证券代码：601108 证券简称: 财通证券 公告编号：2024-065 财通证券股份有限公司 | 短期融资券名称 | | | 财通证券股份有限公司 | | 2024 | 年度第七期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 24 财通证券 | | | CP007 | 短期融资券代码 | | 072410234 | | | 发行日 | 2024 年 | 11 | 月 | 22 日 | 起息日期 | 2024 | 年 11 月 25 | 日 | | 兑付日期 | 年 2025 | 月 7 | 18 | 日 | 期限 | | 235D | | | 计划发行总额 | 20 | | 亿元人民币 | | 实际发行总额 | 20 | 亿元人民币 | | | 发行价格 | 100 | | 元/张 | | 票面利率 | | 1.92% | | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.s ...

Group 1 - The core viewpoint is that after the increase in cement prices, corporate profits are expected to recover on a month-on-month basis [1] - On the demand side, infrastructure debt management is progressing orderly, and future infrastructure projects may gradually start, while the sales data in the real estate sector has improved during the National Day holiday [1] - The recovery in land auctions in major cities and the gradual bottoming out of new construction data support the medium to long-term demand for cement [1] Group 2 - The continuous strengthening of supply in the industry this year has significantly boosted cement prices [1] - Current profit levels, as indicated by the cement-coal price difference, show that corporate profits have reached historical average levels [1] - Supply-side control is expected to continue, leading to an accelerated improvement in corporate profitability on a month-on-month basis [1] Group 3 - High dividends and low valuations provide a sufficient margin of safety for investments [2] - Companies to focus on include Conch Cement, Huaxin Cement, and Shangfeng Cement [3]

Group 1: Investor Relations Activities - The report details various investor relations activities, including specific object research, analyst meetings, media interviews, performance briefings, and roadshows [2] - The meeting took place on November 20, 2024, in Hangzhou, with participation from Southern Fund and company representatives [2] Group 2: Policy and Market Opportunities - The company is among the first 20 financial institutions to obtain the swap convenience business qualification, completing its first stock buyback transaction promptly [3] - The company aims to leverage policy funds to enhance investment research and risk control, maximizing the policy effects and economic benefits of swap funds [3] Group 3: Business Strategy and Development - In response to intensified industry consolidation, the company is focusing on stable operations and internal growth while actively seeking merger and acquisition opportunities in the securities sector [3] - The company is expanding its business model by integrating investment banking, investment, and wealth management to drive growth [4] Group 4: Financial Performance and Goals - The company anticipates a recovery in its brokerage and margin financing businesses due to a rebound in the secondary market, with a focus on optimizing asset allocation while controlling risks [4] - Since September 24, 2024, new account openings have surged by 180%, bolstering the company's client base [4][5]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading securities firm in Zhejiang, leveraging its state-owned background and extensive local partnerships to enhance its market presence and service offerings [1][18]. - The firm is focusing on wealth management through internet-based solutions, aiming to build a competitive edge in asset management and financial services [1][62]. - The company is experiencing stable growth in its core business areas, with a strategic emphasis on low-risk operations and high stability to ensure consistent growth rates [1][3]. Summary by Sections 1. Rooted in Zhejiang, Serving Global Zhejiang Merchants - The company has a strong state-owned background and has been deeply rooted in Zhejiang for over 30 years, with a clear strategy to serve local businesses [1][18]. - It has established strategic partnerships across 11 cities in Zhejiang and collaborates closely with local chambers of commerce [1][36]. - The government industry fund supports the company's goal of becoming a top-tier investment bank, with a focus on enhancing its investment banking capabilities [1][38]. 2. Internet-Driven Wealth Management, Building Core Competitiveness - The company is leveraging its geographical advantages to grow its asset management scale while maintaining effective risk control [1][62]. - It has proactively engaged in internet finance, rapidly increasing its market share in securities brokerage [1][62]. - The asset management subsidiary aims to strengthen its diverse business structure, focusing on traditional and innovative financial products [1][63]. 3. Low-Risk Operations with High Stability Ensuring Growth Rates - The company maintains stable capital intermediation, with its margin financing and securities lending business outperforming the market [1][3]. - It has achieved record-high self-operated income, with a significant turnaround in net gains from fair value changes [1][3]. - The firm is focused on cross-cycle development, enhancing its investment strategies across various asset classes [1][3]. 4. Earnings Forecast and Investment Rating - The company forecasts net profits of 22 billion, 26 billion, and 32 billion yuan for 2024, 2025, and 2026, respectively, with a slight decline in 2024 followed by growth in subsequent years [1][3]. - The report assigns a price-to-book ratio of 1.11, 1.06, and 1.01 for the years 2024, 2025, and 2026, reflecting a strategic transition towards light asset operations [1][3].

证券代码：601108 证券简称: 财通证券 公告编号：2024-064 财通证券股份有限公司（以下简称"本公司"）于2024年5月22日成功发行了 财通证券股份有限公司2024年度第二期短期融资券（以下简称"本期短期融资 券"），本期短期融资券发行规模为人民币20亿元，票面利率为1.98%，短期融资 券期限为177天，兑付日期为2024年11月15日（详见本公司于2024年5月25日登载 于上海证券交易所网站 www.sse.com.cn 的《财通证券股份有限公司2024年度第 二期短期融资券发行结果公告》）。 2024年11月15日，本公司按期兑付了本期短期融资券本息共计人民币 2,019,203,287.67元。 2024年度第二期短期融资券兑付完成公告 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。 特此公告。 财通证券股份有限公司董事会 财通证券股份有限公司 2024年11月19日 ...

