Investment Rating - The report maintains a "Buy" rating for Guolian Securities [1] Core Views - Guolian Securities reported a significant decline in Q1 2024, with total revenue of 173 million yuan, down 74.44% year-on-year, and a net loss attributable to shareholders of 219 million yuan, reversing from profit in Q1 2023 [3][4] - The company is planning to acquire control of Minsheng Securities, marking the start of a formal integration process [3] Summary by Sections Financial Performance - In Q1 2024, the self-operated business faced substantial pressure, with revenues dropping to -150 million yuan, a significant decrease from 373 million yuan in Q1 2023 [3] - Net interest income turned negative, falling 149% year-on-year to -27 million yuan due to increased financing scale and reduced disposal of other debt investments [3] - Brokerage business revenue decreased by 3% to 108 million yuan, attributed to a decline in commission rates [3] - Investment banking revenue fell 13% to 78 million yuan due to regulatory restrictions on IPOs and refinancing [3] - Asset management revenue surged by 350% to 143 million yuan, primarily due to the consolidation of Guolian Fund [3] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been revised downwards, with net profits expected to be 403 million yuan, 840 million yuan, and 987 million yuan respectively, reflecting a growth rate of -40.01%, 108.45%, and 17.52% [4] - The corresponding EPS for the same period is projected to be 0.11 yuan, 0.24 yuan, and 0.28 yuan [4] - The current market capitalization corresponds to a PB valuation of 1.65, 1.45, and 1.41 times for 2024-2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in performance for Q1 2024, with total revenue dropping by 74.44% year-on-year to 173 million yuan and a net loss attributable to shareholders of 219 million yuan, reversing from profit in Q1 2023 [3] - The self-operated business has been a major drag on overall performance, with self-operated income falling to -150 million yuan in Q1 2024 from 373 million yuan in Q1 2023, primarily due to market volatility affecting equity investments and derivative products [3] - The company is planning to acquire control of Minsheng Securities, marking the official start of the integration process, which is expected to enhance its scale and complement its strengths with Minsheng Securities [3] Summary by Sections Earnings Forecast and Valuation - The company’s total revenue is projected to be 2,834 million yuan in 2024, down 4.11% from 2023, with net profit attributable to shareholders expected to be 403 million yuan, a decrease of 40.01% [2][4] - The earnings per share (EPS) for 2024 is forecasted at 0.11 yuan, with price-to-earnings (P/E) ratios for 2024-2026 estimated at 91.73, 44.00, and 37.44 respectively [2][4] Financial Performance - The company’s net interest income turned negative in Q1 2024, dropping by 149% year-on-year to -27 million yuan, attributed to increased financing scale and reduced disposal of other debt investments [3] - The asset management business saw a significant increase in revenue, with net income rising by 350% year-on-year to 143 million yuan, largely due to the consolidation of Guolian Fund [3] Market Data - The closing price of the stock is 10.46 yuan, with a market capitalization of approximately 29,620.35 million yuan [5] - The price-to-book (P/B) ratio is currently at 1.65 [5] Basic Data - The company has a total share capital of approximately 2,831.77 million shares, with a net asset value per share of 6.32 yuan [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2024 performance was significantly impacted by a decline in proprietary trading, leading to a net loss of 219 million yuan, compared to a profit in Q1 2023 [2][3] - The company is planning to acquire control of Minsheng Securities, marking the start of a formal integration process [3][4] Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 173 million yuan, a year-on-year decrease of 74.44%, and a net loss attributable to shareholders of 219 million yuan [2][3] - The proprietary trading business suffered a revenue drop to -150 million yuan, down from 373 million yuan in Q1 2023, primarily due to significant market volatility [3] - Net interest income turned negative, decreasing by 149% year-on-year to -27 million yuan, attributed to increased financing scale and reduced disposal of other debt investments [3] Business Segments - The light asset business showed neutral performance, with asset management income significantly boosted by the consolidation of Guolian Fund, which saw a 350% year-on-year increase to 143 million yuan [3] - Brokerage business revenue declined by 3% to 108 million yuan, likely due to a decrease in commission rates despite an increase in market trading activity [3] - Investment banking revenue fell by 13% to 78 million yuan, impacted by regulatory restrictions on IPOs and refinancing [3] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 403 million yuan, 840 million yuan, and 987 million yuan respectively, reflecting a growth