[Table_MainInfo] 公司研究/金融/券商 证券研究报告 华泰证券（601688）公司半年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | [ 08 Table_StockInfo 月 30 日收盘价（元） ] | 12.58 | | 52 周股价波动（元） | 11.83-17.03 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 9029 | | 流通 A 股（百万股） B 股 /H 股（百万股） | 7294 0/1719 | | 相关研究 | | | [Table_ReportInfo] 《股债承销排名均靠前，资管业务收入实 | | | 现正增长》 2024.05.06 | | | 《低基数下自营收入大幅回升，归母净利 | | | 润 +15% 》 2024.03.30 | | | ...

华泰证券(601688.SH) 非银行金融 2024 年 09 月 01 日 投资收益仍拖累业绩，资管与海外业务增长较好 推荐（维持） 事项： 股价：12.58 元 | --- | --- | |----------------------------|--------------------------------| | | | | 行业 公司网址 | 非银行金融 www.htsc.com | | 大股东 / 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 ) | 9,029 | | 流通 A 股 ( 百万股 ) | 7,294 | | 流通 B/H 股 ( 百万股 ) | 1,719 | | 总市值（亿元） | 1,055 | | 流通 A 股市值 ( 亿元 ) | 918 | | 每股净资产 ( 元 ) | 17.10 | | 资产负债率 (%) | 78.6 | | 行情走势图 | | 华泰证券 —— 沪深300指数 相关研究报告 【平安证券】华泰证券（601688.SH）*季报点评*自营 拖累业 ...

证 券 研 究 报 告 [ReportFinancialIndex] 华泰证券（601688）2024 年半年报点评 推荐（维持） 业绩预期内，自营业务有所提升 目标价：18.15 元 当前价：12.58 元 事项： ❖ 华泰证券发布 2024 年中报。剔除其他业务收入后营业总收入：123 亿元，同 比-27.5%，单季度为 66 亿元，环比+9.2 亿元。归母净利润：53.1 亿元，同比 -19%，单季度为 30.2 亿元，环比+7.3 亿元。 评论： ❖ ROE 环比提升，拆分来看，杠杆倍数有所下滑，ROA 环比提升。公司报告期 内 ROE 为 2.9%，同比-1pct。单季度 ROE 为 1.7%，环比+0.4pct。杜邦拆分来 看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.5 倍，同比-0.56 倍，环比-0.1 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 1.9%，同比-0.5pct，单季度资产周转率为 1%，环比+0.2pct。 3）公司报告期内净利润率为 43.2%，同比+4.5pct，单季度净利润率为 45.7%， 环比+5.4pct ...

证券研究报告 金融公司|公司点评|华泰证券（601688） 公募业务表现亮眼，自营驱动业绩环比 改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 华泰证券发布 2024 年半年报，2024H1 公司累计实现营业收入 174.4 亿，yoy-5%；归母净利润 53.1 亿，yoy-19%；加权平均 ROE 3.18%，较去年同期减少 1.05pct。其中 2024Q2 实现营收 113.4 亿元，yoy+21%/qoq+86%;归母净利润 30.2 亿元，yoy-9%/qoq+32%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 耿张逸 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年09月02日 glzqdatemark2 华泰证券(601688) 公募业务表现亮眼，自营驱动业绩环比改善 | --- | --- | |----------------------------|-------------------------------| | | | | 行 业： 投资评级： | 非银金融 / 证券Ⅱ ...

Investment Rating - Buy (Maintained) [1] Core Views - Huatai Securities' asset management business performed well, while its proprietary trading business showed marginal improvement [1] - The company's 24H1 operating income decreased by 5.05% YoY to RMB 17.441 billion, and net profit attributable to the parent company decreased by 18.99% YoY to RMB 5.311 billion [2] - In 24Q2, operating income increased by 86% QoQ to RMB 11.336 billion, and net profit attributable to the parent company increased by 32% QoQ to RMB 3.020 billion [2] Heavy Asset Business - Proprietary trading business: In 24H1, the income from proprietary trading business decreased by 28% YoY to RMB 4.214 billion, which was the biggest drag on the company's performance [3] - In 24Q2, the income from proprietary trading business increased by 88% YoY and 24% QoQ to RMB 2.334 billion, showing significant improvement [3] - Net interest income: In 24H1, net interest income increased by 11% YoY to RMB 711 million, mainly due to a 61% YoY decrease in interest expenses on securities lending to RMB 243 million [3] Light Asset Business - Investment banking business: In 24H1, the income from investment banking business decreased by 42% YoY to RMB 930 million, in line with the industry's overall decline [3] - The company's IPO underwriting amount decreased by 58% YoY to RMB 5.033 billion, but its market share increased from 5.5% in 23H1 to 16.6% in 24H1 [3] - Brokerage business: In 24H1, the income from brokerage business decreased by 14% YoY to RMB 2.72 billion, while the total stock and fund trading volume in the market decreased by 6% YoY to RMB 9.896 trillion [3] - Asset management business: In 24H1, the income from asset management business increased by 6% YoY to RMB 2.22 billion, significantly outperforming the industry [3] - The scale of public funds, collective asset management, single asset management, and special asset management increased by 18%, 4%, 41%, and -9% YoY to RMB 110.8 billion, RMB 59.1 billion, RMB 160.3 billion, and RMB 175.7 billion, respectively [3] Profit Forecast and Valuation - The net profit attributable to the parent company for 2024-2026 is expected to be RMB 11.962 billion, RMB 12.928 billion, and RMB 13.821 billion, with growth rates of -6.18%, 8.08%, and 6.91%, respectively [3] - The EPS for 2024-2026 is expected to be RMB 1.32, RMB 1.43, and RMB 1.53, respectively [3] - The PB valuation for 2024-2026 is expected to be 0.70x, 0.66x, and 0.62x, respectively [3] Market Data - Closing price: RMB 12.58 [5] - One-year low/high price: RMB 11.83/RMB 17.03 [5] - PB ratio: 0.74x [5] - Market capitalization of tradable A shares: RMB 91.763 billion [5] - Total market capitalization: RMB 113.590 billion [5] Basic Data - Net asset per share: RMB 17.10 [6] - Asset-liability ratio: 78.02% [6] - Total share capital: 9.029 billion shares [6] - Tradable A shares: 7.294 billion shares [6]

