Investment Rating - The investment rating for Guolian Securities is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with a rebound in proprietary investment returns. The annualized weighted average ROE for Q1-Q3 2024 is 2.9%, down 2.7 percentage points year-on-year. The end-period leverage ratio (excluding client margin) is 4.8 times, an increase of 0.5 times from the beginning of the year. The brokerage and asset management businesses have shown year-on-year growth, while proprietary investment returns have improved. The forecast for net profit attributable to shareholders for 2024-2026 has been raised to 0.81 billion, 1.23 billion, and 1.61 billion yuan, respectively, representing year-on-year growth of 21%, 52%, and 31% [3][5]. Financial Performance Summary - For Q1-Q3 2024, the company's operating income and net profit attributable to shareholders are 2.0 billion and 0.4 billion yuan, respectively, down 20% and 46% year-on-year. The net profit for Q3 alone is 0.31 billion yuan, up 1% year-on-year and 144% quarter-on-quarter [3][4]. - The brokerage business net income for Q1-Q3 2024 is 0.4 billion yuan, up 2% year-on-year, while Q3 net income is 0.12 billion yuan, down 8% year-on-year and 31% quarter-on-quarter. The investment banking business net income is 0.26 billion yuan, down 38% year-on-year, and the asset management business net income is 0.48 billion yuan, up 65% year-on-year [4]. - The company's investment income (including fair value changes) for Q1-Q3 2024 is 0.93 billion yuan, down 18% year-on-year, with an annualized proprietary investment return rate of 2.6%, an increase from 1.6% in H1 2024. The end-period proprietary investment financial asset scale is 51 billion yuan, up 4% year-on-year [5]. Valuation Metrics - The current stock price corresponds to PB ratios of 1.9, 1.8, and 1.7 times for 2024, 2025, and 2026, respectively. The EPS for 2024-2026 is projected to be 0.3, 0.4, and 0.6 yuan, respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported a slight earnings beat in Q3 2024, with a net profit of 310 million yuan, a year-on-year increase of 143% [6][9]. - The company is undergoing a merger with Minsheng Securities, which is expected to enhance its comprehensive strength and business synergies [11]. Financial Data and Earnings Forecast - As of September 30, 2024, the company had a net asset per share of 6.49 yuan and a debt-to-asset ratio of 81.80% [2]. - For the first nine months of 2024, the company achieved a revenue of 2.01 billion yuan, a year-on-year decrease of 20%, and a net profit of 400 million yuan, down 46% year-on-year [6][9]. - The company’s revenue is projected to recover in the coming years, with expected net profits of 734 million yuan in 2024, 1.08 billion yuan in 2025, and 1.19 billion yuan in 2026, reflecting year-on-year growth rates of 9%, 47%, and 11% respectively [10][12]. Market Data - The closing price of the company's stock was 12.02 yuan, with a price-to-book ratio of 1.9 [3]. - The company’s market capitalization for circulating A shares is approximately 28.72 billion yuan [3]. Investment Analysis - The report indicates an upward revision of profit forecasts due to improved investment returns and reduced funding costs [10]. - The company’s operating leverage is significantly higher than the industry average, with an operating leverage ratio of 4.89 times compared to 3.84 times for 44 listed securities firms [11].

