Investment Rating - The report maintains a "Recommended" rating for Guolian Securities, with a target price of 14.0 CNY, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [2][4][14]. Core Insights - The company's Q2 performance showed a significant recovery, particularly in brokerage business, which exceeded expectations. The report highlights the potential for growth through external expansion [2][5]. - The report projects the company's earnings per share (EPS) for 2024, 2025, and 2026 to be 0.26, 0.32, and 0.36 CNY respectively, with corresponding book values per share (BPS) of 6.35, 6.54, and 6.76 CNY [2][5][6]. Financial Performance Summary - Total revenue for the first half of 2024 was 1.1 billion CNY, a year-on-year decrease of 40%. The net profit attributable to shareholders was 90 million CNY, down 85.4% year-on-year [2][5]. - The company's return on equity (ROE) for the reporting period was 0.5%, a decrease of 2.9 percentage points year-on-year, while the quarterly ROE was 1.7%, an increase of 2.9 percentage points quarter-on-quarter [2][5]. - The financial leverage ratio at the end of the reporting period was 4.5 times, an increase of 0.32 times year-on-year [2][5]. Business Segment Performance - The brokerage business saw a significant quarter-on-quarter increase, with revenue reaching 280 million CNY, marking a 58.3% increase. This was achieved despite a 7.3% decrease in average daily trading volume during the same period [2][5]. - Investment banking revenue was stable, amounting to 170 million CNY, with a slight quarter-on-quarter increase [2][5]. - Asset management revenue showed slight improvement, totaling 310 million CNY, with a quarterly revenue of 170 million CNY, reflecting a quarter-on-quarter increase of 0.3 million CNY [2][5].

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in Q2 2024 showed significant improvement compared to Q1, with a focus on the effectiveness of subsequent integration [1] - The company's heavy asset business saw a rebound in proprietary trading in Q2, while net interest income remained under pressure [2] - The light asset business performed well, with brokerage and asset management businesses standing out, while investment banking business followed market trends [2] - The acquisition of Minsheng Securities has been finalized, and the integration process is accelerating, which is expected to enhance the company's overall strength [2] - The company's Q2 performance rebounded rapidly, leading to a slight upward revision of profit forecasts for 2024-2026 [2] Financial Performance Summary - In H1 2024, the company achieved operating revenue of 1.086 billion yuan, a year-on-year decrease of 39.91%, and net profit attributable to the parent company of 88 million yuan, a year-on-year decrease of 85.39% [2] - In Q2 2024, the company's operating revenue and net profit attributable to the parent company were 912 million yuan and 306 million yuan, respectively, representing year-on-year decreases of 19.16% and 22.01% [2] - The company's proprietary trading business revenue in H1 2024 was 375 million yuan, a year-on-year decrease of 61%, but improved significantly in Q2, with a year-on-year decrease of 11% to 525 million yuan [2] - The company's net interest income in H1 2024 was -89 million yuan, a year-on-year decrease of 201%, with Q2 net interest income at -62 million yuan, a year-on-year decrease of 287% [2] - The company's brokerage business revenue in H1 2024 was 280 million yuan, a year-on-year increase of 7%, with Q2 revenue at 170 million yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 58% [2] - The company's asset management business revenue in H1 2024 was 312 million yuan, a year-on-year increase of 111%, driven by the acquisition of Zhongrong Fund and the opening of Guolian Asset Management [2] - The company's investment banking business revenue in H1 2024 was 169 million yuan, a year-on-year decrease of 40%, mainly due to tightened equity financing regulations [2] Acquisition and Integration - On August 8, 2024, the company announced its intention to acquire 99.26% of Minsheng Securities' shares through the issuance of A shares, with a transaction price of 29.492 billion yuan [2] - The company plans to raise no more than 2 billion yuan in supporting funds by issuing shares to no more than 35 specific investors [2] - The acquisition is expected to enhance the company's comprehensive strength through synergies with Minsheng Securities [2] Profit Forecast and Valuation - The company's net profit attributable to the parent company for 2024-2026 is forecasted to be 403 million yuan, 842 million yuan, and 989 million yuan, respectively, with growth rates of -40.03%, 109.16%, and 17.51% [2] - The EPS for 2024-2026 is forecasted to be 0.11 yuan, 0.24 yuan, and 0.28 yuan, respectively [2] - The current market value corresponds to PB valuations of 1.53x, 1.34x, and 1.30x for 2024-2026 [2] Market Data - The closing price of the company's stock is 9.66 