rate of -40.01%, 108.45%, and 17.52% [4] - The estimated EPS for the same period is projected to be 0.11 yuan, 0.24 yuan, and 0.28 yuan, with corresponding P/B ratios of 1.65, 1.45, and 1.41 [4]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 173,420,445.95, a decrease of 74.44% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY -218,754,276.47, representing a decline of 205.50% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -226,728,574.83, down 211.91% from the previous year[4] - The net profit for Q1 2024 was CNY -216,647,616.36, compared to a net profit of CNY 207,346,319.54 in Q1 2023[18] - Net profit for Q1 2024 was -263,354,225.36, compared to a profit of 220,689,283.37 in Q1 2023[26] - The company reported a total comprehensive income of 97,211,031.38 for Q1 2024, down from 547,755,142.60 in Q1 2023[27] Cash Flow - The net cash flow from operating activities was CNY -1,018,886,181.06, not applicable for year-on-year comparison[4] - In Q1 2024, the company reported a net cash flow from operating activities of -1,018,886,181.06 RMB, compared to -373,105,033.42 RMB in Q1 2023, indicating a significant increase in cash outflow[21] - Cash flow from operating activities resulted in a net outflow of -1,230,557,441.19, compared to an inflow of 874,085,420.40 in the same quarter last year[28] - Total cash inflow from operating activities reached 11,379,043,727.26 RMB, up from 5,153,333,598.55 RMB in the same period last year, reflecting a growth of approximately 120%[21] - The company achieved a net cash flow from investing activities of 2,645,572,124.88 RMB, a recovery from a negative cash flow of -1,009,265,870.12 RMB in Q1 2023[21] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 93,232,012,683.67, an increase of 7.00% from the end of the previous year[5] - The total assets as of March 31, 2024, amounted to CNY 93,232,012,683.67, up from CNY 87,128,874,813.89 as of December 31, 2023[17] - Total liabilities as of March 31, 2024, were CNY 74,964,364,077.00, compared to CNY 69,005,316,900.50 at the end of 2023[17] - The company's total liabilities increased to 74,040,958,797.63 RMB from 68,127,372,370.75 RMB, indicating a rise of about 8.5%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 108,644[9] - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 543,901,329 shares, accounting for 19.21% of total shares[9] - The second-largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 442,495,570 shares, representing 15.63%[9] - The company has a total of 390,137,552 shares held by Guolian Trust Co., Ltd., which accounts for 13.78%[9] - The total number of A-share shareholders is 108,548, with H-share non-registered shareholders totaling 96[10] - The company’s major shareholders collectively hold 48.60% of the shares through various entities[10] - The company has no other known related party relationships or concerted actions among its major shareholders[10] Investment and Financing Activities - The company is planning to acquire control of Minsheng Securities through the issuance of A-shares, which is currently in the planning stage[14] - The company has decided to terminate the issuance of A-shares for the acquisition of Minsheng Securities due to uncertainties[13] - The company’s stock was suspended from trading on April 26, 2024, due to the planning of a major asset restructuring[14] - The company received cash from bond issuance amounting to 3,191,350,000.00 RMB in Q1 2024, down from 7,509,960,000.00 RMB in Q1 2023[23] - The cash outflow from financing activities was 2,011,857,519.48 RMB in Q1 2024, compared to 4,404,728,416.35 RMB in the same period last year, showing a decrease of approximately 54%[23] Income and Expenses - Total operating expenses for Q1 2024 were CNY 473,490,650.96, an increase from CNY 400,559,791.85 in Q1 2023[18] - Total operating expenses decreased to 299,604,125.95 from 320,620,249.13, reflecting a reduction in costs[26] - The company's interest and commission income increased to 713,497,105.29 RMB in Q1 2024 from 638,201,311.89 RMB in Q1 2023, reflecting a growth of about 11.8%[21] - The net interest income for Q1 2024 was CNY -26,790,613.64, a decline of 148.94% year-on-year[8] - Net interest income for Q1 2024 was CNY -26,790,613.64, compared to CNY 54,738,909.86 in Q1 2023[18] - Investment income showed a loss of -915,815,381.60, contrasting with a gain of 529,740,156.10 in the previous year[26] Equity and Returns - The equity attributable to shareholders of the listed company was CNY 17,910,673,625.94, up 0.80% from the end of last year[5] - The company's total equity as of March 31, 2024, was CNY 18,267,648,606.67, compared to CNY 18,123,557,913.39 at the end of 2023[17] - The company reported a total equity of 17,541,685,842.93 RMB as of March 31, 2024, slightly up from 17,444,474,811.55 RMB at the end of 2023[25] - The weighted average return on equity was -1.23%, a decrease of 2.45 percentage points compared to the previous year[4] - The basic earnings per share for Q1 2024 was CNY -0.08, down from CNY 0.07 in Q1 2023[20] Other Financial