Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company's proprietary business has shown excellent performance, driving overall revenue growth, while brokerage, asset management, and investment banking businesses have experienced declines. The collaboration with China Merchants Group and China Merchants Bank is viewed positively, with a reasonable valuation range set at 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [4][5]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 19.82 billion yuan, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of 8.76 billion yuan, up 8.6%. The earnings per share (EPS) was 0.94 yuan, with a return on equity (ROE) of 7.9%. The fourth quarter saw operating revenue of 4.95 billion yuan, a year-on-year increase of 26.2% and a quarter-on-quarter increase of 21.4%, with a net profit of 2.36 billion yuan, up 31.8% year-on-year and 41.1% quarter-on-quarter [4][5]. Business Segment Performance - Brokerage business revenue declined by 14.2% year-on-year to 5.53 billion yuan, accounting for 27.9% of total revenue. The average daily trading volume in the market decreased by 4.0% year-on-year to 962.5 billion yuan. The investment banking revenue fell by 6.5% year-on-year to 1.3 billion yuan, with a significant drop in equity underwriting scale by 42.9% [4][5]. - Asset management revenue also saw a decline of 14.0% year-on-year to 710 million yuan, with total assets under management at 294.9 billion yuan, down 7.0% year-on-year [5]. Proprietary Business - The proprietary business performed exceptionally well, with investment income (including fair value) reaching 6.73 billion yuan, a year-on-year increase of 31.6%. The proprietary asset scale grew by 13% year-on-year to 310 billion yuan, with equity assets increasing by 31.4% to 26 billion yuan [5]. Future Earnings Forecast - The company is expected to have EPS of 1.15 yuan, 1.26 yuan, and 1.32 yuan for the years 2024, 2025, and 2026 respectively, with book value per share (BVPS) projected at 13.13 yuan, 14.16 yuan, and 15.08 yuan for the same years. A price-to-book (P/B) ratio of 1.2-1.3x is anticipated for 2023, corresponding to a reasonable valuation range of 15.76-17.07 yuan [5][10].

招商局集团财务有限公司 2023 年度风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，招商证券股份有限公司（以下简称"公司"、"本 公司"）查验了招商局集团财务有限公司（以下简称"招商财务"） 《金融许可证》《营业执照》等证件资料，审阅了招商财务资产负债 表、利润表、现金流量表等定期财务报告，对招商财务的经营资质、 业务和风险状况进行了评估，具体情况如下： 一、 招商局集团财务有限公司基本情况 企业类型：其他有限责任公司； 经营范围：企业集团财务公司服务。 招商局财务的前身中外运长航财务有限公司于 2011 年 4 月 19 日 经中国银行业监督管理委员会批准成立，于同年 5 月 17 日完成工商 注册登记手续后正式挂牌营业。2017 年经重组后，于当年 8 月完成 名称变更登记，更名为招商局集团财务有限公司；同时完成股权转让， 从 6 个股东变为 2 个股东，分别为招商局集团有限公司和中国外运长 企业名称：招商局集团财务有限公司 二、招商财务内部控制的基本情况 金融许可证机构编码：L0125H211000001； 统一社会信用代码：911100007178294 ...

证券研究报告 | 2024年03月29日 招商证券（600999.SH） 增持 机构生态初具，业绩优于同业 核心观点 公司研究·财报点评 招商证券发布2023年年度报告。2023年公司实现营业收入198.21亿元，同 非银金融·证券Ⅱ 比上涨3.13%；实现归母净利润87.64亿元，同比上涨8.57%；加权平均净 证券分析师：孔祥 证券分析师：林珊珊 资产收益率为7.91%，同比上涨0.37pct；基本每股收益为0.94元/股，同 021-60375452 0755-81981576 kongxiang@guosen.com.cn linss@guosen.com.cn 比上涨9.3%。公司加快数字化步伐，推进财富管理与机构业务转型发展。 S0980523060004 S0980518070001 提升财富份额，构筑机构生态，托管外包、私募服务优势明显。财富管理方 基础数据 面，2023年，公司托管客户资产规模达3.72万亿元；公司财富管理个人客 投资评级 增持(维持) 合理估值 户数同比增长3.20%，高净值客户数同比增长5.67%；股基交易量市场份额 收盘价 13.84元 提至5.23%；股票+混合与非货 ...