yuan, with a one-year low/high of 9.29/13.38 yuan [4] - The PB ratio is 1.50x, with a circulating A-share market value of 23.079 billion yuan and a total market value of 27.355 billion yuan [4] Fundamental Data - The company's net asset per share is 6.45 yuan, with a debt-to-asset ratio of 80.05% [5] - The total share capital is 2.83177 billion shares, with circulating A-shares of 2.38913 billion shares [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.13 yuan, corresponding to a 1.75x price-to-book ratio for 2024 [5][6]. Core Insights - The company's Q2 performance has returned to normalcy, with improvements in talent investment and business transformation becoming evident. The acquisition of Minsheng Securities has entered a substantive phase, which is expected to bolster long-term development [5]. - The company reported a revenue of 1.09 billion yuan and a net profit attributable to shareholders of 90 million yuan for H1 2024, reflecting a year-on-year decline of 40% and 85% respectively. However, Q2 net profit was 310 million yuan, a significant recovery from Q1's loss of 220 million yuan [5]. - The decline in investment income, which fell by 61% year-on-year, was the primary reason for the overall performance drop, contributing to 81% of the decline. Q2 investment income showed significant improvement, recording 530 million yuan, down only 11% year-on-year, compared to a loss of 150 million yuan in Q1 [5]. - The integration of Minsheng Securities is expected to enhance the company's comprehensive strength, potentially positioning it among the top 20 in the industry, with anticipated synergies in regional and business complementarity [5]. Financial Summary - The company’s financial performance for 2024E includes projected revenues of 2.524 billion yuan and a net profit of 620 million yuan, with EPS estimates of 0.22 yuan [11][14]. - The company’s total market capitalization is approximately 27.355 billion yuan, with a total share capital of 2.832 billion shares [7]. - The company’s net asset value per share is 6.32 yuan, with a current price-to-book ratio of 1.5 [8]. Performance Trends - The company’s stock price has fluctuated between 9.38 and 12.66 yuan over the past 52 weeks, indicating a relative stability in the market [7]. - The report highlights a significant improvement in brokerage business performance compared to peers, with a 16% year-on-year increase in agency sales revenue [5]. Future Outlook - The report anticipates continued improvements in the company’s financial metrics, with expected revenue growth rates of 8.2% and 8.9% for 2025 and 2026 respectively [14]. - The company is expected to maintain its brokerage market share at 0.50% through 2026, indicating a stable competitive position [13].

Financial Performance - Total revenue, net investment income, and other income for the first half of 2024 amounted to RMB 1,840,238, a decrease of 27.01% compared to RMB 2,521,247 in the same period of 2023[8]. - Profit before tax for the first half of 2024 was RMB 54,531, down 92.82% from RMB 758,959 in the first half of 2023[8]. - Net profit attributable to shareholders for the first half of 2024 was RMB 87,708, representing an 85.39% decline from RMB 600,313 in the same period of 2023[8]. - Basic and diluted earnings per share for the first half of 2024 were both RMB 0.03, down 85.71% from RMB 0.21 in the first half of 2023[8]. - The net profit for the period was RMB 90,621 thousand, down 85% from RMB 601,044 thousand in the same period last year[117]. - The company reported a significant increase in fair value gains on equity investments, reaching RMB 1,075,384 thousand compared to RMB 375,697 thousand in the previous year[117]. - Total comprehensive income for the period was RMB 899,981 thousand, a decrease from RMB 989,601 thousand in the previous year[117]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 93,333,039, an increase of 7.12% from RMB 87,128,874 at the end of 2023[9]. - Total liabilities as of June 30, 2024, were RMB 74,711,612, reflecting an 8.27% increase from RMB 69,005,316 at the end of 2023[9]. - Equity attributable to shareholders increased to RMB 18,263,647, a 2.79% rise from RMB 17,768,691 at the end of 2023[9]. - The debt-to-asset ratio as of June 30, 2024, was 77.86%, an increase of 1.07 percentage points from 76.79% at the end of 2023[9]. - The company's total liabilities increased to RMB 49,138,052 thousand from RMB 43,200,022 thousand, reflecting a rise of approximately 13.8%[119]. - The equity attributable to shareholders reached RMB 18,263,647 thousand, up from RMB 17,768,691 thousand, marking an increase of about 2.8%[120]. Cash Flow and Investments - Net cash inflow from operating activities for the first half of 2024 increased by 83.32% to RMB 5,401,936, compared to RMB 2,946,717 in the first half of 2023[8]. - The company reported a net cash inflow from investing activities of RMB 1,539,854 thousand for the first half of 2024, contrasting with a