关于召开 2024 年第一次临时股东大会、2024 年第一 次 A 股类别股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2024 年 9 月 4 日 13 点 30 分 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 1 证券代码：601456 证券简称：国联证券 公告编号：2024-040 号 国联证券股份有限公司 二、 会议审议事项 股东大会召开日期：2024年9月4日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第一次临时股东大会及 2024 年第一次 A 股类别股东大会 (二) 股东大会召集人：国联证券股份有限公司（以下简称"公司"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间 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 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights the potential for significant growth through the merger with Minsheng Securities, which is expected to enhance the company's market position and operational capabilities [2][3] - The merger transaction is valued at 29.49 billion yuan, with a price-to-book (PB) ratio of 1.86x, indicating a premium over the current market price [2] - The company is projected to achieve net profits of 599.43 million yuan, 791.58 million yuan, and 1.03 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a growth trajectory post-merger [3] Financial Summary - The company’s revenue is expected to grow from 29.55 billion yuan in 2023 to 39.69 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.94% [4] - The net profit is projected to decline by 10.71% in 2024 before recovering with growth rates of 32.06% and 29.82% in 2025 and 2026 respectively [4] - The price-to-earnings (PE) ratio is expected to decrease from 41.88 in 2023 to 27.69 in 2026, indicating an improving valuation as earnings grow [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report discusses the acquisition of 99.26% of Minsheng Securities by Guolian Securities through the issuance of A-shares, with a transaction value of 29.49 billion yuan, corresponding to a PB valuation of 1.86X [4] - The merger is expected to enhance the combined company's market position, with Guolian Securities' net capital ranking projected to rise to 15th among listed brokerages post-merger [4] - The report anticipates a growth in net profit for Guolian Securities from 599.43 million yuan in 2024 to 1.028 billion yuan in 2026, with corresponding PB ratios decreasing from 1.47 to 1.24 [4][5] Summary by Sections Basic Data - Closing price: 10.05 yuan - Circulating shares: 2.832 billion shares - Net asset per share: 6.32 yuan - Total shares: 2.832 billion shares [1] Financial Performance - Revenue forecast for 2024 is 3.067 billion yuan, with a growth rate of 3.79% [5] - Net profit forecast for 2024 is 599.43 million yuan, with a decline of 10.71% compared to the previous year [5] - EPS is projected to be 0.21 yuan per share in 2024, increasing to 0.36 yuan by 2026 [5] Valuation Metrics - The report provides a PB ratio forecast of 1.47 for 2024, decreasing to 1.24 by 2026 [5] - The PE ratio is expected to rise from 47.48 in 2024 to 27.69 in 2026 [5]

Financial Data and Key Metrics Changes - The A-share market experienced a decline, with the Shanghai Composite Index closing at 2862.19, down 0.27%, and the Shenzhen Component Index at 8393.70, down 0.62% [2] - The overall market saw a significant drop, with over 3800 stocks declining and only 1281 gaining, indicating a bearish sentiment [10] Business Line Data and Key Metrics Changes - No specific business line data or metrics were provided in the documents reviewed Market Data and Key Metrics Changes - The trading volume in the Shanghai and Shenzhen markets was 563.1 billion, marking a decrease of 56.8 billion from the previous trading day, which is the lowest in nearly two years [10] - The market is characterized by a lack of trading enthusiasm, with high-level stocks continuing to show a loss effect [10][11] Company Strategy and Development Direction and Industry Competition - The government is expected to accelerate the acquisition of existing commercial housing for affordable housing projects, which may help optimize the asset-liability ratios of real estate companies and mitigate risks in the real estate sector [10] - The semiconductor industry showed resilience, with companies like SMIC exceeding market expectations, boosting confidence in the chip sector [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is currently experiencing a lack of hot sectors and that the sentiment remains low, with short-term market dynamics indicating a potential for recovery after sufficient selling pressure [11] Other Important Information - The document highlighted various industry developments, including Huawei's new product launch and Intel's advancements in automotive chips, which may influence related stocks [6] Q&A Session All Questions and Answers - No specific Q&A session content was provided in the documents reviewed

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company plans to acquire 99.26% of Minsheng Securities through the issuance of A-shares at a transaction price of 29.492 billion yuan, with the issuance of 2.64 billion shares, accounting for 48.25% of the post-issue share capital [6][12] - The merger is expected to significantly enhance the company's market position, with combined total assets projected to reach 150 billion yuan, potentially elevating its rankings in various financial metrics [6][8] - The acquisition will strengthen the company's investment banking and brokerage capabilities, as Minsheng Securities has a strong performance in these areas [6][12] Summary by Sections Acquisition Details - The company announced plans to acquire Minsheng Securities, with the transaction involving the issuance of shares and raising up to 2 billion yuan in supporting funds [6][12] - The restructuring plan has undergone adjustments, including share buybacks and changes in the issuance price [6] Financial Projections - The company expects its EPS for 2024-2026 to be 0.25, 0.27, and 0.28 yuan respectively, with corresponding net asset values of 6.46, 6.67, and 6.91 yuan [6][12] - Revenue projections indicate a growth trajectory, with expected revenues of 3.1 billion yuan in 2024, 3.26 billion yuan in 2025, and 3.47 billion yuan in 2026 [12] Market Position - Post-merger, the company is anticipated to rank 25th in revenue, 28th in net profit, and 23rd in total assets within the industry [6][8] - The merger will enhance the company's competitive edge in investment banking, where Minsheng Securities has historically outperformed [6][12]

