证券代码：601688 证券简称：华泰证券 公告编号：临 2024-052 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"）第六届董事会第九 次会议审议通过了《关于以直接协议方式出售所持美国控股子公司 AssetMark Financial Holdings, Inc.全部股权的议案》，关于本次 交易的具体内容详见公司于 2024 年 4 月 26 日披露的《关于出售所持 美国控股子公司 AssetMark Financial Holdings, Inc.全部股权的 公告》（公告编号：临 2024-027）。 近日，本次交易全部交割条件均已满足，公司出售所持 AssetMark Financial Holdings,Inc.全部股权事项已于纽约时间 2024 年 9 月 5 日（以下简称"交割日"）完成交割，本次交易项下的最终交易对价 为 179,330.14 万美元。自交割日起，公司不再持有 AssetMark Financial Holdings, Inc.任何股权。 特此公告。 华 ...

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: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2024年9月5日 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 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,310,339,160 | RMB | | 1 RMB | | 7,310,339,160 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,310 ...

证券研究报告 公司点评 华泰证券(601688.SH) 非银金融｜ 证券Ⅱ 降杠杆收缩资产负债表，自营、投行、经纪拖累业绩 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 12.43 | | 52 周价格区间（元） | 11.88-16.80 | | 总市值（百万） | 104318.57 | | 流通市值（百万） | 90668.54 | | 总股本（万股） | 902938.50 | | 流通股（万股） | 901337.70 | 涨跌幅比较 华泰证券 证券Ⅱ -27% -17% -7% 3% 13% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 华泰证券 | -3.27 | -5.48 | -20.98 | | 证券Ⅱ | -5.86 | -6.71 | -19.14 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华泰证券（601688.SH） [Table_Title] 华泰证券 2024 中报点评：大资管逆市扩容，零 售龙头优势显著 | --- | --- | |----------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 上半年受市场震荡影响，公司盈利能力有所回落， Q2 单季来看，受自营及利息业务改善影响， | | | 公司 Q2 单季业务环比显著回升。分业务条线来看，财富业务整体承压，但是公司依靠平台优 | | | 势，财富管理转型持续深化；自营资产规模收缩，两融利率有所承压；大资管规模快速扩容， | | | 投行债券承销增长亮眼。短期自营受市场影响有所承压，全年来看 AssetMark 产生的投资收益 | | | 有望形成业绩支撑。 | | | | | 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S04905 ...

[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 ...

Investment Rating - The investment rating for Huatai Securities (601688) is "Buy" (maintained) [7]. Core Views - The public fund business performed well, and proprietary trading drove a quarter-on-quarter improvement in performance [11]. - In H1 2024, the company achieved total operating revenue of 17.44 billion, a year-on-year decrease of 5%, and a net profit attributable to shareholders of 5.31 billion, a year-on-year decrease of 19% [11][12]. - The company expects to maintain its leading position in wealth management, with performance likely to recover as the market improves [13]. Financial Performance Summary - In Q2 2024, the company reported revenue of 11.34 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 86%, with a net profit of 3.02 billion, a year-on-year decrease of 9% and a quarter-on-quarter increase of 32% [11][12]. - The brokerage business generated revenue of 2.72 billion in H1 2024, a year-on-year decrease of 14%, while asset management revenue was 2.22 billion, a year-on-year increase of 6% [11][12]. - Investment net income (including exchange gains) was 4.43 billion in H1 2024, a year-on-year decrease of 40%, primarily due to market fluctuations [12]. Business Segment Analysis - The public fund business showed strong performance, with significant growth in assets under management (AUM) for non-monetary funds and mixed equity funds, reaching 375.3 billion and 314.3 billion respectively, with year-on-year increases of 61% and 74% [11][12]. - The investment business faced significant pressure, with a decrease in investment net income and a slight contraction in investment leverage [12]. - The company ranked first in IPO sponsorship projects in H1 2024, with an underwriting scale of 5 billion, although the overall investment banking revenue decreased by 42% year-on-year [11][12]. Earnings Forecast and Valuation - The company is expected to generate revenues of 37.1 billion, 36.7 billion, and 37.8 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 14.1 billion, 11.5 billion, and 13.5 billion [13]. - Earnings per share (EPS) are projected to be 1.56, 1.27, and 1.49 yuan for the same years [13].

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]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][14]. Core Views - The company's performance in the first half of 2024 showed a slight decline, primarily due to pressure on investment banking operations, with adjusted revenue of 66 billion and 123 billion yuan for Q2 and the first half respectively, reflecting year-on-year decreases of 18.6% and 27.4% [1]. - The report highlights that while the investment banking and brokerage businesses faced significant challenges, asset management and credit businesses experienced positive growth, with asset management revenue increasing by 6.5% year-on-year [3][4]. - Regulatory changes and a contraction in market trading volumes have adversely affected the investment banking and brokerage sectors, with brokerage revenue down 13.6% and investment banking revenue down 42.2% in the first half of 2024 [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved an adjusted revenue of 66 billion yuan, with a net profit of 30 billion yuan, marking a year-on-year decline of 8.8% and 19.0% respectively [1]. - The return on equity (ROE) was reported at 6.4%, a decrease of 2.1 percentage points compared to the same period last year [1]. Business Segments - Brokerage business revenue for the first half of 2024 was 27.2 billion yuan, down 13.6% year-on-year, attributed to decreased trading activity in the capital markets [2]. - Investment banking revenue fell to 9.3 billion yuan, a significant drop of 42.2% year-on-year, largely due to regulatory changes impacting underwriting volumes [2]. - Asset management revenue increased to 22.2 billion yuan, reflecting a year-on-year growth of 6.5%, supported by the expansion of large asset management business scales [3]. Future Outlook - The report suggests that despite the current challenges in investment banking, the implementation of new policies may enhance market activity, potentially improving brokerage and margin financing revenues [4]. - The adjusted profit forecasts for 2024, 2025, and 2026 are 134 billion, 139 billion, and 156 billion yuan respectively, with expected year-on-year growth rates of 5.1%, 3.8%, and 11.9% [4].