net cash outflow of RMB 1,276,959 thousand in the previous year[127]. - The total cash and cash equivalents at the end of June 30, 2024, reached RMB 15,196,629 thousand, compared to RMB 8,765,598 thousand at the same time in 2023, showing robust liquidity[127]. - The company raised RMB 6.39 billion in new debt financing during the first half of 2024, with a total outstanding debt of RMB 26.785 billion as of June 30, 2024[59]. - The company issued new bonds generating cash inflow of RMB 6,797,152 thousand in the first half of 2024, compared to RMB 14,381,186 thousand in the same period of 2023[127]. Market and Business Operations - Revenue from brokerage and wealth management business was RMB 4.67 billion, down 5.48% year-on-year[15]. - Investment banking revenue decreased by 40.97% to RMB 1.80 billion[15]. - Asset management and investment business revenue surged by 102.06% to RMB 3.27 billion[15]. - The overall trading volume in the domestic securities market decreased, with a total trading amount of RMB 116 trillion in the first half of 2024, a year-on-year decline of 6.28%[16]. - The company added 119,400 new customers during the reporting period, bringing the total customer base to 1,855,800, a year-on-year increase of 10.06%[17]. - The company completed two equity financing projects, including one IPO project with an underwriting amount of RMB 0.17 billion and one refinancing project with an underwriting amount of RMB 0.278 billion[21]. Risk Management - The company emphasizes a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, aiming for long-term value maximization[69]. - The board of directors is responsible for the overall risk management strategy, including approving major risk management policies and appointing the Chief Risk Officer[73]. - Credit risk is primarily derived from financing activities, including stock pledge repurchase transactions and OTC derivatives, with an internal credit rating system in place for assessment[80]. - The company implements liquidity risk limit management, setting limits based on business scale, nature, and market conditions, while maintaining a reserve of high-quality liquid assets[81]. - Operational risk management is enhanced through the optimization of internal control mechanisms and the establishment of an operational risk management system[82]. Corporate Governance - The company has implemented a compensation and nomination committee, which is primarily composed of independent non-executive directors[99]. - The company has adopted a code of conduct for securities transactions by directors and supervisors, ensuring compliance during the reporting period[96]. - The company held one shareholders' meeting and three board meetings during the reporting period, passing a total of 65 resolutions[97]. - The company strictly adheres to legal and regulatory requirements, ensuring compliance and good corporate governance practices[95]. Future Outlook - The company aims to enhance its asset allocation capabilities and improve service efficiency in the second half of 2024, focusing on a comprehensive asset allocation system[18]. - The company plans to increase the reserve of quality IPO and refinancing projects, particularly targeting the Sci-Tech Innovation Board and the Growth Enterprise Market[25]. - The company aims to enhance its bond service capabilities and expand its underwriting business in the Wuxi region in the second half of 2024[30]. - The company plans to explore AI and large model applications in business operations to improve efficiency and service delivery[55].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,085,877,120, a decrease of 39.91% compared to CNY 1,807,078,426.17 in the same period last year[20]. - The net profit attributable to shareholders of the parent company was CNY 87,709,328.57, down 85.39% from CNY 600,312,605.07 year-on-year[20]. - The net cash flow from operating activities increased by 142.33% to CNY 6,367,623,822.02, compared to CNY 2,627,617,632.80 in the previous year[20]. - Total assets at the end of the reporting period reached CNY 93,333,039,263.26, reflecting a 7.12% increase from CNY 87,128,874,813.89 at the end of the previous year[20]. - The total liabilities increased by 8.27% to CNY 74,711,611,952.12, compared to CNY 69,005,316,900.50 at the end of the previous year[20]. - The basic earnings per share decreased by 85.71% to CNY 0.03 from CNY 0.21 in the same period last year[21]. - The weighted average return on equity decreased by 3.00 percentage points to 0.48% from 3.48% year-on-year[21]. Business Operations - The company's main business is highly correlated with the domestic macroeconomic environment and capital market trends, which poses significant operational risks[7]. - Guolian Securities holds various qualifications for securities business, including membership in both Shanghai and Shenzhen Stock Exchanges[12][13]. - The company has a comprehensive range of business qualifications, including internet