证 券 研 究 报 告 国联证券（601456）重大事项点评 推荐（维持） 打造一流投行的关键一环 目标价：14 元 事项： 8 月 8 日，国联证券发布并购民生证券的交易报告书（草案）。 评论： 与预案的差异对比：1）泛海控股所持有的民生 0.74%的股权不再参与交易； 2）民生定价 295 亿元，对应 1.89 倍 PB 估值。2023 年 3 月，国联集团曾以 91.05 亿元竞拍得民生证券 34.71 亿股股权，对应 1.98 倍 PB 估值。本次收购 价格有所降低，在金融严监管的背景下符合预期。此外，泛海所持股权存量规 模较小，对公司推进并购影响不大。 本次交易确认较大金额的商誉。将购买成本扣除国联证券按交易完成后享有 的民生证券于本次交易评估基准日的可辨认净资产公允价值份额并考虑递延 所得税影响后的差额 135 亿元确认为商誉，占合并后国联净资产+20 亿元配套 融资后形成的"新国联证券"净资产的 27.4%。 控制权不变。本次交易后，国联集团仍为第一大股东（持股比例 24.8%），显 著高于第二大股东国联信托（持股比例 7.1%），控制权不发生变化。不考虑募 集配套资金，以当前估值计算，国联集团 ...

华西证券股份有限公司 HUAXI SECURITIES CO.,LTD. 证券研究报告 | 公司总评报告 2024 年 08 月 09 日 国联证券收购民生证券 99. 26%股份苹案出炉： 公司资本实力、区 域布局、经纪投行等方面有望大幅提升 国联证券 (601456) 事件概述 2024 年 8 月 8 日晚，公司公告重大资产重组苹案， 拟发行 A 股股份购买国联集团、上海洋象密企业管理有限公司等 45 名主 体合计特有的民生证券 99.26%股份，并募集不超过 20 亿元 (含本数)配套资金。 羊東具体内客: 1. 查组方案调整： 与预案（5 月 15 日公告）相比有两处小调整： 一是凡生证券核照《员工股权激励计划》规定，回购及无偿回收 因员工商职、退休等情况退出的相关殷份，并进行了减贫处理； 二是泛海控股（持股 0. 74%）退出该次交易，本次交易完成后， 国联证券将持有民生证券 99. 26%股份，仍可控制标的公司。本次 方案调整没有实质性影响。 2. 文身价格： 氏生 估值 1. 86 倍 PB； 支付方式为增发 A 殷支付 氏生证券 100%股权评估值约 298.9 亿元，截至 2401 民生证 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6]. Core Views - The acquisition of Minsheng Securities by Guolian Securities is expected to enhance the company's development and market position, with a transaction price of 29.492 billion yuan for 99.26% of Minsheng Securities [1]. - The valuation of Minsheng Securities at 29.711 billion yuan corresponds to a price-to-book (PB) ratio of 1.87, which is considered reasonable given the current market conditions [1]. - The merger is anticipated to expand the capital scale and business opportunities, potentially placing the combined entity among the top 15 in the industry with a net asset of 47.3 billion yuan [1]. - The report highlights the complementary strengths of both companies, with Guolian Securities excelling in wealth management and derivatives, while Minsheng Securities focuses on investment banking and fixed income [1]. - The management team is viewed positively, with expectations of continued growth in net profit for the years 2024, 2025, and 2026, projected at 7.79 billion, 9.27 billion, and 11.14 billion yuan respectively, reflecting year-on-year growth rates of 16%, 19%, and 20% [1][8]. Financial Data and Valuation - The total revenue for 2023 is projected to be 29.55 billion yuan, with a year-on-year growth of 13% [2][8]. - The net profit attributable to the parent company for 2024 is estimated at 7.79 billion yuan, representing a 16% increase compared to the previous year [2][8]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and profit margins over the next three years [8][10].

Investment Rating - The investment rating for Guolian Securities is "Buy" (maintained) [2][5] Core Views - The report highlights the successful implementation of the share issuance plan to acquire Minsheng Securities, emphasizing the expected synergistic effects from the acquisition [5] - The share issuance price is set at 11.17 yuan, which is 14% higher than the current price, and the acquisition will increase the company's net assets to 47.4 billion yuan, improving its ranking among listed brokerages from 35th to 15th [5] - The report maintains profit forecasts for the years 2024 to 2026, with net profits projected at 800 million yuan, 980 million yuan, and 1.19 billion yuan respectively, corresponding to EPS of 0.3, 0.3, and 0.4 yuan [5] Financial Summary - Current stock price: 9.83 yuan - Market capitalization: 27.836 billion yuan - Total shares: 2.832 billion shares - Recent turnover rate: 110.71% [2][5] - Revenue projections: - 2024E: 3.479 billion yuan - 2025E: 4.027 billion yuan - 2026E: 4.630 billion yuan - Net profit projections: - 2024E: 796 million yuan - 2025E: 977 million yuan - 2026E: 1.191 billion yuan [7][8]

证券研究报告·公司点评报告·证券Ⅱ 国联证券（601456） 收购民生证券对价落地，整合进入倒计时 2024 年 08 月 09 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|---------|---------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | | | | | | 同比（%） | -11.59% | 12.68% | -4.11% | 36.13% | 15.63% | | 归母净利润（百万元） | | | | | | | 同比（%） | -13.66% | -12.51% | -40.01% | 108.45% | 17.52% | | EPS-最新摊薄（元/股） | | | | | | | P/E（现价&最新摊薄） | | | | | | [Table_Tag] [Table_Summary] 投资要点 事件： ...