Investment Rating - The report maintains a "Buy" rating for Guolian Securities [1] Core Views - Guolian Securities reported a significant improvement in investment performance, with overall results continuing to improve [1] - The company's Q3 revenue increased by 31.26% year-on-year to 919 million yuan, while net profit attributable to shareholders rose by 143.65% to 308 million yuan [1] - The report highlights the rapid recovery of the company's performance in Q3 against the backdrop of a rising equity market [4] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is projected to be 3,108 million yuan, with a year-on-year growth of 5.18% [1] - Net profit attributable to shareholders is expected to reach 721 million yuan in 2024, reflecting a growth of 7.44% [1] - The report anticipates EPS of 0.20 yuan for 2024, with subsequent increases to 0.29 yuan in 2025 and 0.32 yuan in 2026 [4] Business Segments - **Heavy Asset Business**: - Self-operated business revenue in Q3 increased by 221% year-on-year to 554 million yuan, benefiting from improved market conditions [2] - Interest income showed a significant decline, with a net interest income of -129 million yuan for the first three quarters of 2024 [2] - **Light Asset Business**: - Brokerage business revenue increased by 2% year-on-year to 398 million yuan, although Q3 saw a decline due to low trading sentiment [3] - Asset management revenue surged by 65% year-on-year to 484 million yuan, driven by the acquisition of Zhongrong Fund [3] - Investment banking revenue decreased by 38% year-on-year to 264 million yuan, impacted by tightened regulations on equity financing [3] Valuation and Market Position - The report raises profit forecasts for 2024-2026, with net profits expected to be 721 million yuan, 1,030 million yuan, and 1,148 million yuan respectively [4] - The current market capitalization corresponds to a PB valuation of 1.87 for 2024, decreasing to 1.58 by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for Guolian Securities with a target price raised to 14.05 CNY, corresponding to a 2024 price-to-book ratio of 2.2x [3][11]. Core Views - The company has shown improvement in its brokerage business, with a year-on-year increase in revenue despite market challenges. The third quarter of 2024 saw a significant profit increase, with net profit reaching 3.1 billion CNY, up 143.7% year-on-year [11]. - The acquisition of Minsheng Securities is progressing, which is expected to enhance the company's overall strength and market position, potentially placing it among the top 20 firms in the industry [11][10]. - The report highlights the effectiveness of talent investment and business transformation, leading to a positive growth trend in the brokerage segment, which is expected to outperform peers [11]. Financial Summary - For 2023, the company reported a revenue of 2,955 million CNY, a 12.7% increase from the previous year, while net profit was 671 million CNY, down 12.5% [9][11]. - The earnings per share (EPS) for 2024 is projected at 0.24 CNY, with subsequent years showing slight increases to 0.26 CNY in 2025 and 0.29 CNY in 2026 [11][9]. - The company’s total market capitalization is approximately 34,038 million CNY, with a current share price of 12.02 CNY [5][3]. Market Position and Trends - The report indicates that Guolian Securities has a market share of 0.5% in brokerage services, with a projected revenue growth rate of 2.1% in the brokerage business for 2023 [12][13]. - The company’s net asset return (ROE) for 2023 is reported at 3.7%, with expectations of slight recovery in the following years [13][11]. - The report notes a significant increase in investment income, which reached 5.5 billion CNY in Q3 2024, reflecting a 220% year-on-year growth [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][6] Core Views - The company reported a revenue of 2.005 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.04%, and a net profit attributable to shareholders of 396 million yuan, down 45.53% year-on-year. However, in Q3 2024, the revenue reached 919 million yuan, showing a year-on-year increase of 31.26% and a quarter-on-quarter increase of 0.72%. The net profit for Q3 was 308 million yuan, up 