Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][4]. Core Views - The company, headquartered in Zhejiang, has established a comprehensive financial industry layout including securities, futures, funds, asset management, and venture capital. The wealth management transformation is continuously upgrading, aiming to strengthen investment banking operations, and the progress in public fund management is promising. The reasonable value range is estimated at 11.18-11.92 CNY per share, maintaining the "Outperform the Market" rating [4][5]. Financial Performance - In 2023, the company achieved operating revenue of 17.64 billion CNY, a year-on-year increase of 4.9%. The net profit attributable to the parent company was 1.75 billion CNY, up 6.0% year-on-year, with an EPS of 0.46 CNY and ROE of 6.6%. In Q4, the operating revenue was 5.02 billion CNY, down 4.1% year-on-year but up 20.4% quarter-on-quarter. The net profit for Q4 was 420 million CNY, down 15.0% year-on-year but up 1.0% quarter-on-quarter [4][6]. Business Segments - The brokerage business revenue was 1.65 billion CNY, down 11.7% year-on-year, accounting for 9.4% of total revenue. The revenue from selling financial products was 255 million CNY, down 15.9% year-on-year, making up 15.4% of brokerage revenue. The scale of sold financial products reached 43.8 billion CNY, up 27.3% year-on-year. The margin trading balance was 19.5 billion CNY, up 14% from the beginning of the year, with a market share of 1.18%, an increase of 0.07 percentage points year-on-year [4][5]. - The investment banking business revenue grew against the trend, reaching 880 million CNY, up 12.6% year-on-year. The underwriting scale for equity business increased by 10.8% year-on-year, while the bond underwriting scale surged by 73.4% year-on-year. The main underwriting scale for equity was 9.66 billion CNY, ranking 35th, with 3 IPOs raising 3.1 billion CNY and 10 refinancing projects totaling 6.6 billion CNY. The bond underwriting scale was 140.7 billion CNY, ranking 22nd [4][5]. - The asset management revenue slightly declined to 420 million CNY, down 3.4% year-on-year, with an asset management scale of 91.1 billion CNY, a decrease of 0.7% year-on-year. The total sales of public funds and various collective products reached 79.8 billion CNY, with 158 new products launched, totaling 7.5 billion CNY in issuance [5][6]. - The proprietary trading segment saw significant growth from a low base, with investment income (including fair value) reaching 1.02 billion CNY, up 49.6% year-on-year. In Q4, the investment income was 140 million CNY, a staggering increase of 706.3% year-on-year [5][6]. Earnings Forecast - The estimated EPS for 2024-2026 is projected to be 0.49, 0.53, and 0.57 CNY respectively, with BVPS of 7.45, 7.86, and 8.25 CNY. Using comparable company valuation methods, a PB of 1.5-1.6x for 2024 is suggested, corresponding to a reasonable value range of 11.18-11.92 CNY per share, maintaining the "Outperform the Market" rating [5][11].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 证券 ＃investSuggestion＃ ＃ ＃d 浙yCo 商mp 证any＃券 （ 601878 ） investSu ggestion 00000经9 营稳 健，期货 ＃和tit投le＃行 业 务表现亮眼 增持 ( 维持 ） Change ——浙商证券 2023 年报点评 ＃ ＃ createTime1＃ 2024年 4月 11 日 公 投资要点 司 ＃分e析ma师ilA：uth or＃ ＃⚫ sum浙ma商ry＃证 券发布2023年报，报告期内分别实现营收和归母净利润176.38和 点 徐一洲 17.54亿元，同比分别+4.9%和+6.0%；单四季度分别实现营收和归母净利 S0190521060001 评 润 50.16 和 4.23 亿元，环比分别+20.4%和+1.0%。加权平均 ROE 同比 报 ＃研a究ss助Au理th：or ＃ +0.03pct至6.6%；剔除客户资金后经营杠杆为4.43倍，较年初增长4.2%。 告 陈静 ⚫ 收费类业务和资金类业务均表现良好。收入端，2023 年公司分别实现收 chenjing ...

