Investment Rating - The report maintains a "Buy" rating for Huatai Securities (601688 SH) [7] Core Views - Huatai Securities' Q3 2024 performance improved significantly, primarily due to the sale of AssetMark [1][2] - The company's wealth management and fintech leadership is expected to continue generating positive effects [1][5] - Huatai Securities is forecasted to achieve net profits of 16 64 billion yuan in 2024 and 15 52 billion yuan in 2025 [5] Business Performance Brokerage Business - Brokerage revenue declined by 14 3% YoY in the first three quarters, with Q3 revenue down 15 6% YoY [2] - The company's securities app, Zhang Le Wealth, saw monthly active users reach 10 64 million in Q3, up 16 6% YoY and 17 1% QoQ [3] Credit Business - The company's margin financing balance stood at 105 4 billion yuan at the end of Q3, with market share increasing by 0 40 percentage points YoY to 7 36% [3] Asset Management - Southern Fund and Huatai-PineBridge's non-monetary management scale reached 663 6 billion yuan and 581 3 billion yuan respectively, up 28 2% and 106 7% YoY [3] Investment Banking - Equity IPO market share increased significantly to 13 0%, up 8 3 percentage points YoY [4] - Bond underwriting market share remained stable at 9 0% [4] Investment Business - Financial assets decreased by 16 5% from the beginning of the year to 400 9 billion yuan at the end of Q3 [4] - The static investment return rate was 2 2%, down 0 44 percentage points YoY [4] Financial Performance - Q3 2024 revenue reached 31 42 billion yuan, up 15 4% YoY [2] - Net profit attributable to parent company was 12 52 billion yuan, up 30 6% YoY [2] - Weighted average ROE increased by 1 44 percentage points YoY to 7 6% [2] - Excluding the AssetMark sale, adjusted net profit was 6 32 billion yuan, down 35 3% YoY [2]

公 司 研 究 / 公 司 点 评 上 市 公 司 证 券 研 究 报 告 | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 17.71 | | 资产负债率 % | 78.07 | | 总股本 /流通 A 股( 百万 ) | 9,027/7,294 | | 流通 B 股/H 股（百万） | -/1,719 | 非银金融 开疆拓土 报告原因：有业绩公布需要点评 ——AssetMark 股权出售大幅增厚业绩，国际业务加速 | --- | --- | --- | |------------------------------------|-----------------------|-------------------------------| | 市场数据： | | 2024 年 10 月 30 日 | | 收盘价（元） | | 17.41 | | | 一年内最高/最低（元） | 19.90/11.83 | | 市净 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.10.31 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------|---------------------------|-------|-------|-------|-------| | | | | | | | | | ) | 研究助理 | 吴浩东 ( 分析师 | ) | | | | | | | 010-83939780 | | | | | | | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | | | | | | | S0880524070001 | | | | | 本报告导读： 2024Q3 ...

公司报告 | 公司定期报告点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------------------------| | 华泰证券（ 601688 ） | 投资评级 | 2024 年 10 月 31 日 | | 出售 Asse ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company achieved a revenue of 31.424 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.41%. The net profit attributable to shareholders was 12.521 billion yuan, up 30.63% year-on-year. However, the net profit after deducting non-recurring gains and losses decreased by 35.29% to 6.319 billion yuan [1][3] - The increase in performance is attributed to market recovery driven by policy support and a decrease in interest expenses on interest-bearing liabilities, leading to significant growth in investment income and interest income [1][3] - The company continues to deepen its "dual-driven" strategy of wealth management and institutional services, optimizing its wealth management business structure to enhance customer stickiness [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported investment business income (including fair value changes) of 12.039 billion yuan, a year-on-year increase of 56.85%. Net interest income was 1.301 billion yuan, up 52.05% year-on-year [1][3] - Brokerage business revenue was 3.966 billion yuan, down 14.27% year-on-year due to a decrease in fee rates. The asset management business net income was 3.033 billion yuan, down 3.67% year-on-year [1][3] - The company’s total monetary funds reached 215.38 billion yuan, a year-on-year increase of 43.28%, primarily due to an increase in client funds [1][3] Investment Banking Performance - The company’s investment banking revenue was 1.357 billion yuan, down 40.76% year-on-year, with equity underwriting amounting to 20.663 billion yuan, a decrease of 71% year-on-year. The bond underwriting amount was 909.2 billion yuan, down 2% year-on-year [1][3] - The company ranks third in the industry for equity underwriting and bond underwriting, with a current IPO reserve of 8 projects, indicating potential for future mergers and acquisitions [1][3] Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 has been raised by 6.92%, 6.07%, and 5.65% respectively. The projected net profit attributable to shareholders for these years is 14.417 billion yuan, 15.415 billion yuan, and 16.534 billion yuan, representing year-on-year growth of 13.07%, 6.92%, and 7.26% respectively [1][3][8] - The current price-to-earnings (PE) ratios are projected to be 11.05, 10.36, and 9.66 for 2024, 2025, and 2026, while the price-to-book (PB) ratios are projected to be 0.84, 0.79, and 0.75 [1][3][8]

2024 年 10 月 31 日 公司研究 A 股：增持（维持） 当前价：17.41 元 H 股：买入（维持） 当前价：12.82 港元 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 联系人：李爱娅 liaiya@ebscn.com 业绩显著回暖，自营贡献营收提升 ——华泰证券（601688.SH/6886.HK）2024 年三季报点评 收益表现 股价相对走势 | --- | --- | --- | --- | |-------------------|-------------|-------|-------| | | | | | | % | 1M | 3M | 1Y | | | | | | | 相对 | 3.0 | 23.6 | 4.5 | | 绝对 资料来源： | -0.2 Wind | 36.6 | 13.3 | 敬请参阅最后一页特别声明 -1- 证券研究报告 作者 | --- | --- | |---------------------|-------------| | | | | | | | 市场数据 | | | | | | ...

