Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved a revenue of 2.955 billion yuan in 2023, representing a year-on-year growth of 12.68%, while the net profit attributable to shareholders was 671 million yuan, down 12.51% year-on-year [3][5] - The company is focusing on external expansion to enhance its competitive edge, particularly through the acquisition of Minsheng Securities, which is expected to improve its market position significantly [5] - The report projects net profits for 2024, 2025, and 2026 to be 839 million yuan, 987 million yuan, and 1.042 billion yuan respectively, with growth rates of 25.01%, 17.64%, and 5.63% [5][6] Financial Performance Summary - The company's main revenue sources in 2023 showed a decline in brokerage income by 6.36%, an increase in investment banking income by 2.52%, and a significant rise in asset management income by 128.35% [4] - The company’s total assets reached 871 billion yuan by the end of 2023, with a year-on-year increase of 17.1%, while net assets grew by 8.1% to 181 billion yuan [3][6] - The company’s return on equity (ROE) was 3.89% in 2023, a decrease of 0.73 percentage points from the previous year [3][6] Business Development - The company is advancing its wealth management transformation, with a total of 1.7364 million clients by the end of 2023, reflecting a year-on-year growth of 9.64% [4] - The asset management business has accelerated its layout, particularly after acquiring a 75.5% stake in Zhongrong Fund, which has been rebranded as Guolian Fund [4][5] - The company’s financial product sales decreased by 14.76% year-on-year, while the total amount of financial products held increased by 8.16% [4]

Investment Rating - The report maintains a "Recommended" rating for Guolian Securities [1][3] Core Views - Guolian Securities achieved an operating revenue of 2.955 billion yuan in 2023, a year-on-year increase of 12.66%, while the net profit attributable to shareholders was 671 million yuan, a decrease of 12.52% [1][3] - The company has significantly increased its financial leverage, now at 4.53 times, which is higher than the industry average [1] - The wealth management transformation is progressing steadily, with a net income from securities brokerage business of 515 million yuan, a year-on-year increase of 6.30% [1] - The company plans to distribute a dividend of 1.42 yuan per 10 shares, reflecting a dividend payout ratio of 59.9% and a dividend yield of 1.2% [1] Financial Performance Summary - Total operating revenue for 2023 was 2.955 billion yuan, with a year-on-year growth of 12.66% [1][4] - The net profit attributable to shareholders was 671 million yuan, down 12.52% year-on-year [1][4] - The company’s total assets increased, with a net asset value of 17.769 billion yuan, up 6.01% from the beginning of the year [1] - The company’s financial leverage increased by 0.57 times year-on-year, indicating a significant rise in debt levels [1] Business Segment Performance - The company’s proprietary business income increased by 7.31% year-on-year to 1.243 billion yuan, with self-owned assets growing to 46.11 billion yuan [1] - The asset management fee income surged by 128.35% year-on-year to 443 million yuan, driven by the acquisition of Guolian Fund [1] - The investment banking segment reported a net income of 489 million yuan, a year-on-year increase of 2.52% [1] Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.26, 0.32, and 0.36 yuan respectively, with corresponding price-to-book (PB) ratios of 1.81, 1.76, and 1.70 [1][4] - The target price for the stock is set at 14.0 yuan, based on a projected PB valuation of 2.2 times for 2024 [1]

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 国联证券（601456）公司年报点评 2024年03月28日 [Table_InvestInfo] 投资评级 优于大市 维持 投行业务实现正增长，国联基金正式并表 股票数据 [投Ta资ble要_S点um：m公ar司y] 为国有券商，管理层具有丰富的业界经验并倍受股 [0T3a月ble27_S日t收oc盘k价In（fo元] ） 11.03 东信任。作为基金投顾首批试点券商，公司的先发优势将促进财富 52周股价波动（元） 8.80-13.38 管理业务快速发展，2023 年国联基金正式并表，看好公司资产管理 股本结构 [总Ta股b本le（_C百a万p股ita）lI nfo] 和财富管理业务间的协同效应。对应合理价值区间为 12.92-13.57 2832 流通A股（百万股） 2389 元/股，维持“优于大市”评级。 B股/H股（百万股） 0/443 【事件】国联证券发布2023年年报：实现营业收入29.6亿元，同比+12.7%；  相关研究 归母净利润6.7亿元，同比-12.5%；对应EPS 0.24元，ROE 3.9%，同比-0.7pct。 ...

