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].

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Views - The company's performance has been negatively impacted by declines in foreign exchange and investment income, leading to a 27% year-on-year decrease in operating revenue to 12.34 billion yuan and a 19% drop in net profit attributable to shareholders to 5.31 billion yuan [2][3]. - The second quarter of 2024 saw operating revenue of 6.62 billion yuan, reflecting a year-on-year decrease of 19% but a quarter-on-quarter increase of 16% [2][3]. - The company plans to distribute a dividend of 25.50% of net profit attributable to shareholders for the first half of 2024 [2]. Revenue Analysis - The decline in revenue is primarily attributed to significant drops in foreign exchange income (down 87%), equity investment income (down 50%), and investment banking income (down 42%) [3]. - Securities proprietary trading and brokerage business also saw declines of 28% and 14%, respectively, while asset management and interest income experienced slight growth of 6% and 11% [3]. - The revenue structure indicates that securities investment and brokerage income account for the highest proportions at 34% and 22%, respectively [3]. Business Segments Performance - The brokerage business generated net income of 2.72 billion yuan, down 14% year-on-year, with retail brokerage and institutional brokerage incomes decreasing by 9% and 10%, respectively [4]. - Investment banking revenue fell to 930 million yuan, a 42% decrease, with the company holding a 16.6% market share in IPOs, which is an increase of 11.2 percentage points year-on-year [4]. - The asset management business showed resilience with a revenue increase of 6% to 2.22 billion yuan, and the total asset management scale reached 506 billion yuan, up 11% year-on-year [4]. Financial Metrics - The company's proprietary trading income was 4.21 billion yuan, down 28% year-on-year, with a financial asset investment scale of 425.2 billion yuan, a decrease of 7% [5]. - Interest income increased by 11% to 710 million yuan, outperforming the industry [5]. - The company plans to sell its entire stake in AssetMark, which could enhance profits if completed successfully [6]. Earnings Forecast - Revenue forecasts for 2024 and 2025 have been adjusted down to 38.053 billion yuan and 42.872 billion yuan, respectively, with an increase in the 2026 forecast to 51.889 billion yuan [6]. - Earnings per share (EPS) estimates have been revised down to 1.15 yuan and 1.35 yuan for 2024 and 2025, respectively, with an increase to 1.73 yuan for 2026 [6].

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 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2024-048 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 二次会议通知及议案于 2024 年 8 月 16 日以专人送达或电子邮件方式 发出。会议于 2024 年 8 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 11 人，刘长春非执行 董事和王兵独立非执行董事未亲自出席会议，其中：刘长春书面委托 陈仲扬非执行董事代为行使表决权，王兵书面委托王全胜独立非执行 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： 一、同意关于公司 2024 年半年度报告的议案。 表决结果：13 票赞成，0 票反对，0 票弃权 同意公司按中国会计准则和国际财务报告准则分别编制的 2024 年半年 ...

证券代码：601688 证券简称：华泰证券 编号：临 2024-047 华泰证券股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 2 日(星期一) 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 26 日(星期一)至 8 月 30 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 boardoffice@htsc.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 华泰证券股份有限公司（以下简称"公司"）将于 2024 年 8 月 31 日发布 ...

（於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 董事會謹此宣佈，本公司將於二零二四年八月三十日（星期五）舉行董事會會議， 其中議程包括審議及批准本公司及其附屬公司截至二零二四年六月三十日止六個 月之中期業績及其刊發，以及考慮派發中期股息之建議（如有）。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 董事會召開日期 承董事會命 聯席公司秘書 張輝 中國江蘇，2024年8月20日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及尹立鴻女士；非 執行董事丁鋒先生、陳仲揚先生、柯翔先生、劉長春先生及張金鑫先生；以及獨 立非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 「董事會」 指 本公司之董事會 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊成 立的股份有限公司， ...

A 股每股现金红利人民币 0.43 元（含税） 证券代码：601688 证券简称：华泰证券 公告编号：临 2024-045 华泰证券股份有限公司 2023 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/15 | － | 2024/8/16 | 2024/8/16 | 差异化分红送转： 否 本公司 H 股股东的分红派息实施不适用本公告，具体安排详见 公司于 2024 年 6 月 20 日在香港交易及结算所有限公司披露易网站 （http://www.hkexnews.hk）及公司网站（http://www.htsc.com.cn）发布 的公告。 一、通过分配方案的股东大会届次和日期 本次利润分配方案经华泰证券股份有限公司（以下简称"公司"） 2024 年 6 月 20 日的 2023 年度 ...