Group 1 - The core viewpoint is that the domestic pet market is experiencing robust growth, with intense competition and the emergence of new brands [1] - The industry is seeing continuous upgrades and innovations in product craftsmanship and raw materials, leading to stronger brand power and increased market share for quality companies [1] - Companies with financial advantages are investing in marketing, while those with supply chain advantages are focusing on high-quality production capacity [1] Group 2 - Recommended companies to pay attention to include Guibao Pet and Petty Co., Ltd [2]

Core Insights - The commercialization of genetically modified organisms (GMOs) is steadily advancing, providing leading seed companies with a first-mover advantage [1] - The GMO commercialization is expanding the corn seed market and can reduce costs while increasing efficiency [1] - Short-term focus should be on the promotion areas for GMO corn next year and the mergers and acquisitions actions of seed companies, while long-term attention should be on the changes in industry competition and the simultaneous increase in quantity and price of company performance [1] Company Recommendations - Companies to watch include Dabeinong and Denghai Seeds [2]

Group 1: Financial Performance - The company's net profit attributable to shareholders for Q3 2024 increased by 17.37% compared to the same period last year [3] - Cumulative net profit for the first three quarters of 2024 reached 1.472 billion yuan, a year-on-year decrease of 1.93%, with the decline narrowing compared to the first half of the year [5] - The increase in cash flow from operating activities is primarily due to changes in cash received and paid for securities trading and investment [4] Group 2: Shareholder Returns - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares (including tax) by the end of the year [5] - The board has proposed a mid-term dividend plan, which has not yet been implemented [5] Group 3: Market Strategy and Growth - The company is focusing on sustainable high-quality development and is actively looking for merger and acquisition opportunities in the securities industry [3][6] - Since late September, the securities market has become more active, with a 180% increase in new account openings [6] Group 4: Corporate Governance and Investor Relations - The company has not yet implemented a share buyback program due to various factors, including industry attributes and capital needs [6] - The board has decided not to adjust the conversion price of the "Caitong Convertible Bonds" at this time [6]

Group 1 - The core viewpoint of the article highlights that Geely Automobile reported a significant increase in sales for October 2024, with total sales reaching 171,000 units, representing a year-on-year growth of 22% [1] - The sales of new energy vehicles reached 109,000 units in October, showing a remarkable year-on-year increase of 82.7% [1] Group 2 - By brand, Geely's sales in October were 171,000 units, with the Galaxy series achieving sales of 63,000 units, a year-on-year increase of over 83% [1] - The China Star high-end series sold 41,000 units, while Lynk & Co brand sales reached 31,000 units, reflecting a year-on-year growth of 26% [1] - Zeekr brand sales were 25,000 units, marking a year-on-year increase of 92% [1] Group 3 - Geely launched a new generation of super hybrid vehicles, the Thunder EM super hybrid, featuring the world's first E-DHT 11-in-1 hybrid electric drive system with a thermal efficiency of 46.5%, the highest in the industry for mass production [1] - The vehicle is equipped with the Starry AI Cloud Power system, integrating real-time perception information and travel big data, utilizing Geely's powerful computing capabilities for AI model prediction and decision-making algorithms [1] - The smart energy management system has led to an average fuel consumption reduction of 15%, with thermal management power consumption decreasing by over 30% [1]

Investment Rating - The report maintains a "Buy-A" rating for the company [2][3] Core Views - The company has experienced a decline in net income from its securities trading business, with a net income of 8.33 billion yuan for the first three quarters, down 7.52% year-on-year. The third quarter alone saw a decrease of 18.70% [2] - The asset management product scale remained stable at 1239.43 billion yuan, with asset management revenue of 11.80 billion yuan, roughly unchanged from the previous year [2] - The investment banking revenue dropped significantly by 28.82% year-on-year, totaling 3.91 billion yuan for the first three quarters due to a slowdown in the primary market issuance [2] - The company is focusing on internet customer acquisition and enhancing its wealth management services for residents, aiming for a new development cycle [2] - Projected revenues for 2024-2026 are 61.00 billion yuan, 65.76 billion yuan, and 73.42 billion yuan, with net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan, reflecting growth rates of 6.20%, 10.86%, and 13.59% respectively [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 44.41 billion yuan, a decrease of 10.36% year-on-year, and a net profit of 14.72 billion yuan, down 1.93% year-on-year [3] - The weighted average return on equity (ROE) was 4.19%, a decline of 0.29 percentage points year-on-year [3] - The third quarter net profit improved to 5.45 billion yuan, showing a year-on-year increase of 17.37% and a quarter-on-quarter increase of 15.79% [4] - The company’s management expenses significantly decreased by 17.94% year-on-year to 7.58 billion yuan in the third quarter, contributing to profit enhancement [4] - The self-operated investment business saw a revenue increase of 123.23% year-on-year in the third quarter, totaling 3.76 billion yuan, benefiting from improved market conditions [4] Financial Projections - Revenue projections for the upcoming years are as follows: 61.00 billion yuan in 2024, 65.76 billion yuan in 2025, and 73.42 billion yuan in 2026, with corresponding net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan [7] - The projected price-to-book (PB) ratios are 1.07 for 2024, 1.03 for 2025, and 1.01 for 2026 [7] - The expected earnings per share (EPS) are 0.52 yuan in 2024, 0.57 yuan in 2025, and 0.65 yuan in 2026 [7]