| 短期融资券名称 | | | 兴业证券股份有限公司 | | | 2024 年度第四期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 24 | 兴业证券 | | | CP004 | 短期融资券代码 072410241 | | | 发行日 | 2024 | 年 | 11 | 月 25 | 日 | 起息日 2024 年 | 11 月 26 日 | | 兑付日 | 2025 | 年 | 11 | 月 21 | 日 | 期限 360 天 | | | 计划发行总额 | 50 | 亿元 | | | | 实际发行总额 50 亿元 | | | 发行价格 | 100 | 元/张 | | | | 票面利率 1.93% | | 本期发行的相关文件已在中国货币网（www.chinamoney.com.cn）、上海清算 所网站（www.shclearing.com.cn）上刊登。 特此公告。 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公 ...

Investment Rating - The report maintains a "Buy" rating for Xingye Securities (601377 SH) with a target price of CNY 8 25 [3][5] Core Views - Xingye Securities' performance rebounded in Q3 2024 with a net profit of CNY 378 million turning from loss to profit [1] - The company's total assets stood at CNY 277 7 billion in Q3 2024 down 4 5% YoY while weighted average ROE increased by 4 16 percentage points to 2 64% [1] - Investment business showed significant recovery with investment net income (including fair value) reaching CNY 2 222 billion in the first three quarters up 165% YoY [1] - Light asset businesses such as brokerage and investment banking were impacted by market downturns with Q3 brokerage net income down 28% YoY and investment banking net income down 7% YoY [1] - The company is expected to benefit from policy support for capital market revitalization with projected net profits of CNY 2 35 billion and CNY 2 98 billion for 2024 and 2025 respectively [5] Business Performance Summary Heavy Asset Business - Investment net income (including fair value) reached CNY 2 222 billion in the first three quarters of 2024 up 165% YoY with Q3 contributing CNY 1 033 billion [1] - Interest net income in Q3 was CNY 284 million down 34% YoY while the first three quarters saw a 38 5% decline to CNY 879 million [1] - Margin financing balance at the end of September 2024 was CNY 1 4401 trillion down 9 5% YoY [1] Light Asset Business - Q3 brokerage net income was CNY 387 million down 28% YoY due to a 16% decline in daily market trading volume [1] - Asset management net income in Q3 was CNY 40 million flat YoY with non monetary fund sizes of Xingquan Fund and Southern Fund at CNY 279 2 billion and CNY 695 9 billion respectively [1] - Investment banking net income in Q3 was CNY 179 million down 7% YoY with total equity underwriting of CNY 233 million down 84% YoY [1] Financial Forecasts - Revenue is expected to grow by 7 1% in 2024 and 18 1% in 2025 reaching CNY 13 44 billion [2][7] - Net profit attributable to shareholders is projected to increase by 19 4% in 2024 and 27 2% in 2025 reaching CNY 2 981 billion [2][7] - EPS is forecasted to be CNY 0 27 in 2024 and CNY 0 35 in 2025 [2][7] - The company's P/E ratio is expected to be 25 16x in 2024 and 19 78x in 2025 [2][7] Market Assumptions - Daily market trading volume is expected to increase by 5% in 2024 and 10% in 2025 [6] - Margin financing balance is projected to reach CNY 1 7006 trillion in 2024 and CNY 1 7628 trillion in 2025 [6] - Equity financing volume is expected to decline by 50% in 2024 but rebound by 12% in 2025 [6] - The CSI 300 index is forecasted to yield 15% in 2024 and 20% in 2025 [6] Peer Comparison - Xingye Securities' 2024E P/B ratio of 1 06x is lower than peers such as Orient Securities (1 36x) and Founder Securities (1 23x) [8] - The company's 2024E ROE of 3 9% is below that of Zhejiang Securities (6 4%) but higher than Soochow Securities (2 3%) [8] Valuation - The report values Xingye Securities at 1 2x P/B for 2025 based on its historical valuation range of 1 3x P/B since 2019 [5]