Financial Performance - In 2023, the company achieved a year-on-year increase in operating revenue, net profit, and ROE by 3%, 9%, and 0.37 percentage points respectively, maintaining industry-leading profit margins and expense ratios [13]. - The company's operating revenue for 2023 reached ¥19,821,213,073.58, representing a 3.13% increase compared to ¥19,219,229,958.91 in 2022 [56]. - Net profit attributable to shareholders for 2023 was ¥8,763,959,184.96, an increase of 8.60% from ¥8,070,242,869.23 in 2022 [56]. - The company's total operating revenue for the reporting period was approximately ¥19.82 billion, representing a 3.13% increase compared to the previous year [129]. - Net profit for the period reached approximately ¥8.77 billion, reflecting an 8.57% year-over-year growth [129]. - Basic earnings per share for 2023 were ¥0.94, reflecting a 9.30% increase from ¥0.86 in 2022 [57]. - The company's net capital at the end of 2023 was ¥79,370,429,988.47, up from ¥70,444,812,948.68 at the end of the previous year [60]. - The liquidity coverage ratio decreased to 169.06% in 2023 from 210.95% in 2022 [60]. Asset and Liability Management - The company's total assets reached RMB 695.9 billion by the end of 2023, representing a 128% increase compared to the end of 2018 [15]. - Total assets at the end of 2023 amounted to 695.85 billion RMB, reflecting a growth of 13.76% year-on-year [67]. - The total liabilities increased by 15.59% to ¥573,816,058,013.50 in 2023 from ¥496,419,930,018.64 in 2022 [56]. - The total liabilities reached CNY 573.82 billion, reflecting an increase of CNY 77.40 billion or 15.59% year-on-year [149]. - The asset-liability ratio, excluding securities trading funds, was 78.89%, up by 1.70 percentage points from the previous year [151]. Business Expansion and Qualifications - The company holds a total of 56 business qualifications, with the latest being for insurance agency business in April 2020 [31]. - The company has been actively expanding its business qualifications, including recent approvals for market-making in crude oil and nickel futures in October 2018 [31]. - The company has been involved in cross-border business pilot programs since April 2018, indicating a strategic focus on international expansion [31]. - The company has qualifications for both onshore and offshore trading, including the Hong Kong Stock Connect business since October 2014 [31]. - The company has a diverse portfolio of qualifications, allowing it to engage in various financial instruments and services, enhancing its competitive edge in the market [31]. Digital Transformation and Innovation - The company plans to focus on technology finance, green finance, and digital finance as part of its new five-year strategic plan, aiming to cultivate new profit growth points [15]. - The company is focusing on enhancing its digital capabilities, having completed 10 major digital strategy projects that effectively empower core business development [19]. - The company launched the upgraded version of its wealth management app, achieving a successful online and offline integration in marketing services [171]. - The company established a digital office to enhance its digital capabilities and drive digital transformation projects, including the completion of a new core trading system based on cloud-native architecture [171]. - The company is committed to digital transformation and optimizing human resource management to improve operational efficiency and risk compliance [112]. Risk Management - The company emphasized risk management and cost control, maintaining low levels of risk losses and high asset quality [13]. - The risk management framework includes a five-tier structure, ensuring comprehensive risk management aligned with the company's operational strategy [182]. - The company has established a clear risk preference and tolerance indicator system, monitoring and reporting on risk management effectiveness monthly [188]. - The company conducts regular stress testing to evaluate liquidity, credit, and market risks under extreme conditions [189]. - The company emphasizes a robust risk management culture, integrating compliance and risk control into its corporate ethos, highlighting that "professional compliance and risk control can not only safeguard the bottom line but also facilitate business expansion" [190]. Market Position and Competitive Edge - The company maintained a top-five ranking in key market segments, including securities trading and private fund custody, with the latter achieving the highest industry ranking for ten consecutive years [17]. - The company’s private fund product custody market share reached 21.91%, maintaining the industry’s leading position for ten consecutive years [90]. - The company ranked 9th in A-share main underwriting amount, with a total of 202.08 billion yuan in 2023, down 50.74% year-on-year [96]. - The company ranked third in the number of merger and acquisition projects under review in the industry by the end of 2023 [102]. Shareholder Returns - A cash dividend of RMB 2.52 per 10 shares (including tax) will be distributed to shareholders, totaling approximately RMB 2.19 billion based on the total share count as of December 31, 2023 [6]. - The company's net profit attributable to shareholders for the year was CNY 8.76 billion, with dividends distributed amounting to CNY 1.61 billion [153]. Strategic Vision and Future Outlook - The company aims to maintain a steady growth trajectory while promoting transformation and innovation, with a focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [19]. - The company anticipates a stable improvement in industry performance despite challenges, driven by digital transformation and comprehensive financial services [176]. - The investment banking segment aims to fully advance the modernization transformation, focusing on semiconductor, biomedicine, and dual-carbon sectors, while accelerating quality IPO and refinancing project reserves [180].

上 市 公 司 非银金融 2024年03月29日 招商证券 (600999) 公 司 研 究 —— Q4 净投资高增超预期，经纪市占率稳中有升 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：招商证券披露 2023 年报，单四季度业绩超预期。2023 年公司实现营业收入 198 亿 增持 （维持） /yoy+3.1%，归母利润87.6亿/yoy+8.6%，加权ROE 7.91%/yoy+0.37pct。单季度看，4Q23 公司实现营收49.5亿/yoy+26%/qoq+21%，归母利润23.6亿/yoy+32%/qoq+41%。 ⚫ 净投资为公司第一大收入来源。1）收入增速看，2023年公司净投资67.9亿/yoy+34%， 证 市场数据： 2024年03月28日 券 经纪55.3亿/yoy-14%，长股投（主要是招商基金和博时基金）15.3亿/yoy-8%，净利息 收盘价（元） 13.84 研 一年内最高/最低（元） 15.91/12.62 14.5亿/yoy+8%，投行13.0亿/yoy-7%，资管7.1亿/yoy-14%。2）收入结构看，净投 究 市净率 1.0 资占比38%、经纪31%、长股投 ...