143.65% year-on-year and 0.55% quarter-on-quarter [1][6] - The company has seen significant growth in client funds, with cash and cash equivalents at 17.581 billion yuan at the end of Q3 2024, an increase of 79.10% from the beginning of the year, primarily due to an increase in client deposits [1][6] - The company is in the process of integrating Minsheng Securities, which is expected to significantly enhance its overall strength. As of the end of H1 2024, Minsheng Securities had total assets of 63.734 billion yuan and net assets of 16.127 billion yuan, comparable to the company [1][6] Financial Performance Summary - For 2024, the company has adjusted its net profit forecasts to 516 million yuan, 885 million yuan, and 1.005 billion yuan for the years 2024, 2025, and 2026, respectively, with increases of 8.64%, 7.07%, and 7.22% [1][6] - The company's leverage ratio at the end of Q3 2024 was 4.89 times, up from 4.43 times at the beginning of the year and 4.80 times at the end of the first half [1][6] - The company has seen a significant increase in trading volume, with the average daily trading volume in the A-share market reaching 2 trillion yuan since October, a substantial increase of 151.40% compared to the average of 795.5 billion yuan in the previous three quarters [1][6]

（股份代號：01456） （於中華人民共和國成立的股份有限公司） 海外監管公告 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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於上海證券交易所網站刊發，僅供參閱。 特此公告。 承董事會命 國聯證券股份有限公司 董事長 葛小波 中國江蘇省無錫市 2024年10月30日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為華偉榮先 生、周衛平先生、吳衛華先生、李梭女士及劉海林先生；及本公司獨立非執行董事為 吳星宇先生、朱賀華先生及高偉先生。 证券代码：601456 证券简称：国联证券 公告编号：2024-049 号 国联证券股份有限公司 国联证券股份有限公司（以下简称"公司"）第五届董事会第十九次会议于 2024 年 10 月 16 日以书面方式发出通知，于 2024 年 10 月 30 日在无锡以现场结 合通讯的方式召开。 会议应出席董事 9 人，实际出席董 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥919,015,751.86, representing a year-on-year increase of 31.26%[5] - Net profit attributable to shareholders for the third quarter was ¥308,143,123.63, a significant increase of 143.65% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥306,956,913.22, reflecting a substantial increase of 346.11% year-on-year[5] - Basic and diluted earnings per share for the third quarter were both ¥0.11, marking a 175.00% increase compared to the previous year[5] - Operating revenue decreased by 20.04% year-to-date compared to the previous period[11] - Net profit attributable to shareholders decreased by 45.53% year-to-date, primarily due to reduced investment income and net interest income[11] - Basic and diluted earnings per share both decreased by 46.15% year-to-date[11] - Total operating revenue for the first three quarters of 2024 was RMB 2,004,892,871.86, a decrease of 20% compared to RMB 2,507,217,168.06 in the same period of 2023[23] - Net profit for the first three quarters of 2024 was RMB 401,862,636.67, down 44.5% from RMB 725,700,550.97 in 2023[24] - Basic earnings per share for the first three quarters of 2024 were RMB 0.14, down from RMB 0.26 in 2023[24] - Net profit for the first three quarters of 2024 was RMB 249,080,419.14, down 62.96% from RMB 671,231,634.61 in 2023[30] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥102,892,091,892.32, an increase of 18.09% from the end of the previous year[6] - The equity attributable to shareholders at the end of the reporting period was ¥18,364,604,960.76, up 3.35% from the previous year[6] - The company reported a total liability of ¥84.17 billion, compared to ¥69.01 billion at the end of 2023, reflecting an increase of approximately 22%[21] - Total assets as of September 30, 2024, reached approximately ¥101.11 billion, up from ¥85.57 billion at the end of 2023, representing an increase of 18.1%[27] - Total liabilities as of September 30, 2024, amounted to approximately ¥83.23 billion, an increase of 22.1% from ¥68.13 billion at the end of 2023[28] - The total liabilities and shareholders' equity increased to RMB 18,725,483,465.85 as of September 30, 2024, from RMB 18,123,557,913.39 at the end of 2023[22] Cash Flow - Cash flow from operating activities showed a significant increase, reaching ¥12,977,293,226.32, compared to a negative cash flow in the previous year[13] - Cash flow from operating activities for