公 司 报 告 公 司 季 报 点 评 华泰证券(601688.SH) 非银行金融 2024 年 10 月 31 日 AssetMark股权出售大幅增厚Q3业绩 推荐（维持） 事项： 股价：17.41 元 华泰证券发布 2024 年三季报，实现营业总收入 314.24 亿元（YoY+15.41%）， 归母净利润 125.21 亿元（YoY+30.63%）；总资产 8475 亿元（较上年末-6%）， 归母净资产 1856 亿元（较上年末+4%），EPS（摊薄）1.39 元，BVPS17.71 元。 平安观点： 子 公 司出售驱动公司业绩大幅增长。24Q3 单季度营业收入 140 亿元 （YoY+58%，QoQ+23%），归母净利 72 亿元（YoY+138%，QoQ+139%）， 其中处置子公司损益 62.26 亿元，主要是公司出售美国子公司 AssetMark。 去除该非经常性损益后，Q3 单季度营业收入 77 亿元（YoY-12%,QoQ32%）。24Q1-Q3 华泰经纪/投行/资管/信用/自营/其他收入分别同比-14%/- 41%/-4%/+52%/+57%/+13%，收入占比 13%/4%/10%/4% ...

司 报 华泰证券(601688.SH) 非银行金融 2024 年 10 月 31 日 AssetMark股权出售大幅增厚Q3业绩 推荐(维持) 事项: 股价: 17.41 元 华泰证券发布 2024 年三季报, 实现营业总收入 314.24 亿元 ( YoY+15.41% ), 归母净利润 125.21 亿元 ( YoY+30.63% ); 总资产 8475 亿元 ( 较上年末-6% ), 妇母净资产 1856 亿元( 较上年末+4% ), EPS( 摊薄 )1.39 元, BVPS17.71 元。 平安观点: ■ | --- | --- | |---------------------|-------------------------------| | | | | 主要数据 | | | 行业 | 非银行金融 | | 公司网址 | www.htsc.com | | 大殷东/持股 | 江苏省国信集团有限公司/15.21% | | 实际控制人 | 江苏省人民政府国有资产监督管 | | | 理委员会 | | 总股本(百万股) | 9,027 | | 流通 A 胶(百万胶) | 7,294 | | 流通 B/H 胶 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2024-058 华泰证券股份有限公司 第六届董事会第十三次会议决议公告 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。 华泰证券股份有限公司（以下简称"公司"）第六届董事会第十 三次会议通知及议案于 2024 年 10 月 16 日以专人送达或电子邮件方 式发出。会议于 2024 年 10 月 30 日以现场及视频会议方式召开，现 场会议地点为南京。会议应到董事 13 人，实到董事 9 人，柯翔、刘 长春等两位非执行董事、尹立鸿执行董事和彭冰独立非执行董事未亲 自出席会议，其中：柯翔、刘长春分别书面委托陈仲扬非执行董事代 为行使表决权，尹立鸿书面委托张伟董事长代为行使表决权，彭冰书 面委托王建文独立非执行董事代为行使表决权。会议由公司董事长张 伟主持。公司部分监事及高级管理人员列席会议。本次会议有效表决 数占董事总数的 100%，符合《公司法》、公司《章程》和《董事会议 事规则》的规定。经与会董事审议，表决通过了各项议案，并作出如 下决议： 二、同意关于修订《华泰证券 ...

