Investment Rating - The report maintains an "Outperform" rating for Guolian Securities with a target price of RMB 13.38 per share [3][4][13]. Core Views - Guolian Securities, a state-owned brokerage, is expected to benefit from its pioneering role in fund advisory, which will enhance its wealth management capabilities. The management team is experienced and trusted by shareholders, positioning the company for growth in asset management and wealth management through synergies [3][4][13]. Financial Performance Summary - For H1 2024, Guolian Securities reported revenue of RMB 1.09 billion, a decrease of 39.9% year-on-year, and a net profit attributable to shareholders of RMB 87.71 million, down 85.4% year-on-year. The earnings per share (EPS) was RMB 0.03, with a return on equity (ROE) of 0.5%, reflecting a decline of 3.0 percentage points year-on-year [3][4][13]. - In Q2 2024, the company achieved revenue of RMB 0.91 billion, a year-on-year decrease of 19.2%, but a quarter-on-quarter increase of 426.2%. The net profit attributable to shareholders was RMB 31 million, down 22.0% year-on-year, but showing a recovery from previous losses [3][4][13]. Business Segment Performance - Brokerage revenue for H1 2024 was RMB 0.28 billion, an increase of 6.9% year-on-year, accounting for 26% of total revenue. The average daily trading volume in the market was RMB 961.6 billion, down 6.4% year-on-year [3][4][13]. - Investment banking revenue was RMB 0.17 billion, a decline of 39.8% year-on-year, with equity underwriting down 83.5% and bond underwriting down 0.3% [3][4][13]. - Asset management revenue surged to RMB 0.31 billion, up 273.8% year-on-year, with total assets under management (AUM) reaching RMB 124.8 billion, a 6.4% increase year-on-year [3][4][13]. Investment Outlook - The expected EPS for 2024-2026 is projected to be RMB 0.06, 0.07, and 0.07 respectively, with book value per share (BVPS) estimated at RMB 6.37, 6.45, and 6.52 [4][13]. - The report suggests a price-to-book (P/B) ratio of 2.1x for 2024E, aligning with comparable company valuations [4][13].

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8月31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9月3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 | 普通 ...

华泰联合证券有限责任公司 关于国联证券股份有限公司 本次交易相关内幕信息知情人买卖股票情况的自查报告的核查意见 国联证券股份有限公司（以下简称"国联证券"或"上市公司"）拟发行A 股股份购买民生证券股份有限公司99.26%股份并募集配套资金（以下简称"本次 交易"或"本次重组"）。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开 发行证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组》 《监管规则适用指引——上市类第1号》等法律、法规的要求，华泰联合证券有 限责任公司（以下简称"华泰联合证券"或"独立财务顾问"）作为国联证券本 次交易的独立财务顾问，对本次交易相关内幕信息知情人买卖上市公司A股股票 情况进行了核查，具体如下： 一、本次交易内幕信息知情人核查范围 本次交易内幕信息知情人核查范围包括： 1、上市公司及其董事、监事、高级管理人员； 2、上市公司控股股东及其董事、监事、高级管理人员； 3、交易对方及其董事、监事、高级管理人员（或主要负责人）； 4、为本次交易提供服务的相关中介机构及其具体经办人员； 5、前述1至4项所述自然人的直系亲属，包括配偶、父母、成年子女； 6、 ...

证券代码：601456 证券简称：国联证券 公告编号：2024-044 号 国联证券股份有限公司 关于重大资产重组事项获得江苏省政府国有资产监督管理 委员会批复的公告 国联证券股份有限公司（以下简称"公司"）拟发行 A 股股份购买民生证券 股份有限公司 99.26%股份并募集配套资金（以下简称"本次交易"）。本次交易 构成重大资产重组，构成关联交易，不构成重组上市。 2024 年 8 月 8 日，公司第五届董事会第十七次会议审议通过了本次交易的 相关议案，具体内容详见公司在上海证券交易所网站（www.sse.com.cn）、《中国 证券报》《上海证券报》《证券时报》及《证券日报》披露的相关公告。 2024 年 9 月 3 日，公司收到江苏省政府国有资产监督管理委员会出具的《江 苏省国资委关于国联证券股份有限公司发行股份购买民生证券股份有限公司资 产并募集配套资金的批复》（苏国资复〔2024〕45 号），江苏省政府国有资产监督 管理委员会原则同意公司本次资产重组和配套融资的方案。 本次交易尚需公司股东大会、A 股类别股东大会及 H 股类别股东大会审议 批准，并经有权监管机构批准、核准或同意注册，本次交易能否取得 ...