securities business pilot qualifications and private fund comprehensive custody qualifications[13]. - The brokerage and wealth management business generated revenue of RMB 3.78 billion, a year-on-year increase of 1.36%[32]. - The investment banking business reported revenue of RMB 1.73 billion, a decline of 42.76% year-on-year[32]. - The asset management and investment business achieved revenue of RMB 3.21 billion, a significant increase of 98.31% year-on-year[32]. - The credit trading business's revenue was RMB 1.27 billion, down 17.07% year-on-year[32]. - The securities investment business saw revenue drop to RMB 0.12 billion, a decrease of 98.41% year-on-year[32]. Risk Management - The company emphasizes the importance of risk management in light of potential economic and policy changes affecting its performance[7]. - The company faces significant risks including market risk, credit risk, operational risk, and liquidity risk, with ongoing pressures from macroeconomic uncertainties in the second half of 2024[90]. - The company has established a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, aiming for long-term value maximization[91]. - The risk management structure includes a board of directors, senior management, and dedicated risk management departments to oversee and implement risk management policies[92]. - The company has established a comprehensive market risk monitoring system, utilizing daily calculations of profit and loss, exposure, basis points, duration, and derivatives Greeks[99]. - Credit risk primarily arises from stock pledge repurchase transactions, financing business, and various types of bond investment transactions, including government bonds and corporate bonds[100]. - The company has implemented a daily position management and periodic liquidity analysis mechanism to dynamically manage the scale of fund usage across various businesses[101]. Client and Market Engagement - The company added 119,400 new clients during the reporting period, bringing the total client base to 1,855,800, a year-on-year increase of 10.06%[35]. - The total number of clients signed for fund advisory services reached 319,400, representing a year-on-year growth of 13.35%, with authorized account asset scale remaining stable at 6.958 billion RMB[35]. - Financial product sales (excluding cash management products) amounted to 9.647 billion RMB, a decrease of 14.24% year-on-year, while the ending balance of financial products was 19.370 billion RMB, remaining stable year-on-year[35]. Corporate Governance - The company held one shareholders' meeting during the reporting period, which complied with relevant laws and regulations[114]. - The company appointed Xue Chunfang as the chairman of the supervisory board, replacing Xu Faliang who retired[115]. - The company completed the employee stock ownership plan in 2022, raising a total of 68.11 million yuan with 342 participants[118]. - As of the end of the reporting period, the employee stock ownership plan had 298 participants holding a total of 16,686,000 shares, representing approximately 0.5892% of the company's total share capital[120]. Environmental and Social Responsibility - The company has committed to supporting green industries through various financial tools, with detailed information to be disclosed in the annual sustainability report[126]. - In March, the company allocated CNY 100,000 to support the "Tsinghua Friends - Guolian Securities Talent Scholarship" for rural revitalization and ESG research[128]. - In June, the company spent CNY 1.211 million to purchase agricultural products from poverty alleviation areas, contributing to the consolidation of poverty alleviation results[128]. - The company participated in a donation campaign, contributing CNY 446,000 to humanitarian aid and disaster relief efforts[128]. Debt and Financing - The company has issued bonds with a total balance of 10 billion RMB at an interest rate of 3.29%, maturing on August 30, 2024[161]. - The second bond issued has a total balance of 15 billion RMB at an interest rate of 3.50%, maturing on November 22, 2024[161]. - The company raised a total of RMB 1.5 billion through bond issuance, with the funds allocated to repay maturing corporate bonds[171]. - The actual amount used from the raised funds for repaying corporate bonds was RMB 1.49865 billion[174]. - The company has maintained compliance with the debt repayment guarantees and has timely paid all principal and interest on its bonds[167]. Compliance and Regulatory Matters - The company has taken steps to strengthen compliance and oversight in response to identified regulatory issues[134]. - The company has implemented corrective measures in response to regulatory warnings, including enhancing training on bond regulations and improving internal control processes[134]. - The company has not faced any credit rating adjustments during the reporting period[168]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[158].

