[Table_MainInfo] 公司研究/金融/券商 证券研究报告 兴业证券（601377）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------------------|-------------| | 股票数据 | | | [ 09 Table_StockInfo 月 03 日收盘价（元） ] | 5.13 | | 52 周股价波动（元） | 4.82-6.61 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 8636 | | 流通 A 股（百万股） | 8636 | | B 股 /H 股（百万股） 相关研究 | 0/0 | | [Table_ReportInfo] 《 2023 年投行收入逆市提升， 拖累整体业绩》 2024.05.24 | 24Q1 自营 | | 《自营业务承压，公司第三季度出现亏 损》 2023.12.19 | ...

开源证券 非银金融/证券Ⅱ 公 司 研 究 手续费业务同比承压，二季度自营投资环比高增 兴业证券（601377.SH） 2024 年 09 月 03 日 投资评级：买入（维持） ——兴业证券 2024 中报点评 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 手续费业务同比承压，二季度自营投资环比高增 2024H1 公司营业总收入/归母净利润为 53.9/9.4 亿元，同比-22%/-48%，单二季 度净利润 6 亿元，环比+87%，年化加权平均 ROE3.3%，同比-3.4pct，权益乘数 （扣客户保证金）3.72 倍，同比+0.15 倍。上半年公司各业务同比承压，二季度 投资收益环比高增驱动净利润环比增长。考虑市场持续低迷，我们下调 2024、 2025 年归母净利润预测至 18/26 亿元（调前 42/48），新增 2026 年归母净利润预 测 28 亿元，EPS 为 0.2/0.3/0.3 元。公司拟进行中期分红，分红率 31%。公司持 续完善以客户为中心的财富管理与大机构 ...

证 券 研 究 报 告 [ReportFinancialIndex] 兴业证券（601377）2024 年半年报点评 推荐（维持） 业绩环比改善，杠杆同比提升 目标价：5.99 元 当前价：5.17 元 事项： 兴业证券发布 2024 年中报。剔除其他业务收入后营业总收入：42 亿元，同比 -28.3%，单季度为 24 亿元，环比+5.6 亿元。归母净利润：9.4 亿元，同比-47.6%， 单季度为 6.1 亿元，环比+2.9 亿元。 评论： ROE 同比下行，主因是 ROA 同比下滑。公司报告期内 ROE 为 1.7%，同比1.7pct。单季度 ROE 为 1.1%，环比+0.5pct。杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.7 倍，同比+0.16 倍，环比+0.3 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 2%，同比-1.1pct，单季度资产周转率为 1.1%，环比+0.2pct。 3）公司报告期内净利润率为 22.6%，同比-8.3pct，单季度净利润率为 25.9%， 环比+7.8pct。 负债成本率同比略有下滑。资产负债表 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3] Core Views - The company's performance has been impacted by investment losses and ongoing business transformation efforts. In the first half of 2024, the company reported a revenue of 5.391 billion yuan, a year-on-year decline of 22.3%, and a net profit attributable to shareholders of 942 million yuan, down 47.57% year-on-year [3] - The company is focusing on wealth management transformation and digitalization to enhance its advisory capabilities, despite facing challenges in brokerage performance due to a sluggish capital market [3] - The investment income has decreased, but the scale of financial assets has increased significantly, with a year-on-year growth of 18.81% to 140.1 billion yuan [3] Financial Forecast and Key Metrics - Revenue projections for 2024, 2025, and 2026 are 11.401 billion yuan, 12.527 billion yuan, and 13.855 billion yuan, respectively, reflecting growth rates of 7.3%, 9.9%, and 10.6% [2][11] - Net profit attributable to shareholders is forecasted to be 2.079 billion yuan, 2.370 billion yuan, and 2.668 billion yuan for 2024, 2025, and 2026, with growth rates of 5.9%, 14.0%, and 12.6% respectively [2][11] - The company’s price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21.5, 18.8, and 16.7, while the price-to-book (P/B) ratios are expected to be 0.8, 0.7, and 0.7 [2][11]