Financial Performance - Revenue for the third quarter of 2024 reached RMB 13,983,075,197.39, a year-on-year increase of 57.82%[4] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 7,210,611,150.55, a year-on-year increase of 137.98%[4] - Basic earnings per share for the third quarter of 2024 were RMB 0.78, a year-on-year increase of 143.97%[4] - Total operating revenue for the first three quarters of 2024 reached RMB 31.42 billion, a 15.4% increase compared to RMB 27.23 billion in the same period of 2023[20] - Net interest income for the first three quarters of 2024 was RMB 1.30 billion, a 52.1% increase from RMB 855.91 million in the same period of 2023[20] - Net fee and commission income for the first three quarters of 2024 was RMB 9.23 billion, a 16.7% decrease from RMB 11.08 billion in the same period of 2023[20] - Investment income for the first three quarters of 2024 was RMB 13.56 billion, a 13.4% increase compared to RMB 11.96 billion in the same period of 2023[20] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was RMB 12.52 billion, a 30.6% increase from RMB 9.59 billion in the same period of 2023[21] - Basic earnings per share for the first three quarters of 2024 were RMB 1.33, a 30.4% increase from RMB 1.02 in the same period of 2023[21] - Total operating revenue for the first three quarters of 2024 was RMB 11.51 billion, a decrease of 23.5% compared to RMB 15.05 billion in the same period of 2023[29] - Net interest income increased by 4.1% to RMB 2.16 billion in the first three quarters of 2024, up from RMB 2.08 billion in 2023[29] - Net fee and commission income decreased by 10.9% to RMB 4.10 billion in the first three quarters of 2024, compared to RMB 4.60 billion in 2023[29] - Investment income dropped significantly by 53.8% to RMB 3.25 billion in the first three quarters of 2024, down from RMB 7.04 billion in 2023[29] - Net profit for the first three quarters of 2024 was RMB 6.17 billion, a decrease of 25.5% compared to RMB 8.28 billion in 2023[29] - Total comprehensive income for the first three quarters of 2024 was RMB 6.35 billion, down 23.7% from RMB 8.32 billion in 2023[30] Balance Sheet and Capital Structure - Total assets as of the end of the third quarter of 2024 were RMB 847,457,735,985.81, a decrease of 6.41% compared to the end of the previous year[4] - Net capital as of the end of the third quarter of 2024 was RMB 90,559,168,594.74, a decrease of 3.74% compared to the end of the previous year[5] - The company's total assets decreased to RMB 847.46 billion from RMB 905.51 billion at the end of the previous reporting period[17] - The company's total liabilities decreased to RMB 661.63 billion from RMB 723.29 billion at the end of the previous reporting period[18] - The company's total equity increased to RMB 185.83 billion from RMB 182.22 billion at the end of the previous reporting period[18] - The total assets of the company stood at 674.12 billion yuan, slightly down from 683.48 billion yuan at the end of 2023[26] - Total liabilities decreased to 518.75 billion yuan from 528.43 billion yuan at the end of 2023[27] - The company's equity (or shareholders' equity) totaled 155.37 billion yuan, showing a slight increase from 155.05 billion yuan at the end of 2023[27] Risk and Liquidity Metrics - Risk coverage ratio as of the end of the third quarter of 2024 was 340.75%, an increase of 92.95 percentage points compared to the end of the previous year[5] - Capital leverage ratio as of the end of the third quarter of 2024 was 15.87%, an increase of 1.89 percentage points compared to the end of the previous year[5] - Liquidity coverage ratio as of the end of the third quarter of 2024 was 148.21%, a decrease of 4.30 percentage points compared to the end of the previous year[5] - Net stable funding ratio as of the end of the third quarter of 2024 was 145.17%, an increase of 14.33 percentage points compared to the end of the previous year[5] - The company's net capital and other major risk control indicators met regulatory requirements during the reporting period, with no instances of triggering warning standards or non-compliance[5] Cash Flow and Liquidity - Net cash flow from operating activities for the first three quarters of 2024 was RMB 94.88 billion, a significant improvement from a negative RMB 20.06 billion in the same period of 2023[23] - Cash received from disposal of trading financial assets in the first three quarters of 2024 was RMB 71.75 billion, compared to no such activity in the same period of 2023[23] - Cash received from interest, fees, and commissions in the first three quarters of 2024 was RMB 20.48 billion, a 16.1% decrease from RMB 24.40 billion in the same period of 2023[23] - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 8.39 billion, a 2.5% decrease from RMB 8.60 