证券研究报告·公司点评报告·证券Ⅱ 国联证券（601456） 2023 年年报点评：四季度拖累全年，期待整 2024年 03月 28 日 合成效 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 营业总收入（百万元） 2,623 2,955 3,316 3,968 4,586 执业证书：S0600522040002 同比 -11.59% 12.68% 16.64% 19.68% 15.58% 021-60199761 归母净利润（百万元） 767 671 765 912 1,074 geyx@dwzq.com.cn 同比 -13.66% -12.51% 13.97% 19.25% 17.75% 研究助理 罗宇康 EPS-最新摊薄（元/股） 0.27 0.24 0.22 0.26 0.30 执业证书：S0600123090002 P/E（现价&最新摊薄） 40.71 46.53 50.92 42.70 3 ...

[Table_Title] 证券研究报告 财管资管体系进一步完善，杠杆率小幅提升 公司研究 [Table_ReportDate] 2024年03月27日 [Table_ReportType] 公司点评报告 [T事ab件le：_S国um联ma证ry券] 发布 2023 年报，2023 年公司实现营业收入总额 29.55 亿 [国Ta联bl证e_券Sto(c6k0A1n4d5R6an)k ] 元，同比+12.68%；归母净利润6.71亿元，同比-12.51%；加权平均净资产 收益率3.89%，同比-0.73pct。 投资评级 买入 点评： 上次评级 买入 ➢ 费类业务收入同比正增，主要源于并表中融基金带来资管业务增量。 [王Ta舫b朝le _ A u t h o非r]银 金融行业首席分析师 2023年，公司手续费及佣金净收入15.54亿元，同比+19.8%。其中经 执业编号：S1500519120002 纪、投行、资管业务收入分别为 5.15/4.89/4.43 亿元，同比 邮 箱：wangfangzhao@cindasc.com -6.3%/+2.5%/+128.5%。 冉兆邦 非银金融行业分析师 ➢ 经纪业务 ...

非银金融/证券Ⅱ 公 司 研 国联证券（601456.SH） 投资和投行拖累 Q4 业绩，看好与民生证券协同效果 究 2024年03月27日 ——国联证券 2023 年报点评 投资评级：买入（维持） 高超（分析师） 卢崑（联系人） gaochao1@kysec.cn lukun@kysec.cn 证 书编号：S0790520050001 证书编号：S0790122030100 日期 2024/3/26  投资和投行拖累Q4业绩，看好与民生证券协同效果 当前股价(元) 11.50 2023 年公司营业总收入/归母净利润为 29.6/6.7 亿元，同比+13%/-13%，2023Q4 公 一年最高最低(元) 13.38/8.80 归母净利润亏损0.55亿元，业绩表现低于我们预期。2023年公司加权平均ROE 司 信 总市值(亿元) 325.65 3.89%，较2022年-0.73pct，期末杠杆率（扣客户保证金）4.31倍，较年初+14%。 息 流通市值(亿元) 274.75 自营投资收益率下降，利息净收入同比减少，叠加管理费用高增拖累业绩。我们 更 总股本(亿股) 28.32 下调 2024-2025 年归母 ...