基本数据 A 股总股本(百万股) 7,310.34 流通 A 股股本(百万股) 7,294.33 A 股总市值(百万元) 91,964.07 流通 A 股市值(百万元) 91,762.68 每股净资产(元) 17.10 资产负债率(%) 78.02 一年内最高/最低(元) 17.03/11.83 作者 华泰证券（601688） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 非银金融/证券Ⅱ 6 个月评级 买入（维持评级） 当前价格 12.58 元 目标价格 元 投行业务承压，导致整体业绩小幅下滑 —24H1 业绩点评 【24 上半年业绩小幅下滑，投行业务承压拖累业绩】 华泰证券 Q2 单季/2024 上半年实现调整后营收 66/123 亿元，同比-18.6%/-27.4％； 分别实现归母净利润 30/53 亿元，同比-8.8%/-19.0％。24Q2 单季：投行业务与经纪 业 务 承 压 明 显 ， 经 纪 / 投 行 / 资 管 / 信 用 / 自 营 同 比 增 速 分 别 为 -15.7%/-57.3%/+3.1%/+40.8%/+88.0%。24 上半年：资管与信用业务同比正增长，其 ...

[Table_Title] 华泰证券 24 年中报点评:汇兑、投资收益下滑拖累业绩 | --- | --- | --- | --- | |-------------------------|----------------------|-----------------------|-------------| | | | | | | [Table_DataInfo] 评级： | 买入 | 股票代码： | 601688 | | 上次评级： | 买入 | 52 周最高价/最低价： | 17.03/11.83 | | | 目标价格： 总市值(亿 | ) | 1,135.90 | | 最新收盘价： | 12.58 | 自由流通市值(亿 ) | 917.63 | | | | 自由流通股数(百万 ) | 7,294.33 | [Table_Summary] 事件概述 公司实现营业收入(减去其他业务成本，下同)123.4 亿元、同比-27%；归母净利润 53.1 亿元、同比-19%，ROE 3.18%、同比-1.05pct。其中，24Q2 营业收入 66.2 亿元、同比/环比-19%/+16%；归母净利润 30.2 亿元 ...

Investment Rating - The investment rating for Huatai Securities is "Outperform the Market" [1][3][5] Core Views - The report highlights that Huatai Securities is facing challenges due to industry constraints, prompting a transformation with accelerated overseas, asset management, and wealth management layouts [1] - In the first half of 2024, the company reported operating revenue of 17.441 billion yuan, a year-on-year decline of 5%, and a net profit attributable to shareholders of 5.311 billion yuan, down 19% year-on-year [1] - The decline in performance is attributed to market conditions and policy impacts, particularly a decrease in investment banking revenue and investment income [1] - The brokerage business is under pressure, with brokerage income falling to 2.723 billion yuan, a 14% year-on-year decrease [1] - Investment banking revenue dropped significantly by 42% to 931 million yuan, with equity underwriting down 73% [1] - Asset management performance is strong, with net income from asset management fees increasing by 6% to 2.220 billion yuan, and AUM reaching approximately 506 billion yuan, also up 6% [1] - International business revenue grew by 19% to 6.491 billion yuan, indicating new opportunities abroad [1] Financial Summary - The company’s financial forecasts for 2024, 2025, and 2026 show a downward adjustment in profit predictions by 3.18%, 0.49%, and 1.01% respectively, with projected net profits of 13.485 billion yuan, 14.532 billion yuan, and 15.650 billion yuan [2][5] - The projected EPS for 2024, 2025, and 2026 is 1.5 yuan, 1.6 yuan, and 1.7 yuan respectively, with corresponding PE ratios of 8.5, 7.9, and 7.3 [2][5] - The report indicates a steady increase in AUM for Huatai Asset Management and a strong position in the market for index funds [1][2]

股 票 研 究 [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com [当前价格： Table_CurPrice] 12.58 登记编号 S0880515050001 S0880123070151 S0880524070001 公 司 更 新 报 告 52 周内股价区间（元） 11.88-16.80 总市值（百万元） 113,590 总股本/流通A股（百万股） 9,029/7,294 流通 B 股/H 股（百万股） 0/1,719 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 181,509 每股净资产（元） 20.10 市净率（现价） 0.6 净负债率 -170.31% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 2% -4% -19% 相对指数 3% 4% -10% 股票研究 ...

CO 华泰证券 SECURITES nd nange (2010) group o 918 D London Stock Enchange (2019) NTSC .0 6556 G Stack Ercharge Base 2024 半年度报告 INTERIM REPORT 2024 股票代码 601688— D | --- | --- | |----------|-------------------| | | | | 目 录 | 关于我们 | | Contents | 004 । 重要提示 | | | 006 | 释义 | | | 008 । 公司大事记 | | | 012 । 公司简介 | | | 020 । 业绩概览 | 2〉经营分析与战略 026 丨 公司业务概要 032 । 经营层讨论与分析 | --- | --- | --- | |-------|-------|--------------------------| | | | | | | | 公司治理 | | | | 064 । 公司治理 | | | | 072 । 环境与社会责任 | | | | 074 । 重要事项 | | | | 090 ...