FF301 致：香港交易及結算所有限公司 公司名稱: 國聯證券股份有限公司 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | 截至月份: 2024年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | ...

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]

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 ...

国联证券股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 18 证券代码：601456 证券简称：国联证券 国联证券股份有限公司 2024 年第三季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人葛小波、主管会计工作负责人及会计机构负责人（会计主管人员）尹磊保证季度报告 中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------------------ ...

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 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯證券股份有限公司 呈交日期: 2024年10月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | | 1 RMB | | 442,640,000 | | 2. 股份分類 | 普 ...