股 票 研 究 [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com [当前价格： Table_CurPrice] 5.17 登记编号 S0880515050001 S0880123070151 S0880524070001 公 司 更 新 报 告 52 周内股价区间（元） 4.86-6.55 总市值（百万元） 44,648 总股本/流通A股（百万股） 8,636/8,636 流通 B 股/H 股（百万股） 0/0 股东权益（百万元） 56,818 每股净资产（元） 6.58 市净率（现价） 0.8 净负债率 -121.45% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 0% -2% -19% 相对指数 1% 6% -10% 证 券 研 究 报 告 市场环境影响业绩，供给侧改革利好公司 兴业证券(601377) [Table_Indu ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2024-023 兴业证券股份有限公司 第六届董事会第二十四次会议决议公告 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司（以下简称"公司"）第六届董事会第二十四次会议 于 2024 年 8 月 27 日以电子邮件方式发出会议通知，于 2024 年 8 月 30 日以通讯 方式召开。公司现有董事 9 名，全体董事参加会议。会议的召集、召开及表决程 序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 一、《兴业证券股份有限公司 2024 年中期利润分配预案》 表决结果：同意 9 票；反对 0 票；弃权 0 票。 具体内容详见公司同日于上海证券交易所网站披露的《兴业证券 2024 年中 期利润分配预案公告》。 本预案尚需提交公司股东大会审议。 二、《兴业证券股份有限公司关于变更证券事务代表的议案》 表决结果：同意 9 票；反对 0 票；弃权 0 票。 因工作调整，史路晟先生不再担任公司证券事务代表，董事会决定聘任唐 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2024-025 兴业证券股份有限公司 2024 年中期利润分配预案公告 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。 一、利润分配预案内容 为加大投资者回报力度，分享经营成果，兴业证券股份有限公司（以下简称 "公司"）根据《中华人民共和国公司法》《上海证券交易所上市公司自律监管 指引》等有关规定要求，综合考虑公司盈利水平、资金支出安排、偿债能力和公 司发展需要等多方面因素，结合公司实际情况，决定实施 2024 年度中期利润分 配。 截至 2024 年 6 月 30 日，公司累计可供现金分配利润为 5,501,793,608.65 元。经董事会决议，公司拟以实施权益分派股权登记日公司总股本为基数实施 2024 年中期利润分配。本次利润分配方案如下： 公司 2024 年中期利润分配采用现金分红的方式，以实施权益分派股权登 记日公司的总股本为基数，向全体股东每 10 股派发现金红利 0.3 元（含税）。 按照公司截至 2024 年 6 月 30 日的总股本 8,635,9 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2024-024 兴业证券股份有限公司 第六届监事会第十九次会议决议公告 本公司及监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司（以下简称"公司"）第六届监事会第十九次会议于 2024 年 8 月 27 日以电子邮件的方式发出会议通知，于 2024 年 8 月 30 日以通讯 方式召开。公司现有监事 4 名，全体监事参加会议。会议的召集、召开及表决程 序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 监事会认为：公司 2024 年半年度报告及其摘要的编制和审议程序符合相关 法律法规、《公司章程》和公司内部管理制度的各项规定；公司 2024 年半年度 报告及其摘要的内容和格式均符合中国证监会和上海证券交易所的规定,所披露 的信息能够真实反映公司当期的经营管理和财务状况。 特此公告。 本次会议审议并通过了以下议案： 兴业证券股份有限公司 一、《兴业证券股份有限公司 2024 年中期利润分配预案》 监 事 会 表决结果：同意 4 票；反对 0 票；弃权 ...