Group 1: Financial Performance - The company achieved an operating income of 8.811 billion yuan and a net profit attributable to shareholders of 1.32 billion yuan in the first three quarters of the year [1] - In the third quarter, the company reported an operating income of 3.419 billion yuan, representing a year-on-year growth of 78.26% [1] Group 2: Investment Strategies - In fixed income investment, the company aims to manage risk while gradually increasing the scale of low-risk assets to create stable investment returns [2] - The company plans to enhance its research capabilities and integrate existing quality research resources to drive investment decisions in equity investments [2] - The company will focus on supporting the high-quality development of the real economy by utilizing capital market tools for mergers and acquisitions [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company's proprietary trading performance has significantly improved, while brokerage business faces pressure. The wealth management business continues to empower advisory services, and the asset management scale of the parent company is steadily increasing. The reasonable value range for the stock is set between 7.32 and 7.98 CNY per share, maintaining the "Outperform the Market" rating [4][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 8.81 billion CNY, a year-on-year decrease of 0.5%. The net profit attributable to the parent company was 1.32 billion CNY, down 16.5% year-on-year. The earnings per share (EPS) was 0.14 CNY, with a return on equity (ROE) of 2.3%, a decrease of 0.7 percentage points year-on-year. In the third quarter, the company reported operating revenue of 3.42 billion CNY, an increase of 78.3% year-on-year and 13.4% quarter-on-quarter, with a net profit of 380 million CNY, turning from loss to profit, but down 38.3% quarter-on-quarter [4][5]. Business Segment Performance - The brokerage business faced challenges, with revenue of 1.31 billion CNY in the first three quarters of 2024, a year-on-year decline of 26.0%, accounting for 19.8% of total operating revenue. The average daily trading volume in the market decreased by 7.8% year-on-year [5]. - The investment banking segment saw a significant decline in revenue, down 43.3% year-on-year to 440 million CNY. The equity underwriting scale dropped by 81.9%, while the bond underwriting scale increased by 5.7% [6]. - The asset management business reported revenue of 120 million CNY, an increase of 6.0% year-on-year, with total asset management scale reaching 86.2 billion CNY, up 2.2% year-on-year [6]. Investment Income - The proprietary trading segment experienced substantial growth, with investment income (including fair value changes) reaching 2.20 billion CNY, a year-on-year increase of 169.2%. In the third quarter alone, investment income was 1.03 billion CNY, compared to a loss of 420 million CNY in the same period last year [7]. Earnings Forecast - The company is expected to have EPS of 0.20 CNY, 0.23 CNY, and 0.26 CNY for the years 2024, 2025, and 2026 respectively. The book value per share (BVPS) is projected to be 6.65 CNY, 6.79 CNY, and 6.95 CNY for the same years [7][11].

兴业证券(601377)2024年三季报点评 自营权益弹性展现,管理费用季节性提升有 所压低利润 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

兴业证券股份有限公司 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 证券代码：601377 证券简称：兴业证券 公告编号：临 2024-032 关于向专业投资者公开发行次级公司债券 获中国证监会注册批复的公告 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行次级公司债券。 四、自同意注册之日起至本次次级公司债券发行结束前，公司如发生重大事 项，应及时报告并按有关规定处理。 公司将按照有关法律法规、批复要求及公司股东大会的授权，办理本次公开 发行次级公司债券相关事宜，并及时履行信息披露义务。 特此公告。 兴业证券股份有限公司 董 事 会 二〇二四年十一月六日 近日，兴业证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会《关于同意兴业证券股份有限公司向专业投资者公开发行次级公司债券注 册的批复》（证监许可〔2024〕1483 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 200 亿元次级公司债券 的注册申请。 二、本次发行次级公司债券应严格按照报送上海证券交易所 ...