Profit Distribution and Financial Performance - The profit distribution plan for 2023 includes a cash dividend of 1.40 CNY per 10 shares, totaling 537,517,770.86 CNY, which accounts for 30.65% of the net profit attributable to shareholders[4]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[58]. - The net profit attributable to shareholders of the parent company for 2023 was approximately CNY 1.75 billion, an increase of 6.01% compared to CNY 1.65 billion in 2022[64]. - The company's operating revenue for 2023 was ¥17,638,225,323.48, representing a 4.90% increase compared to ¥16,814,110,329.13 in 2022[63]. - The company reported a significant increase in cash flow from operating activities, with a net cash flow of CNY 5.91 billion, up 1,029.95% year-on-year[128]. Business Expansion and Market Strategy - The company aims to enhance its service capabilities to the real economy and has supported companies in raising over 30 billion CNY through initial public offerings[8]. - Market expansion plans include opening 10 new branches across key cities in China by the end of 2024[59]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a budget of 300 million RMB allocated for this purpose[58]. - The company is actively pursuing growth opportunities in emerging markets and regions with high potential[54]. - The company plans to enhance its wealth management services in 2024, focusing on customer-centric development and improving service quality[85]. Risk Management and Compliance - The company emphasizes risk management, addressing various risks such as policy, liquidity, market, credit, and operational risks[6]. - The company is committed to building a more effective internal control system to enhance risk prevention and control[9]. - The company has established a comprehensive risk management system, led by a Chief Risk Officer, to monitor and assess overall risk levels[169]. - A multi-level risk management framework has been implemented, involving various committees and departments to ensure effective risk prevention and monitoring[170]. - The company has enhanced its compliance and risk management talent pool, equipping branches and headquarters with compliance and risk control specialists to enhance risk management capabilities[172]. Governance and Corporate Structure - The company maintains a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, ensuring a balanced governance system[45]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance regulations[180]. - The company has a governance structure consisting of a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities and operational norms[179]. - The company has implemented a legal risk management mechanism, including the establishment of a specialized team for handling legal disputes[176]. - The company has established an independent human resources system, with senior management not holding positions or receiving compensation from the controlling shareholder's other entities[183]. Research and Development - The company is investing 50 million RMB in research and development for new technologies aimed at enhancing user experience[58]. - The company is investing heavily in technology development, with a budget allocation of 200 million CNY for R&D in the upcoming year[197]. - The company has appointed several accounting firms for continuous supervision, ensuring compliance and financial integrity[62]. - The company has established an industry research institute in May 2023 to provide specialized research and consulting services[112]. - The company plans to enhance research and investment capabilities and focus on 2-3 promising industries for public product development in 2024[103]. Customer Engagement and Satisfaction - User data showed an increase in active accounts by 20% year-over-year, reaching 5 million active users[59]. - Customer satisfaction ratings improved to 85%, reflecting a 5% increase from the last fiscal year[59]. - A new marketing strategy focusing on digital channels is expected to increase customer engagement by 25%[59]. - The management team emphasized the importance of compliance and risk management, with ongoing training programs for staff[197]. - The company reported a 25% increase in customer satisfaction scores, reflecting improved service quality[200]. Financial Position and Assets - Total assets at the end of 2023 amounted to CNY 145.53 billion, reflecting a growth of 6.25% from CNY 136.96 billion at the end of 2022[64]. - The company's cash and cash equivalents decreased by 8.23% to RMB 39,444,433,274.17 from RMB 42,980,962,161.95 in 2022[73]. - The company's total liabilities at the end of 2023 were CNY 117.26 billion, an increase of 6.93% from CNY 109.65 billion in 2022[64]. - The liquidity coverage ratio improved to 342.81% in 2023, compared to 312.72% in 2022[67]. - The company's total liabilities decreased by 3.22% to ¥145,000,000,000, with a notable reduction in short-term financing liabilities[142]. Strategic Initiatives and Future Outlook - The company plans to implement a three-year shareholder return plan for 2023-2025, as discussed in the annual general meeting[186]. - The company anticipates that the future will focus more on serving the real economy, pursuing high-quality development, and accelerating strategic breakthroughs[156]. - The company aims to transition towards a "full business, full asset, nationwide, full cycle" model by 2030, aligning with the national goal of building a financial powerhouse[160]. - The company plans to enhance its investment banking capabilities to capitalize on the new opportunities presented by the comprehensive registration system, aiming for a more transaction-oriented approach[163]. - The company is currently undergoing a leadership transition with the departure of key executives, including the former president and chief risk officer[192].

上 市 公 司 非银金融 公 2024年04月10日 浙商证券 (601878) 司 研 究 / ——业绩符合预期，关注外延并购新机会 公 司 点 评 报告原因：有业绩公布需要点评 事件：浙商证券公布2023年报，业绩符合预期。公司2023实现营收176.4亿元/yoy+5%； 买入 （维持） 归母净利润17.5亿元/yoy+6%。4Q23单季营收50.2亿元/yoy-4%/qoq+20%；单季归母净 利润4.24亿元/yoy-15%/qoq+1%。期末ROE6.61%/yoy+0.06pct。 ⚫ 收入拆分：经纪及投行业务同比双位数增长，4Q23 单季投资扭亏为盈。2023 浙商证券 实现主营收56.4亿元，具体业务线收入/yoy：经纪24.7亿/+32%、投行8.8亿/+13%、 证 市场数据： 2024年04月10日 资管4.2亿/-3%；净利息7.5亿/yoy-4%、净投资10.3亿/yoy+49%。收入占比：投资 券 收盘价（元） 9.93 收益18%、经纪44%、投行16%、资管7%、净利息13%（剔除其他手续费及长股投占 研 一年内最高/最低（元） 12.05/8.91 比2%）。4Q23单季净 ...