控股股东及其他关联方资金占用情况的专项说明 2023 年 12 月 31 日止年度 招商证券股份有限公司 关于招商证券股份有限公司 控股股东、实际控制人及其他关联方资金占用情况的专项说明 德师报(函)字(24)第Q00605号 招商证券股份有限公司董事会: 我们接受委托,依据中国注册会计师审计准则审计了招商证券股份有限公司(以下简称 "贵公司")2023年12月31日合并及母公司资产负债表、2023年度合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注(以下合称"财 各报表"),并于2024年3月28日出具了德师报(审)字(24)第 P00783号元保留意见的审 计报告。 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行保 脸监督管理委员会公布的《上市公司监管指引第 8 号 -- 上市公司资金往来、对外担保的监管 要求》(证监会公告[2022]26号)的要求,贵公司编制了后附的 2023年度非经营性资金占用及 其他关联资金往来情况汇总表(以下简称"汇总表"）。 如实编制和对外披露汇总表并确保其真实性、合法性及完整性是贵公司管理层的责任。我 ...

招商证券股份有限公司董事会审计委员会 对会计师事务所2023年度履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》以及财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会 《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，招商证券股 份有限公司（以下简称公司）董事会审计委员会本着勤勉尽责的原则，恪尽职守， 认真履职。现将董事会审计委员会对会计师事务所 2023 年度履行监督职责情况 报告如下： 一、2023 年度会计师事务所基本情况 1. 德勤华永会计师事务所（特殊普通合伙）（以下简称德勤华永） 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经中华人民共和 国财政部（简称财政部）等部门批准转制成为特殊普通合伙企业。 德勤华永具有财政部批准的会计师事务所执业证书，并经财政部、中国证券 监督管理委员会（简称证监会）批准，获准从事 H 股企业审计业务。德勤华永已 根据财政部和证监会《会计师事务所从事证券服务业务备案管理办法》等相关文 件的规定进行了 ...

中国广东省深圳市福田街道 福华一路111号招商证券大厦 邮编: 518046 如需进一步了解，请致电: 0755-82943666 全国统一客服热线:95565 招商证券官方网站：www.cmschina.com 招商证券股份有限公司 社会责任报告 2023 目录 CONTENTS 13 69 践行绿色发展 | 应对气候风险 | 71 | | --- | --- | | 践行绿色运营 | 78 | | 发展绿色金融 | 83 | 23 97 担当社会责任 | 保障员工权益 | 99 | | --- | --- | | 助力员工发展 | 103 | | 践行公益慈善 | 109 | 43 117 保障稳健经营 | 完善企业治理 | 119 | | --- | --- | | 坚持党建引领 | 122 | | 风险内控管理 | 123 | | 廉洁合规管理 | 126 | 51 60 | 关于本报告 | 01 | | --- | --- | | 董事会声明 | 03 | | 走进招商证券 | 05 | | 公司概况 | 07 | | 主要业务及服务内容 | 10 | | 年度关键绩效 | 11 | | 奖项及荣誉 ...

招商证券股份有限公司（以下简称公司）第八届监事会第二次会议通知于 2024 年 3 月 15 日以电子邮件方式发出，会议于 2024 年 3 月 28 日以现场结合电 话方式在广东省深圳市召开。 本次会议由监事会召集人朱立伟先生召集并主持，应出席监事 8 人，实际出 席 8 人（其中：以通讯方式出席会议的监事 4 人）。公司副总裁（财务负责人）、 董事会秘书刘杰先生、证券事务代表罗莉女士列席会议。 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。 二、 监事会会议审议情况 经审议，会议通过以下决议： 证券代码：600999 证券简称： 招商证券 编号： 2024－012 招商证券股份有限公司 第八届监事会第二次会议决议公告 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 （一）审议通过《公司 2023 年年度报告》 公司 2023 年年度报告包括 A 股年报和 H 股年报，分别根据公司证券上市地 上市规则、中国企业会计准则和国际财务报告准则编制。监事会 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－013 招商证券股份有限公司 2023年年度利润分配方案公告 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： 在实施权益分派的股权登记日前招商证券股份有限公司（以下简称公 司）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将在 相关公告中披露。 本年度现金分红比例低于 30%的简要原因说明：2023 年公司实现归属 于母公司股东净利润 8,763,959,184.96 元，公司拟分配利润 2,191,524,755.11 元，占净利润的比例低于 30%，主要原因是为确保公司发展战略有效落地，应对 激烈的行业竞争，公司需要增厚净资本，增强抵御风险的能力，促进公司长远发 展，提升股东回报。 一、 利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）会计师事务所审计，截至 2023 年 12 月 31 日，公司母公司报表中期末可供分配利润为 25,183,599,022.54 元。 经董事会决议，公司 2023 年年度拟以实施权益分派 ...