我们邀请了新业证券的国关班总来参加这次交流我们首先请班总介绍一下公司最新的三级报的经营情况有请班总好的谢谢尊敬的各位投资者朋友古今飞影大家下午好非常高兴能够有机会在此跟各位进行一个沟通交流那下面我 就为大家简要介绍一下公司近年来的一些发展战略和今年的经营概况今年来公司致力于打造一流证券金融集团然后为境内外各类客户提供全方位的综合金融服务公司是持续完善以客户为中心的财富管理与大机构业务的双轮驱动业务体系并在此基础上能强化大机构业务 与大财富业务的双向赋能推动实现专业优势与资源秉赋的深层次融通并且我们分公司也是加速推进战略转型工作持续提升区域平台的价值公司高度重视区域综合经营平台的战略重要性强调自上而下赋能分公司做大做强在合规的前提下进一步推动 业务承担职责下放分公司客户和人才等业务资源也下承分公司集团的业务协同也在逐步的进一步深化一体化性管理水平也是在全面提升公司持续强化集团协同顶层机制的建设持续营造集团内高效协同环境聚焦核心主业突出重点 不断的优化协同的标准注重协同提示增效然后整个业务层面的话咱们管理业务方面是聚焦做好数据金融的大文章推进以客户为中心平台为载体数字为引擎的数字化建设有效推进分层分类的咱们管理客 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a significant increase in client margin, while self-operated investment returns have rebounded. The report highlights a year-on-year increase in investment income, which supports the overall performance despite a decline in brokerage and investment banking revenues [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company's operating income and net profit attributable to shareholders were 8.8 billion and 1.3 billion CNY, respectively, showing a year-on-year decline of 1% and 17%. In Q3 alone, the net profit was 380 million CNY, marking a turnaround from losses but a 38% decrease quarter-on-quarter [4] - The annualized weighted average ROE for the first three quarters was 3.08%, down 0.9 percentage points year-on-year, with an end-period leverage ratio (excluding client margin) of 3.7 times, a decrease of 0.03 times from the beginning of the year [4] Revenue Breakdown - Brokerage business net income for the first three quarters was 1.3 billion CNY, down 26% year-on-year, with Q3 net income at 400 million CNY, down 29% year-on-year and 16% quarter-on-quarter, primarily due to weak market trading volumes [5] - Investment banking net income was 440 million CNY, down 43% year-on-year, with Q3 income at 180 million CNY, down 7% year-on-year but up 22% quarter-on-quarter [5] - Asset management business net income was 120 million CNY, up 6% year-on-year, driven by growth in AUM, which reached 86.2 billion CNY in H1 2024, an increase of 2% from the beginning of the year [5] Investment Income - Net interest income for the first three quarters was 880 million CNY, down 39% year-on-year, attributed to a decrease in interest income from bank deposits and an increase in interest expenses [6] - Investment income (including fair value gains and losses) was 2.22 billion CNY, up 163% year-on-year, with Q3 alone contributing 1.03 billion CNY, a 21% increase quarter-on-quarter [6] - The annualized self-operated investment return rate for the first three quarters was 3.4%, up from 2.7% in H1 2024, influenced by the stock market's rise at the end of September [6] Future Projections - The report has revised the net profit forecasts for 2024-2026 to 2.2 billion, 2.7 billion, and 3.3 billion CNY, respectively, from previous estimates of 1.8 billion, 2.6 billion, and 2.8 billion CNY. The EPS is projected to be 0.25, 0.31, and 0.38 CNY for the respective years [4]

Investment Rating - The investment rating for the company is maintained as "Buy" [7][8]. Core Views - The company's performance in the first three quarters of 2024 is under pressure, but its long-term wealth management advantages are highlighted, with robust growth in asset management and strong self-investment performance [5][6][7]. - Looking ahead, the company is expected to leverage business synergies in wealth management and accelerated institutionalization to drive growth as the market recovers [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue and net profit attributable to shareholders of 8.81 billion and 1.32 billion yuan, respectively, representing year-on-year changes of -0.5% and -16.5% [3][7]. - The weighted average return on equity (ROE) decreased by 3.88 percentage points year-on-year to 2.31% [7]. - In Q3 alone, the company reported revenue and net profit of 3.419 billion and 380 million yuan, showing year-on-year increases of 78.3% and 276.0% [7]. Business Segments - Brokerage and investment banking businesses are under pressure due to market conditions, with brokerage revenue down 26.0% year-on-year to 1.31 billion yuan [5][7]. - The asset management business showed steady growth, with revenue of 12 million yuan, up 6.0% year-on-year [6][7]. - Self-investment income surged by 165.2% year-on-year to 2.22 billion yuan, with Q3 alone contributing 1.03 billion yuan, marking a return to profitability [6][7]. Market Outlook - The company anticipates a recovery in the market, which will enhance its growth potential through synergistic effects in wealth management and institutionalization [7]. - Projected net profits for 2024 and 2025 are 2.063 billion and 2.340 billion yuan, corresponding to price-to-earnings (PE) ratios of 27.09 and 23.88 times, and price-to-book (PB) ratios of 0.96 and 0.92 times, respectively [7].