billion in the same period of 2023[23] - Investment activities generated a net cash flow of 19.82 billion yuan, compared to a net outflow of 5.61 billion yuan in the previous period[24] - Financing activities resulted in a net cash outflow of 70.27 billion yuan, contrasting with a net inflow of 3.58 billion yuan in the prior period[24] - The company's monetary funds increased to 150.61 billion yuan as of September 30, 2024, up from 84.02 billion yuan at the end of 2023[26] - Client funds deposits rose to 127.39 billion yuan, a significant increase from 69.13 billion yuan at the end of 2023[26] - The cash and cash equivalents balance at the end of the period was 241.57 billion yuan, up from 193.86 billion yuan in the previous period[24] - Cash flow from operating activities in the first three quarters of 2024 was RMB 82.03 billion, a significant improvement from a negative RMB 13.11 billion in 2023[32] - Cash received from interest, fees, and commissions decreased by 18.5% to RMB 12.41 billion in the first three quarters of 2024, compared to RMB 15.23 billion in 2023[32] - Cash paid for employee compensation increased by 13.5% to RMB 4.45 billion in the first three quarters of 2024, up from RMB 3.93 billion in 2023[32] - Cash received from disposal of trading financial assets was RMB 31.35 billion in the first three quarters of 2024, compared to no such activity reported in 2023[32] - Investment activities generated a net cash flow of 8,071,056,021.74, compared to -3,156,407,810.29 in the previous period[33] - Financing activities resulted in a net cash outflow of -47,689,955,888.51, compared to -3,133,408,988.12 in the previous period[33] - The net increase in cash and cash equivalents was 42,506,075,435.55, compared to -19,812,824,248.38 in the previous period[33] - The ending balance of cash and cash equivalents was 180,394,503,066.59, compared to 139,696,335,124.31 in the previous period[33] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 241,213[11] - Jiangsu Guoxin Group Co., Ltd. holds 15.21% of the company's shares, making it the largest shareholder[12] - Hong Kong Securities Clearing (Nominees) Limited holds 14.03% of the company's shares, primarily in H-shares[12] - Jiangsu High-tech Investment Group Co., Ltd. holds 3.95% of the company's shares, with a mix of A-shares and H-shares[12] - The actual shares held by Hong Kong Securities Clearing (Nominees) Limited, including those purchased through the Stock Connect program, amount to 1,715,955,648 shares, representing 19.01% of the company's total shares[13] - The total number of GDRs outstanding at the end of the reporting period was 106,755, accounting for 0.13% of the total number approved by the China Securities Regulatory Commission[14] - The company completed the repurchase and cancellation of 2,082,559 A-shares, resulting in a total share capital of 9,027,302,281 shares, with A-shares accounting for 81% and H-shares for 19%[14] Subsidiary and Investment Activities - The company sold all its equity in the US subsidiary AssetMark Financial Holdings, Inc. for a final transaction price of $1.793 billion, effective from September 5, 2024[14] - The total subscribed capital of the Nanjing Huatai New Industry Investment Fund increased from RMB 800 million to RMB 900 million, with Huatai Zijin Investment contributing RMB 250 million[15] - The company's subsidiary Huatai International Financial Holdings obtained a securities trading code in Vietnam, allowing direct trading on the Ho Chi Minh and Hanoi Stock Exchanges[14] - Huatai Securities (USA) Inc., a subsidiary of Huatai International, was approved as a limited underwriting member by the NASDAQ Stock Exchange[14] Debt and Financing Activities - The company issued bonds worth 5,684,508,563.00, compared to 41,510,470,659.64 in the previous period[33] - Debt repayment amounted to 45,705,829,455.60, compared to 38,745,182,037.00 in the previous period[33] - Dividend, profit, or interest payments totaled 7,406,820,249.81, compared to 8,125,648,525.23 in the previous period[33] Other Business Metrics - Interest income increased by 52.05% to 1,301,410,179.98 RMB, mainly due to a decrease in interest expenses on interest-bearing liabilities[10] - Other business income surged by 142.44% to 7,342,331,138.05 RMB, driven by an increase in bulk commodity sales[10] - Other business costs rose by 148.69% to 7,380,333,472.77 RMB, also due to the expansion of bulk commodity sales[10] - Contract liabilities grew by 88.44% to 334,481,483.47 RMB, primarily due to an increase in advance receipts[10] - Other liabilities increased by 75.90% to 3,676,372,421.61 RMB, mainly due to an increase in payable dividends[10] - The company's monetary funds increased to RMB 215.38 billion, with client deposits accounting for RMB 159.62 billion[17]