证券代码：601456 证券简称：国联证券 公告编号：2024-041 号 国联证券股份有限公司 第五届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 国联证券股份有限公司（以下简称"公司"）第五届董事会第十八次会议于 2024 年 8 月 16 日以书面方式发出通知，于 2024 年 8 月 30 日在公司总部国联金 融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席董事 9 人，实际出席董事 9 人（其中：董事长葛小波先生、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 和《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。 二、董事会会议审议情况 （一）《国联证券股份有限公司 2024 年半年度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票，本议案获通过。 本议 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-042 号 国联证券股份有限公司 第五届监事会第十五次会议决议公告 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 1、公司半年度报告编制、审议程序符合相关法律、法规、规范性文件和《公 司章程》等内部制度的相关规定； 2、半年度报告的内容和格式符合监管机构的各项要求，所包含的信息能够 真实、准确、完整、客观地反映公司 2024 年上半年的经营管理和财务状况等事 项； 3、未发现参与半年度报告编制和审议的人员有违反内幕信息保密规定的行 为。 1 国联证券股份有限公司（以下简称"公司"）第五届监事会第十五次会议于 2024 年 8 月 16 日以书面方式发出通知，于 2024 年 8 月 30 日在公司总部国联金 融大厦 9 楼会议室以现场结合通讯的方式召开。 会议应出席监事 5 人，实际出席监事 5 人（其中：监事徐看先生、监事徐静 艳女士以通讯方式出席）。会议由监事会主席薛春芳女士主持，公司相关高级管 理人员列席会议。 会议的召集、召开和表 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 国联证券（601456）公司信息点评 [Table_InvestInfo] 拟发行股份收购民生证券，合并后公司主 要指标将进入行业前 30 [Table_Summary] 投资要点： 【事件】国联证券公告拟通过发行 A 股股份的方式收购民生证券 99.26%股份，交 易价格为 294.92 亿元；拟发行股份 26.40 亿股，占发行后上市公司股本的 48.25%。 同时，公司还拟向不超过 35 名特定投资者发行股份募集配套资金，募集配套资 金总额不超过人民币 20 亿元。 整合稳步推进。2023 年 3 月 15 日国联证券股东国联发展集团拍卖收购民生证券 30%股份。2024 年 5 月 14 日，公司公告拟以 11.31 元/股发行新股支付交易对价， 购买民生证券 100%股份，并通过定增募集不超过 20 亿元，用于发展民生证券业 务。此次 8 月公告的重组方案相较 2024 年 5 月的方案主要变化为：1）因员工离 职、退休、主动退出等原因，合计回购及无偿收回民生证券股权激励计划中的 1095.83 万股，并进行减资；2）泛海控股退出 ...

国联证券股份有限公司 2024 年第一次临时股东大会 2024 年第一次 A 股类别股东大会 2024 年第一次 H 股类别股东大会 会议资料 2024 年 9 月 国联证券股份有限公司 2024 年第一次临时股东大会、 2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股东大会会议资料 会 议 议 程 现场会议开始时间：2024 年 9 月 4 日（星期三）13 点 30 分 现场会议召开地点：江苏省无锡市金融一街 8 号国联金融大厦 1 层会议室 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票日期：2024 年 9 月 4 日（星期三） 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东 大会召开当日的 9:15-15:00。 目 录 2024 年第一次临时股东大会 | 会 | 议 | 议 程 1 | | | --- | --- | --- | --- | | 会 | 议 | 须 知 2 | | | 议案 | | 1：关于公司符合发行股份购买资产并募集配套资金 ...

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） 董事會會議通知 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。 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8月19日 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8月30日（星期五）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6月30日止六個月之中期業績及其發佈。 承董事會命 ...