国联证券股份有限公司（以下简称"国联证券"或"上市公司"）拟发行 A 股股份购买民生证券股份有限公司 99.26%股份并募集配套资金（以下简称"本 次交易"或"本次重组"）。 证券代码：601456 证券简称：国联证券 公告编号：2024-043 号 国联证券股份有限公司 关于本次交易相关内幕信息知情人买卖股票情况的 自查报告的公告 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。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开 发行证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组》 《监管规则适用指引——上市类第1号》等法律、法规的要求，上市公司对本次 交易相关内幕信息知情人买卖上市公司股票情况进行了核查，具体如下： 一、本次交易内幕信息知情人核查范围 本次交易内幕信息知情人核查范围包括： 1、上市公司及其董事、监事、高级管理人员； 2、上市公司控股股东及其董事、监事、高级管理人员； 3、交易对方及其董事、监事、高级管理人员（或主要负责人）； 4、为本次交易提供服务的相关中介机构及其具体经办 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|---------------| | 股票数据 | | | [ 09 Table_StockInfo 月 02 日收盘价（元） ] | 9.41 | | 52 周股价波动（元） | 9.29-13.38 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 2832 | | 流通 A 股（百万股） | 2389 | | B 股 /H 股（百万股） 相关研究 | 0/443 | | [Table_ReportInfo] 《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 | 》 2024.08.10 | | 《投行业务实现正增长，国联基金正式并 | | | 表》 2024.03.28 | | | 《股权承销、资管业务表现良好，二季度 | | | 净利润同比高增长》 2023.09.05 | | | 市场表现 | | 国联证券 海通综 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's brokerage and asset management performance is strong, while proprietary investment has negatively impacted overall performance. The company has adjusted its net profit forecasts for 2024-2026 downwards due to a persistently weak market environment [3][4] - The company has seen a significant increase in brokerage business net income, with a year-on-year growth of 6.9%, despite a decline in some areas. The asset management business has also shown impressive growth, with net income increasing by 111% year-on-year [4][5] Financial Performance Summary - For H1 2024, the company reported total operating revenue of 1.1 billion and net profit attributable to the parent company of 90 million, representing year-on-year declines of 40% and 85% respectively. The Q2 2024 net profit was 300 million, showing a quarter-on-quarter recovery but a year-on-year decline of 22% [3][4] - The company's brokerage business net income was 280 million, with a year-on-year increase of 6.9%. The asset management business net income was 310 million, up 111% year-on-year. However, proprietary investment income was down 61% year-on-year [4][5] - The company has adjusted its net profit forecasts for 2024-2026 to 540 million, 760 million, and 1.02 billion respectively, reflecting a year-on-year change of -20%, +41%, and +35% [3][4] Market Position and Strategy - The company has successfully transformed its wealth management brand from a buy-side perspective, resulting in a 10.06% year-on-year increase in total customer numbers to 1.8558 million [4] - The company completed two equity projects in H1 2024, including one IPO and one refinancing project, and has several projects in the pipeline [4][5] - The company is optimistic about the synergies from the acquisition of Minsheng Securities, which is expected to enhance its market position [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 1.086 billion yuan, down 39.91% year-on-year, and net profit at 88 million yuan, down 85.39% year-on-year [1]. - The company is enhancing its wealth management capabilities, focusing on fund advisory services, and has seen a 13.35% increase in the number of signed fund advisory clients [1]. - A major acquisition of Minsheng Securities is expected to significantly enhance the company's overall strength, with projected increases in total assets by 84.05% and net assets by 160.76% post-merger [1]. - The company has shifted its investment strategy, increasing its bond investments while reducing exposure to stocks and funds [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 1.086 billion yuan, a year-on-year decrease of 39.91%, and a net profit of 88 million yuan, down 85.39% [1]. - The second quarter of 2024 showed a revenue of 912 million yuan, a year-on-year decrease of 19.16%, but a significant quarter-on-quarter increase of 426.15% [1]. - The company’s brokerage business revenue increased by 6.88%, while investment income saw a decline of 60.98% [1]. - The projected net profit for 2024 is adjusted to 475 million yuan, reflecting a decrease of 45.8% compared to previous estimates [9]. Business Segments Overview - The company’s revenue breakdown shows brokerage at 25.73%, investment banking at 15.88%, asset management at 28.77%, and investment at 34.57% [1]. - The asset management segment has seen a remarkable growth of 273.81%, indicating a strong performance in this area [1]. - The company has established a solid client base, with a total of 1.8558 million clients, reflecting a year-on-year growth of 10.06% [1]. Future Outlook - The company is expected to improve its market share in wealth management and other core business areas following the merger with Minsheng Securities [9]. - The financial asset allocation is shifting towards more stable bond investments, which is anticipated to enhance the company's risk profile [9].

证 券 研 究 报 告 国联证券（601456）2024 年半年报点评 推荐（维持） Q2 业绩显著回升，经纪业务超预期，看好外 延式扩张增长 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]