证券研究报告 | 2024年03月27日 国联证券（601456.SH） 买入 扩表持续，整合加速 核心观点 公司研究·财报点评 国联证券发布2023年年度报告。公司2023年实现营业收入29.55亿元，同 非银金融·证券Ⅱ 比增长12.68%；实现归母净利润6.71亿元，同比下降12.51%；2023年全年 证券分析师：孔祥 证券分析师：陈莉 加权平均净资产收益率3.89%，同比减少0.73个百分点；基本每股收益为 021-60375452 0755-81981575 kongxiang@guosen.com.cn chenli@guosen.com.cn 0.24元/股，同比下降11.11%。营收大幅增长主因系公司收购国联基金75.5% S0980523060004 S0980522080004 的股权，使得公司营收中新增国联基金业务并表所产生的2.39亿元的收入。 基础数据 完成国联基金并表，资管与财富扩张。2023年，公司资产管理实现收入4.43 投资评级 买入(维持) 合理估值 亿元，同比增长128.54%，主因系国联基金并表所致。同期，公司资产管理 收盘价 11.50元 业务受托资金1,172.9 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company achieved operating revenue and net profit attributable to shareholders of 2.955 billion and 671 million yuan in 2023, representing year-on-year changes of +12.7% and -12.5% respectively [3][4] - In Q4 alone, the company reported operating revenue and net profit attributable to shareholders of 448 million and -55 million yuan, with quarter-on-quarter changes of -36.0% and -143.9% [3] - The weighted average ROE decreased by 0.73 percentage points year-on-year to 3.9% [3] - The company’s operating leverage, excluding customer funds, increased by 13.6% from the beginning of the year to 4.31 times [3] Summary by Sections Revenue and Profitability - The company’s revenue from fee-based and capital-based businesses increased to 1.554 billion and 1.304 billion yuan, with year-on-year growth of +19.8% and +2.4% respectively [3] - Management expenses rose significantly by 31.2% to 2.152 billion yuan, primarily due to expansion-related increases in personnel costs, leading to a management expense ratio increase of 10.28 percentage points to 72.8% [3] Wealth Management and Business Development - Wealth management showed strong resilience, with net income from brokerage, investment banking, and asset management at 515 million, 489 million, and 443 million yuan, reflecting year-on-year changes of -6.3%, +2.5%, and +128.5% [3] - The company added 150,500 new wealth management clients in 2023, with financial product holdings increasing by 8.2% year-on-year to 19.33 billion yuan [3] - The company’s investment banking business focused on the Beijing Stock Exchange, achieving growth in IPO, refinancing, and bond underwriting, with respective scales of 2.368 billion, 1.588 billion, and 51.581 billion yuan [3] Asset and Investment Management - Interest income and investment income were reported at 81 million and 1.222 billion yuan, with year-on-year changes of -32.5% and +6.1% respectively [3] - By the end of 2023, the company’s financial asset scale increased by 13.7% year-on-year to 49.711 billion yuan, with trading financial assets up by 20.3% to 39.027 billion yuan [3] Future Outlook - The company is expected to enhance its comprehensive business strength through organic growth and external mergers and acquisitions, with projected net profits attributable to shareholders of 829 million and 1.120 billion yuan for 2024 and 2025, representing year-on-year growth of +23.5% and +35.2% respectively [3][4]

Financial Performance - The company's total revenue for 2023 was approximately CNY 2.96 billion, representing a year-over-year increase of 12.68% compared to CNY 2.62 billion in 2022[32]. - The net profit attributable to shareholders of the parent company for 2023 was CNY 671.32 million, a decrease of 12.51% from CNY 767.28 million in 2022[32]. - The net cash flow from operating activities for 2023 was negative CNY 713.98 million, compared to positive CNY 883.37 million in 2022[32]. - Total assets increased by 17.14% to CNY 87.13 billion in 2023 from CNY 74.38 billion in 2022[33]. - Total liabilities rose by 19.76% to CNY 69.01 billion in 2023 from CNY 57.62 billion in 2022[33]. - The weighted average return on equity decreased to 3.89% in 2023 from 4.62% in 2022, a decline of 0.73 percentage points[34]. - The company's net capital at the end of the reporting period was CNY 14.90 billion, down from CNY 16.36 billion at the end of the previous year[35]. - The liquidity coverage ratio improved to 167.36% in 2023 from 160.06% in 2022[35]. - Non-recurring gains and losses amounted to CNY 77.63 million in 2023, compared to CNY 37.58 million in 2022[39]. - The company reported a basic earnings per share of CNY 0.24 for 2023, down 11.11% from CNY 0.27 in 2022[34]. Business Operations and Strategy - The company’s main business is highly correlated with the domestic macroeconomic environment and capital market trends, which may significantly impact operational performance[5]. - The company’s future strategies will focus on expanding its market presence and enhancing its service offerings in the securities sector[4]. - The company is focused on enhancing customer service through the establishment of new branches[27]. - The company is actively managing its branch network to improve efficiency and reduce costs[28]. - The company is committed to maintaining a strong market presence through strategic branch management[28]. - The company plans to focus on the North Exchange IPO as a key business direction for 2024, aiming to enhance project reserves and