on-year[6]. - The company reported a significant increase in fair value changes, with gains of RMB 2,640,698,507.45 compared to RMB 432,170,651.67 in the previous year[17]. Other Comprehensive Income - Other comprehensive income after tax increased by 498.68%, reaching CNY 184,186,577.21[7]. - Other comprehensive income after tax totaled RMB 184,186,577.21, significantly higher than RMB 30,765,692.77 in the previous year[17].

证券代码：600999 证券简称： 招商证券 编号： 2024－017 招商证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第四次会议通知于 2024 年 4 月 12 日以电子邮件方式发出。会议于 2024 年 4 月 26 日在广东省深圳 市以现场结合通讯方式召开。 第八届董事会第四次会议决议公告 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、 董事会会议审议情况 （一）关于公司 2024 年第一季度报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 （二）关于招商证券国际有限公司及其下属全资子公司 2024 年度担保授权 方案的议案 1 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 13 人）。公司全体监事和部分高级管理人 员列席了会 ...

招商证券股份有限公司 关于招商证券国际有限公司及其 下属全资子公司2024年度担保授权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 证券代码：600999 证券简称： 招商证券 编号：2024－018 | 担保方 | 被担保方 | 担保方 持股比 | 被担保 方最近 一期资 | 截至2023年 12月31日担 | 预计担保额 | 担保额 度占上 市公司 | 预计有 | 是否 关联 | 是否有 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 注2 | | | | | | | | 例 | 产负债 | 保余额（亿 | 度 | 最近一 | 效期 | 担保 | 反担保 | | | | | 注1 | 港元） | | 期净资 | | | | | | | | 率 | | | | | | | | | | | | | | 产比例注3 | | | | | 1.资产负债率为 | 70% 以上的公司 | | | | | | ...

Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company achieved a revenue of 19.82 billion yuan in 2023, representing a growth of 3.13%, and a net profit attributable to shareholders of 8.764 billion yuan, up by 8.60% [1] - The company is steadily advancing its wealth management transformation, with a notable increase in the scale of public funds, ranking fifth in the industry [1] - The company’s investment banking revenue decreased by 6.53%, with a significant drop in equity underwriting, while bond underwriting, particularly financial bonds, saw substantial growth [2] - The asset management business experienced a decline, with net income down by 13.99% and total assets under management slightly decreasing [3] - The self-operated business showed strong performance, with revenue increasing by 31.57%, driven by significant growth in derivative products [8] - The company is expected to continue its development under supportive policies, with projected earnings per share of 1.11 yuan, 1.21 yuan, and 1.39 yuan for 2024-2026 [9] Financial Performance Summary - In 2023, the company reported a net income of 8.764 billion yuan, with a growth rate of 8.60% compared to the previous year [1] - The company’s return on equity (ROE) for 2022 was 7.91%, an increase of 0.37 percentage points year-on-year [1] - The company’s total assets reached 695.85 billion yuan in 2023, with a slight increase in total liabilities [14] - The company’s financial ratios include a price-to-earnings (P/E) ratio of 14.11 and a price-to-book (P/B) ratio of 1.16 [4]

证券代码：600999 证券简称： 招商证券 编号： 2024－016 招商证券股份有限公司 二、 监事会会议审议情况 会议审议通过如下议案： 《关于招商证券股份有限公司原合规总监、首席风险官胡宇同志离任审计报 告的议案》。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 第八届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第三次会议通知于 2024 年 4 月 16 日以电子邮件方式发出，于 2024 年 4 月 19 日以通讯表决方式召 开。 会议由监事会召集人朱立伟先生召集。出席会议的监事有：朱立伟、王章为、 马蕴春、彭陆强、邹群、尹虹艳、王剑平、陈鋆。应出席监事 8 人，实际出席监 事 8 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 2024 年 4 月 19 日 2 1 招商证券股份有限公司监事会 ...

招商證券股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，董事會會議將於2024 年4月26日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至2024年3 月31日止三個月的未經審計第一季度業績及其發佈。 承董事會命 招商證券股份有限公司 霍達 董事長 中國，深圳 2024年4月12日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 6099 董事會會議召開日期 於本公告日期，本公司執行董事為霍達先生及吳宗敏先生；本公司非執行董事為張健先 生、鄧偉棟先生、劉威武先生、李曉霏先生、馬伯寅先生、黃堅先生、張銘文先生及丁 璐莎女士；以及本公司獨立非執行董事為向華先生、葉熒志先生、張瑞君女士、曹嘯先 生及豐金華先生。 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－015 招商证券股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会暨召开公司现金分红说明会的公告 招商证券股份有限公司（以下简称公司或本公司）的实际控制人招商局集团 有限公司（以下简称招商局集团）将举办"'百年招商，创享未来'招商局集团 上市公司集体业绩说明会"，旨在加强与投资者沟通，推进上市公司高质量发展。 招商局集团旗下五家沪市上市公司将于 2024 年 4 月 16 日下午共同参加在上海证 券交易所举办的集体业绩说明会,公司将参加该业绩说明会并同时举办公司现金 分红说明会。 一、说明会类型 1 会议召开时间：2024 年 4 月 16 日（星期二）14:30-17:00 会议召开地点：上海证券交易所上证路演中心 会议召开方式：现场交流、视频直播、网络文字互动 投资者可于 2024 年 4 月 10 日（星期三）至 4 月 15 日（星期一）16:00 前 通过公司投资者关系邮箱 IR@cmschina.com.cn 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 本次投资者说明会以现场交流、视频直播、网络文字互动 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [2][18][23]. Core Insights - The company achieved a revenue of 19.82 billion yuan in 2023, reflecting a year-on-year growth of 3.13%, and a net profit of 8.764 billion yuan, up 8.60% year-on-year [4][6]. - The company's performance in the brokerage, investment banking, and asset management sectors showed a decline in net income proportions, while net interest income and investment income increased [4][7]. - The company continues to develop its neutral investment business and fixed-income investments, which significantly outperformed benchmark indices [4][14]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.94 yuan, a 9.30% increase year-on-year, and a return on equity (ROE) of 7.91%, up 0.37 percentage points [4][6][21]. - The company plans to distribute a dividend of 2.52 yuan per share, which represents 25.01% of the net profit attributable to shareholders [6][18]. Brokerage and Trading - The company's brokerage business saw a slight decline in trading volume, with a market share of 5.23%, marking a 0.01 percentage point increase year-on-year [9][10]. - The total trading volume for equity funds was 25.18 trillion yuan, down 2.67% year-on-year, while the number of active trading clients increased by 8.03% to approximately 17.76 million [9][10]. Investment Banking - The company experienced a significant decline in equity financing, with a 50.74% drop in underwriting amounts, while bond underwriting amounts increased by 18.49% [10][11]. - The investment banking segment's net income from fees decreased by 6.53% year-on-year [10][11]. Asset Management - The asset management business saw a decrease in both scale and net income, with a 13.99% decline in net income from asset management fees [13][14]. - The company’s total asset management scale was 294.85 billion yuan, down 7.03% year-on-year [13][14]. Investment Strategy - The company has adopted a "large and stable" asset allocation strategy, focusing on optimizing investment structures and enhancing the stability of investment returns [14][15]. - The fixed-income investment returns significantly outperformed the benchmark index, contributing to improved overall investment income [14][15]. Future Projections - The company is expected to have EPS of 0.86 yuan and 0.96 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [4][18][21].

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 600999 | 說明 | | A股 (上海證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2024年4月8日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 | 2. 股份分類 | ...