Metrics - The fair value changes in other equity investments resulted in a gain of CNY 373,708,489.64 in Q1 2024, compared to CNY 253,197,138.15 in Q1 2023[20] - The company experienced a foreign exchange gain of 39,248.23 in Q1 2024, compared to a loss of -357,138.48 in Q1 2023[29]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 173,420,445.95, representing a decrease of 74.44% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of RMB 218,754,276.47, reflecting a decline of 205.50% year-on-year[5]. - Basic and diluted earnings per share were both RMB -0.08, down 214.29% from the previous year[5]. - The net profit for the first quarter of 2024 was reported at -¥299.41 million, a significant decline compared to a profit of ¥277.91 million in the same period of 2023[26]. - The company's total operating income for Q1 2024 was ¥173.42 million, down from ¥678.37 million in Q1 2023, indicating a decrease of 74.5%[26]. - The company reported a significant loss in investment income of -¥867.99 million for Q1 2024, contrasting with a gain of ¥595.94 million in Q1 2023[26]. - The company reported a net loss of CNY 263.35 million for Q1 2024, compared to a net profit of CNY 220.69 million in Q1 2023, indicating a significant decline in profitability[33]. - The total comprehensive income for Q1 2024 was 144.09 million RMB, down from 529.99 million RMB in Q1 2023, indicating a decrease of about 72.8%[27]. - The total comprehensive income for Q1 2024 was CNY 97.21 million, a decrease from CNY 547.76 million in Q1 2023, indicating a decline of approximately 82.3%[33]. Cash Flow - The net cash flow from operating activities was negative at RMB -1,018,886,181.06, indicating significant cash outflow[5]. - Cash inflow from operating activities in Q1 2024 was 11.38 billion RMB, compared to 5.15 billion RMB in Q1 2023, reflecting an increase of approximately 120.5%[28]. - The net cash flow from investing activities in Q1 2024 was -2.65 billion RMB, a significant improvement from -1.01 billion RMB in Q1 2023[28]. - Cash flow from financing activities in Q1 2024 was 1.18 billion RMB, down from 3.11 billion RMB in Q1 2023, showing a decrease of about 61.9%[29]. - The company reported a significant increase in cash inflow from operating activities, totaling CNY 10.61 billion in Q1 2024, compared to CNY 4.79 billion in Q1 2023[34]. - The ending balance of cash and cash equivalents as of Q1 2024 was $17.90 billion, compared to $15.15 billion at the end of Q1 2023[35]. Assets and Liabilities - Total assets increased by 7.00% to RMB 93,232,012,683.67 compared to the end of the previous year[5]. - The company's total liabilities increased to ¥74.96 billion as of March 31, 2024, compared to ¥69.01 billion on December 31, 2023, reflecting a rise of 8.5%[24]. - The total assets of the company reached ¥93.23 billion as of March 31, 2024, up from ¥87.13 billion at the end of 2023, representing a growth of 7.4%[24]. - Total liabilities increased to CNY 74.04 billion as of March 31, 2024, up from CNY 68.13 billion as of December 31, 2023, representing an increase of approximately 8.5%[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 108,644[11]. - The largest shareholder, Wuxi Guolian Development (Group) Co., Ltd., holds 543,901,329 shares, accounting for 19.21% of the total shares[12]. - The second-largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 442,495,570 shares, representing 15.63% of the total shares[12]. - The total shareholding of the top ten shareholders amounts to 48.60% when including indirect holdings[15]. - The number of shares held by the top ten unrestricted shareholders totals 1,080,000,000[14]. Investment and Restructuring Plans - The company plans to issue A-shares to specific targets, with the application accepted by the Shanghai Stock Exchange on March 2, 2023[19]. - The company has decided to terminate the issuance of A-shares for acquiring control of Minsheng Securities and has withdrawn the related application documents[20]. - The company is planning a major asset restructuring by acquiring control of Minsheng Securities through the issuance of A-shares, with the transaction still in the planning stage[21]. - The company plans to actively advance its restructuring efforts during the trading suspension period, which is expected to last no more than 10 trading days[21]. Financial Assets - The company's financial assets at fair value increased significantly, with a fair value change income of RMB 718,095,784.67, compared to a loss of RMB -223,321,129.74 in the same period last year[10]. - The company reported a decrease in net interest income of RMB -26,790,613.64, down 148.94% year-on-year[10]. - The company's interest, fees, and commission cash receipts in Q1 2024 were 713.50 million RMB, an increase from 638.20 million RMB in Q1 2023, reflecting a growth of approximately 11.8%[28]. - The company's financial investments in trading assets increased to 38.80 billion RMB as of March 31, 2024, from 32.49 billion RMB as of December 31, 2023, representing an increase of about 19.5%[30].