industry ranking[59]. - The company plans to enhance bond service quality and expand market share in 2024, focusing on high-quality bond project development[63]. - The company aims to improve its asset management services and enhance its product supply capabilities across various financial sectors[69]. Risk Management - The company emphasizes the importance of risk management due to potential economic and policy changes affecting the capital market[5]. - The company has established a dynamic monitoring mechanism for risk control indicators, ensuring compliance with regulatory requirements for net capital and liquidity indicators[145]. - The risk management department is responsible for evaluating and monitoring the overall risk level of the company, providing independent risk management reports to senior management[139]. - The company has implemented a liquidity risk limit management system, dynamically managing funding usage and establishing a liquidity reserve asset management system[141]. - The company has developed a comprehensive risk management framework, including a board-level risk control committee and a dedicated risk management department[147]. - The company has a credit risk management system in place, utilizing internal credit rating systems and market tracking to assess and manage credit risk[140]. - The company has established an operational risk management system to enhance internal controls and prevent operational failures[142]. - The company has a compliance risk management system that includes monitoring, checks, and training to mitigate legal and regulatory risks[143]. Corporate Governance - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[2]. - The company has maintained compliance with regulatory requirements, with no violations reported regarding decision-making procedures for external guarantees[4]. - The company adheres to the corporate governance code of the Hong Kong Stock Exchange, meeting the majority of the recommended best practices[150]. - The company has established a governance structure that ensures checks and balances among the shareholders' meeting, board of directors, and supervisory board[150]. - The company held six shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[154]. - The company is focused on compliance and risk control, integrating these aspects into its compensation management system[183]. Shareholder Returns - The company plans to implement a shareholder return plan for the next three years (2024-2026) to enhance shareholder value[175]. - A cash dividend of RMB 1.42 per 10 shares will be distributed, totaling RMB 402,111,789.86, which represents 59.90% of the net profit attributable to ordinary shareholders in the consolidated financial statements[192]. - The total undistributed profit at the end of the fiscal year 2023 amounts to RMB 2,960,489,772.21, which will be carried forward to the next year[189]. - The company maintains a cash dividend policy prioritizing cash distributions when conditions allow, ensuring stability and continuity in profit distribution[187]. Employee and Management - The company reported a total of 3,586 employees, with 2,678 in the parent company and 908 in major subsidiaries[182]. - The company has a diverse professional composition, with 1,882 employees in brokerage services and 496 in investment banking[182]. - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period amounted to 17.2625 million yuan[167]. - The performance bonus for senior management is 40% deferred for three years, distributed equally[167]. - The company is committed to enhancing employee welfare, including mandatory social insurance and supplementary medical insurance[184]. - The company emphasizes a multi-dimensional training system to improve professional capabilities in key business areas such as wealth management and financial technology[185]. Market Position and Growth - The company achieved a significant increase in market influence, being recognized as a top trading institution in the bond market and for market innovation in 2023[85]. - The company is exploring new partnerships to enhance distribution channels and expand its customer base[160]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[160]. - A strategic acquisition of a smaller tech firm is anticipated to enhance the company's product offerings and increase market competitiveness[160]. Financial Investments and Acquisitions - The company completed the acquisition of Guolian Fund for 2.226 billion RMB, holding a 75.50% stake[112]. - The company approved the acquisition of 100% equity in Zhongrong Fund during the fourth board meeting on February 7, 2023[169]. - The company launched its first global asset allocation index GCARS and introduced a pension FOF fund, enhancing product diversity in asset management[123]. Research and Development - Total R&D investment amounted to ¥29.94 million, representing 1.01% of total revenue[101]. - Research and development investments have increased by 30%, focusing on advanced technologies and sustainable practices[160].