the first three quarters of 2024 was RMB 12,262,676,531.52, a turnaround from a negative cash flow of RMB -560,557,311.56 in the previous year[31] - Cash inflow from investment activities for the first three quarters of 2024 was approximately ¥6.02 billion, a decrease of 44.5% compared to ¥10.77 billion in the same period of 2023[26] - Cash flow from investment activities yielded RMB 2,185,598,976.94, compared to a negative cash flow of RMB -2,033,879,378.91 in 2023[32] - Cash flow from financing activities resulted in a net outflow of approximately ¥1.21 billion in the first three quarters of 2024, contrasting with a net inflow of approximately ¥4.07 billion in the same period of 2023[26] Investments - The company reported a significant increase in investment business income compared to the same period last year, driving the growth in net profit[10] - Investment income turned negative at ¥-1,133,818,130.43, a decrease of 243.88% year-on-year due to market volatility[13] - Investment losses amounted to RMB -1,263,983,681.97, a significant drop from the investment income of RMB 618,433,952.45 in the previous year[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 114,652[14] - The largest shareholder, Wuxi Guolian Development Group Co., Ltd., holds 19.21% of the shares, with total indirect holdings reaching 48.60%[15] Corporate Governance - The board of directors includes both executive and non-executive members, ensuring diverse oversight[33] - The chairman of the board is Mr. Ge Xiaobo, indicating strong leadership presence[33] - The non-executive directors include Mr. Hua Weirong, Mr. Zhou Weiping, Mr. Wu Weihua, Ms. Li Suo, and Mr. Liu Hailin, contributing to governance[33] - Independent non-executive directors include Mr. Wu Xingyu, Mr. Zhu Hehua, and Mr. Gao Wei, enhancing independent oversight[33] - The company is committed to adhering to new financial reporting standards, reflecting a proactive approach to compliance[33] Future Plans - The company is planning to acquire a 99.26% stake in Minsheng Securities through the issuance of A-shares, with the proposal approved by the board on September 4, 2024[18] - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[33] - The announcement was made on October 30, 2024, indicating a future timeline for the implementation of changes[33]

证券代码：601456 证券简称：国联证券 公告编号：2024-049 号 国联证券股份有限公司 第五届董事会第十九次会议决议公告 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。 国联证券股份有限公司（以下简称"公司"）第五届董事会第十九次会议于 2024 年 10 月 16 日以书面方式发出通知，于 2024 年 10 月 30 日在无锡以现场结 合通讯的方式召开。 一、董事会会议召开情况 会议应出席董事 9 人，实际出席董事 9 人（其中：董事刘海林先生、独立董 事吴星宇先生、独立董事朱贺华先生、独立董事高伟先生以通讯方式出席）。会 议由董事长葛小波先生主持，公司监事和相关高级管理人员列席会议。 会议的召集、召开和表决情况符合法律、法规、证券上市地交易所上市规则 及《国联证券股份有限公司章程》《国联证券股份有限公司董事会议事规则》的 相关规定。 公司 2024 年第三季度报告与本公告同日发布，详见上海证券交易所网站 http://www.sse.com.cn。 （二）《关于修订<国联证券股份有限公司募集资金管理制度>的议案 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥919,015,751.86, representing a year-on-year increase of 31.26%[2] - The net profit attributable to shareholders for Q3 2024 was ¥308,143,123.63, showing a significant increase of 143.65% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥306,956,913.22, reflecting a year-on-year increase of 346.11%[2] - For the first three quarters of 2024, the total operating revenue was ¥2.00 billion, a decrease of approximately 20% compared to ¥2.51 billion in the same period of 2023[19] - The net profit for the first three quarters of 2024 was ¥401.86 million, down from ¥725.70 million in the same period of 2023, reflecting a decline of about 44%[19] - The total comprehensive income for the period was CNY 1,004,037,342.32, compared to CNY 1,122,220,263.02 in the previous year, reflecting a decrease of approximately 10.5%[21] - Basic and diluted earnings per share were both CNY 0.14, down from CNY 0.26 in the same period last year, indicating a decline of 46.2%[21] - The basic earnings per share for the first three quarters of 2024 was CNY 0.09, down from CNY 0.24 in the same period of 2023[30] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥102,892,091,892.32, an increase of 18.09% from the end of the previous year[3] - As of September 30, 2024, the total assets of the company reached ¥102.89 billion, an increase from ¥87.13 billion as