Financial Performance - The company reported a significant increase in total revenue, reaching 1.5 billion RMB, representing a 20% year-over-year growth[15]. - The company's operating revenue for the first half of 2024 was CNY 5,391,183,009.42, a decrease of 22.30% compared to CNY 6,938,139,198.61 in the same period last year[24]. - The net profit attributable to shareholders of the parent company was CNY 941,743,725.43, down 47.57% from CNY 1,796,116,428.96 year-on-year[24]. - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 909,882,313.68, a decrease of 46.58% compared to CNY 1,703,390,790.04 in the previous year[24]. - Total profit for the first half of 2024 was CNY 1,264,666,537.89, down 52.53% from CNY 2,663,966,193.09 in the same period of 2023[29]. - The company's net profit for the first half of 2024 was approximately 762 million, down 32.83% from 1.14 billion in the same period of 2023[31]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -5,143,673,805.12, a significant decline from CNY 1,958,855,411.59 in the same period last year, representing a decrease of 362.59%[24]. - The company's cash and cash equivalents decreased by 21.06% to CNY 54,848,812,119.14 from CNY 69,478,945,520.69[28]. - The liquidity coverage ratio improved to 313.72%, up from 294.56%, indicating better short-term financial stability[26]. - The company's cash flow from operating activities showed a net outflow of ¥5,143,673,805.12, contrasting with a net inflow of ¥1,958,855,411.59 in the first half of 2023[185]. Capital Structure and Equity - The company's total equity attributable to shareholders of the parent company increased slightly by 0.41% to CNY 56,603,162,878.63 from CNY 56,371,569,789.96 at the end of the previous year[24]. - The total equity at the end of the first half of 2024 is CNY 50,549,541,193.25, slightly up from CNY 50,547,141,555.09 at the end of the previous year[191]. - The company has a total of CNY 3,000,000,000.00 in preferred shares as part of its equity structure[191]. - The company’s retained earnings decreased by CNY 968,298,729.40 due to distributions to shareholders[191]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements related to its development strategy and operational plans[5]. - The company has implemented a comprehensive risk management system covering market, liquidity, credit, operational, reputational, and money laundering risks[94]. - The company has established a liquidity risk early warning indicator system to monitor liquidity risk limits based on business scale and market conditions[98]. - The company effectively mitigated brokerage credit risk by settling client transactions with full margin requirements, resulting in no significant credit risk events during the reporting period[100]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 0.3 RMB per 10 shares, totaling approximately 259 million RMB, which represents 30.95% of the net profit attributable to shareholders[4]. - The company committed to distributing at least 30% of the average distributable profits in cash over the next three years (2024-2026) if conditions are met[114]. - The company distributed cash dividends of 1.00 RMB per 10 shares, totaling 863,598,729.40 RMB, which accounts for 43.96% of the net profit attributable to shareholders for 2023[128]. Business Strategy and Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 15% to 1.725 billion RMB[15]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[15]. - The company is focusing on enhancing its wealth management and institutional service capabilities, aiming for a dual-driven business model[33]. - The company aims to enhance its wealth management capabilities by focusing on high-quality products and a comprehensive service system[43]. Compliance and Governance - The board of directors and senior management have confirmed the accuracy and completeness of the financial report for the half-year period[3]. - The company has strengthened compliance measures and management processes following the warning from the regulatory authority[119]. - The company has received multiple awards for its achievements in party building and talent management, enhancing its organizational structure and professional capabilities[38]. - The company held its annual general meeting on June 27, 2024, where all 12 proposed resolutions were approved, including the 2023 annual report and future shareholder return plans[105]. Legal Matters - The lawsuit initiated by Industrial Securities against Dandong Xintai Electric Co., Ltd. and others claims compensation of RMB 232 million due to losses from fraudulent issuance[116]. - The company has been involved in multiple lawsuits related to bond defaults, with a judgment requiring Beijing Jingcai Unlimited Audio-Visual Co., Ltd. to pay RMB 1 billion in principal and RMB 22 million in interest[118]. - The company faced penalties and public reprimands during the reporting period, details of which are outlined in the relevant section of the report[118]. Investment and Growth Initiatives - Research and development expenses increased by 30%, totaling 150 million RMB, to support innovation in new technologies[15]. - The company completed a strategic acquisition of a tech startup for 500 million RMB, aimed at enhancing its product offerings[15]. - The company has accumulated a green investment and financing business scale of 285.76 billion yuan by the end of the reporting period[111]. - The company has actively participated in the green development committee of the China Securities Association, promoting green responsibilities within the industry[111].

证券代码：601377 证券简称：兴业证券 公告编号：临 2024-026 兴业证券股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 9 月 4 日(星期三)至 9 月 10 日(星期二)16:00 前登录上证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 xyzqdmc@xyzq.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。 三、参加人员 会议召开时间：2024 年 9 月 11 日(星期三)16:00-17:00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 兴业证券股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日披露公 司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度 经营成果、财务状况， ...