Financial Performance - Operating revenue for Q3 2024 reached ¥3,419,390,674.86, an increase of 78.26% compared to the same period last year[2] - Net profit attributable to shareholders was ¥378,324,332.11, a decrease of 16.51% year-to-date[2] - Basic earnings per share for Q3 2024 was ¥0.0408, down 21.46% year-to-date[2] - The company reported a decrease in net profit attributable to shareholders after excluding non-recurring gains, indicating a challenging market environment despite revenue growth[5] - Net profit for the first three quarters of 2024 was CNY 1,844,437,047.91, a decrease of 14.5% from CNY 2,155,275,954.87 in the same period of 2023[15] - Total operating revenue for the first three quarters of 2024 was CNY 8,810,573,684.28, a slight decrease of 0.52% compared to CNY 8,856,388,285.17 in the same period of 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥290,781,270,948.46, reflecting a 6.28% increase from the previous year[2] - The total liabilities increased to RMB 228.95 billion from RMB 212.64 billion, reflecting a rise of approximately 7.7%[13] - The total equity attributable to shareholders increased to RMB 56.94 billion from RMB 56.37 billion, showing a growth of about 1.0%[13] - The company's cash and cash equivalents amounted to RMB 79.97 billion, up from RMB 69.48 billion, indicating a growth of about 15.5%[12] Cash Flow - Cash flow from operating activities for the year-to-date increased by 710.55% compared to the previous year, primarily due to net inflows from trading financial instruments[5] - The net cash flow from operating activities was CNY 34,260,213,938.67, significantly higher than the previous year's cash outflow[7] - The net increase in cash and cash equivalents for the period was ¥11.90 billion, a recovery from a decrease of -¥5.24 billion in the previous year[18] - The net cash flow from investment activities was -¥18.08 billion, compared to -¥11.69 billion in the previous year, indicating a significant increase in cash outflow[18] - Total cash inflow from financing activities decreased to ¥35.52 billion from ¥41.99 billion year-over-year[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 237,467[8] - The largest shareholder, Fujian Provincial Finance Department, holds 20.49% of the shares, totaling 1,769,854,917 shares[8] - The company plans to distribute a cash dividend of RMB 0.30 per share, based on a total share capital of 8,635,987,294 shares[11] Investment and Other Income - Non-recurring gains totaled ¥3,000,566.34 for the current period, with government subsidies being a significant contributor[4] - Other business income increased by 40.66% to CNY 2,172,894,961.33 from CNY 1,544,806,740.73, mainly due to an increase in bulk commodity sales revenue[6] - The company reported a 263.29% increase in fair value changes income to CNY 3,145,341,790.85 from CNY 865,799,674.99[6] - Investment losses amounted to CNY -923,111,817.15, compared to a loss of CNY -27,875,759.76 in the same period last year[15] Changes in Financial Metrics - The risk coverage ratio decreased to 256.87% from 320.95% year-on-year[3] - The weighted average return on equity for Q3 2024 was 0.66%, an increase of 1.04 percentage points year-on-year[2] - Net interest income decreased by 38.56% to CNY 878,897,169.42 from CNY 1,430,442,415.70, attributed to a decrease in bank deposit interest income and an increase in bond interest expenses[7] - Net commission and fee income fell to CNY 3,491,703,028.03, a decline of 26.9% from CNY 4,779,737,987.92 in the previous year[14]