of December 31, 2023, representing a growth of approximately 18%[18] - The company's total liabilities amounted to ¥84.17 billion, up from ¥69.01 billion, indicating a rise of about 22%[18] - The company's total liabilities were CNY 75,000,000,000.00, reflecting a year-over-year increase of approximately 10%[25] - Total liabilities increased to CNY 83,233,009,553.68 in 2024 from CNY 68,127,372,370.75 in 2023, marking a growth of 22.2%[28] Cash Flow - The cash flow from operating activities for the year-to-date period was not applicable, with net cash flow at ¥12,977,293,226.32[2] - The net cash flow from operating activities reached 12,977,293,226.32, a significant improvement from -1,650,034,767.90 in the previous year[10] - Cash flow from investing activities increased to 2,184,121,280.70, a rise of 1,345.67% year-on-year due to reduced cash payments for investments[10] - Cash flow from financing activities decreased to -1,208,618,564.39, a decline of 129.66% compared to the previous year, mainly due to reduced net cash inflow from debt issuance and repayment[10] - Cash flow from operating activities for the first three quarters of 2024 was CNY 12,262,676,531.52, a significant improvement from a negative cash flow of CNY -560,557,311.56 in 2023[31] - The net cash flow from financing activities was -1,170,712,170.80 CNY, compared to 4,091,997,637.49 CNY in the previous period[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 114,652[11] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 543,901,329 shares, representing 19.21% of total shares[12] - The total amount of pledged shares by major shareholders is 0, indicating no shares are currently under pledge[12] Investment and Income - The net interest income decreased to -128,624,779.29, a decline of 192.59% compared to the previous year[10] - Investment income dropped to -1,133,818,130.43, a decrease of 243.88% year-on-year due to market volatility[10] - The company reported a net interest income of -¥128.62 million for the first three quarters of 2024, compared to a net interest income of ¥138.92 million in the same period of 2023[19] - The company’s investment income for the first three quarters of 2024 was -¥1.13 billion, a significant decline from ¥788.02 million in the same period of 2023[19] - The company reported a significant increase in other comprehensive income to 922,777,500.13, up 187.30% year-on-year due to the increase in fair value of equity investments[10] - The company’s other comprehensive income after tax for the first three quarters of 2024 was ¥602.17 million, compared to ¥396.52 million in the same period of 2023, indicating an increase of approximately 52%[19] Financial Ratios - The weighted average return on net assets for Q3 2024 was 1.68%, an increase of 0.97 percentage points compared to the previous year[3] - The risk coverage ratio improved to 195.26% from 173.98% year-on-year[4] - The liquidity coverage ratio decreased to 155.05% from 167.36% year-on-year[4] Cash and Equivalents - The company’s cash and cash equivalents as of September 30, 2024, were ¥17.58 billion, an increase from ¥9.82 billion at the end of 2023, showing a growth of approximately 79%[17] - Total cash and cash equivalents at the end of the period reached CNY 29,636,650,468.44, up from CNY 16,162,321,450.85, marking an increase of 83.5%[24] - The total cash and cash equivalents at the end of the period reached 28,583,447,018.64 CNY, up from 14,818,720,226.44 CNY year-over-year[32] - The net increase in cash and cash equivalents was 13,276,749,198.48 CNY, compared to 1,498,307,622.60 CNY in the previous period[32] Corporate Actions - The company is planning to acquire a 99.26% stake in Minsheng Securities through the issuance of A-shares, with the transaction approved by the board on September 4, 2024[16] - The report was issued by the board of directors on October 30, 2024[33]

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 國聯證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 2024年10月30日（星期三）舉行，藉以（其中包括）審議及批准本公司及其附屬公司截 至2024年9月30日止九個月之第三季度業績及其發佈。 承董事會命 國聯證券股份有限公司 董事長 葛小波 中國江蘇省無錫市 2024年10月17日 截至本公告日期，本公司執行董事為葛小波先生；本公司非執行董事為華偉榮先 生、周衛平先生、吳衛華先生、李梭女士及劉海林先生；及本公司獨立非執行董事為 吳星宇先生、朱賀華先生及高偉先生。 董事會會議通知 ...