Financial Performance - The company reported its annual performance for the year ending December 31, 2023, in compliance with the Hong Kong Stock Exchange regulations[1]. - Total revenue for 2023 reached RMB 4,385,566, an increase of 11.59% compared to RMB 3,930,127 in 2022[33]. - Net profit attributable to shareholders for 2023 was RMB 671,319, a decrease of 12.51% from RMB 767,285 in 2022[33]. - Operating cash flow for 2023 was RMB 779,788, down 60.10% from RMB 1,954,599 in 2022[33]. - The total revenue for 2023 reached RMB 4,385.57 million, up 11.56% from RMB 3,930.13 million in 2022[141]. - The company achieved a pre-tax profit of RMB 825.42 million for 2023, a decrease of 14.54% from RMB 965.43 million in 2022[144]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 87,128,874, representing a growth of 17.14% from RMB 74,381,997 in 2022[34]. - Total liabilities increased by 19.76% to RMB 69,005,316 in 2023 from RMB 57,621,443 in 2022[34]. - The company's debt-to-asset ratio rose to 76.79% in 2023, up from 73.64% in 2022, an increase of 3.15 percentage points[34]. - The total assets of the group reached RMB 87,128.87 million, growing by 17.14% compared to the end of 2022[93]. - Total liabilities reached RMB 69,005.32 million, increasing by RMB 11,383.88 million or 19.76% year-on-year[130]. Equity and Shareholder Information - Basic earnings per share for 2023 were RMB 0.24, a decrease of 11.11% from RMB 0.27 in 2022[33]. - The total equity attributable to shareholders increased by 6.01% to RMB 17,768,691 in 2023 from RMB 16,760,554 in 2022[34]. - The total equity amounted to RMB 18,123.56 million, an increase of 8.13% year-on-year, driven by operational accumulation and the acquisition of Guolian Fund[138]. - The company plans to distribute a cash dividend of RMB 1.42 per 10 shares, amounting to a total cash dividend of RMB 402,111,789.86, with undistributed profits carried forward to the next year totaling RMB 2,960,489,772.21[191]. Business Operations and Strategy - The company is focused on expanding its market presence and enhancing its service offerings through strategic investments[8]. - The company plans to enhance its asset allocation services and expand its online service capabilities in 2024[51]. - The company aims to enhance its role as a leading investment bank focused on providing comprehensive financial solutions, contributing to the economic development of the Wuxi and southern Jiangsu regions[163]. - The company plans to optimize its strategy and channel layout to expand the scale of its asset management subsidiaries and improve its active management brand[164]. Risk Management - The company has implemented a comprehensive risk management system to ensure risks are measurable, controllable, and bearable, maximizing long-term value[172]. - The company has established a comprehensive compliance risk management system to monitor and control compliance risks effectively[187]. - Liquidity risk management includes daily position management and periodic liquidity analysis to ensure sufficient funds for obligations[184]. Market and Industry Insights - The bond market in 2023 saw a total issuance of various bonds amounting to 65.62 trillion RMB, a year-on-year growth of 6.79%[58]. - The company anticipates that the global economic environment will remain challenging in 2024, with a focus on stabilizing growth through monetary policy adjustments[160]. - The company recognizes the increasing advantages of leading securities firms, with a focus on business innovation and mergers to strengthen its market position[162]. Corporate Governance - The company emphasizes its commitment to corporate governance and compliance with relevant regulations[12]. - The board of directors includes Mr. Ge Xiaobo as the executive director and chairman, with a team of non-executive and independent directors[2]. - The company has established a comprehensive internal mechanism to manage reputation risk, including monitoring and emergency response systems[188].