非银金融/证券Ⅱ 公 司 研 国联证券（601456.SH） 提升资本优势，看好协同效应 究 2024年04月26日 ——发股收购民生证券并配套募资点评 投资评级：买入（维持） 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn lukun@kysec.cn 日期 2024/4/25 证 书编号：S0790520050001 证书编号：S0790524040002  提升资本优势，看好合并带来的协同效应，关注后续发股定价 当前股价(元) 10.46 2024年4月25日晚公司拟发行股份收购民生证券控制权，并募集配套资金。在 公 一年最高最低(元) 13.38/8.80 券商再融资收紧的背景下，收购民生证券提升净资产规模的同时，募资有助于加 司 强综合竞争优势。看好国联证券与民生证券合并后在风控指标缓解、投行与研究 信 总市值(亿元) 296.20 业务互补、财富管理区域互补、降低综合资金成本方面的协同效应。国联发展集 息 流通市值(亿元) 249.90 团于2023年3 月以1.98倍PB 竞得民生证券30.3%股权，关注本次发股价格及 更 总股本(亿股) 28.32 配套募资情况，当前国联 ...

关于筹划重大资产重组事项的停牌公告 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。 重要内容提示： 证券代码：601456 证券简称：国联证券 公告编号：2024-010 号 国联证券股份有限公司 证券停复牌情况：适用 因筹划重大资产重组事项,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601456 | 国联证券 | A 股 | 停牌 | 2024/4/26 | | | | 一、停牌事由和工作安排 国联证券股份有限公司（以下简称"公司"或"上市公司"）正在筹划通过发 行 A 股股份的方式收购民生证券股份有限公司（以下简称"民生证券"或"标的 公司"）控制权并募集配套资金（以下简称"本次交易"或"本次重组"）。 本次交易尚处于筹划阶段，截至目前，民生证券的估值及拟参与本次交易的 交易对方尚未最终确定。本次交易构成关联交易，并预 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-011 号 国联证券股份有限公司 关于终止向特定对象发行股票事项并撤回申请文件 的公告 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。 鉴于国联证券股份有限公司（以下简称"公司"）正在筹划通过发行 A 股股 份的方式收购民生证券股份有限公司（以下简称"民生证券"或"标的公司"） 控制权并募集配套资金（以下简称"本次交易"或"本次重组"）事项，经审慎 分析与论证后，公司决定终止本次向特定对象发行 A 股股票（以下简称"本次发 行"）事项并撤回申请文件。具体情况如下： 一、本次发行的基本情况 1、2022 年 9 月 28 日，公司召开第四届董事会第二十八次会议，审议通过 了《关于公司符合非公开发行 A 股股票条件的议案》《关于公司非公开发行 A 股股票方案的议案》《关于公司非公开发行 A 股股票预案的议案》等相关议案。 事会第五次会议，审议通过了《关于公司向特定对象发行 A 股股票方案的论证 分析报告的议案》。2023 年 3 月 17 日，公司召开 2023 年第 ...

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。 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4月15日 （股份代號：01456） （於中華人民共和國成立的股份有限公司） 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 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4月29日（星期一）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3月31日止三個月之第一季度業績及其發佈。 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-009 号 国联证券股份有限公司 关于召开 2023 年度业绩说明会的公告 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。 重要内容提示： 问题征集：投资者可于 2024 年 4 月 17 日（星期三）至 4 月 23 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，或者通过公 司邮箱（glsc-ir@glsc.com.cn）进行提问。公司将在业绩说明会上就投资者普遍 关心的问题予以回答。 公司董事长、总裁：葛小波先生 副总裁、财务负责人：尹磊先生 董事会秘书：王捷先生 独立董事：朱贺华先生 （如遇特殊情况，参会人员可能发生调整） 国联证券股份有限公司（以下简称"公司"）已于 2024 年 3 月 26 日发布公 司 2023 年年度报告。为便于广大投资者更加全面深入地了解公司 2023 年度业绩 与经营情况，公司拟于 2024 年 4 月 24 日（星期三）16:00—17:00 召开 2023 年 度业绩说明会（以下简称"业绩说明会 ...