浙商证券股份有限公司 2023 年度审计报告 中国杭州市镜江新墟新业路8号UDC时代大震A座5-8层、12层、23层 Floors 5-8 12 and 23. Block A. UDC Times Burlding No. B Xinye Road. Quargiang New City. Hangzhou. Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn OK 证明该审计报告是否由具有执业许可的会计师事务所出具 十师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 您可使用手机"扫一扫"或进入"注 报告编码:浙24PQ1CVYJL 中准 目 求 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | g | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | ( ...

浙商证券股份有限公司 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A. UDC Times Building, No. 8 Xinye Road. Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 目 景 | | 页 次 | | --- | --- | | 一、年度募集资金存放与使用情况鉴证报告 | 1-2 | | 二、浙商证券股份有限公司关于 2023年度募集资金 | | 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8. 12 and 23, Block A. UDC Times Building, No. 8 Xinye Road. Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 存放与使用情况的专项报告 3-8 年度募集资金存放与使用情况鉴证报告 中汇会鉴[ ...

| 序号 | | | 时间 | | | | | 届次 | 议题与审议结果 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 审议通过《2022 年年度报告》《关 于预计公司 2023 年日常关联交 | | | | | | | | | | | 易的议案》《关于公司 2022 年度 | | | | | | | | | | | 利润分配方案的议案》《2022 年 | | | | | | | | | | | 度内部控制评价报告》《关于续聘 | | | | | | | | | | | 中汇会计师事务所为公司 2023 | | | | | | | | | | | 年度审计机构的议案》《关于 | | | | | | | | | | | 2022 年度募集资金存放与使用 | | | | | | | | | | | 情况的专项报告》《关于 2023 年 | | | | | | | | | | | 度金融投资规模控制的议案》 | | 1 | 2023 | 年 | 3 | 月 | 28 | 日 | 2023 | 年 ...

浙商证券股份有限公司 本人金雪军，1958 年 6 月出生，中国国籍，无境外永久居留权， 硕士研究生学历。1993 年获国务院政府特殊津贴，2018 年被浙江省 委、省政府授予浙江省特级专家称号。1984 年 12 月至今在浙江大学 工作，历任讲师，副教授，教授，博士生导师，系主任，副院长，现 任浙江大学公共政策研究院执行院长、浙商证券独立董事。 （二）是否存在影响独立性的情况 本人任职期间不存在影响独立性的情况。 1.本人及直系亲属、主要社会关系都不在浙商证券或其控股企业 1 独立董事 2023 年度述职报告 （独立董事 金雪军） 根据证监会《上市公司治理准则》《上市公司独立董事管理办法》 以及上交所《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等有关规定，结合《浙商证券股份有限公司章程》的有关要求， 本人作为浙商证券股份有限公司（以下简称"公司"或"本公司"）独 立董事，诚信、勤勉履行职责，准时出席会议，积极发挥独立董事作 用，有效维护了公司整体利益，保护中小股东合法权益。现将 2023 年 度履职情况汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 任职，没有直接 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-017 浙商证券股份有限公司 2023 年度利润分配方案公告 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个别及连带责任。 重要内容提示： 一、利润分配方案内容 （一）2023 年年度利润分配方案 经 中 汇 会 计 师 事 务 所 审 计 ， 本 公 司 2023 年 度 实 现 净 利 润 人 民 币 1,623,570,182.08 元（母公司报表），根据《公司法》、《证券法》、《金融企业财 务规则》、《公司章程》及《重要货币市场基金监管暂行规定》的有关规定，分别 提取 10%的法定盈余公积金、10%的一般风险准备金、10%的交易风险准备金人民 币共计 487,071,054.63 元以及重要货币市场基金风险准备金 495.90 元后，2023 年度可供分配的利润为人民币 1,136,498,631.55 元。加上以前年度未分配利润 人民币 5,003,998,614.70 元，减去公司实施 2022 年利润分配方案分配的股利人 民币 499,383,109.16 ...

浙商证券股份有限公司 证券代码：601878 证券简称：浙商证券 公告编号：2024-019 2023 年度募集资金存放与实际使用情况的 专项报告 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个别及连带责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号--上市公司募集资 金管理和使用的监管要求（2022 年修订）》及《上海证券交易所上市公司自律监 管指引第 1 号--规范运作（2023 年 12 月修订）》的规定，浙商证券股份有限公 司（以下简称"公司"）编制了截至 2023 年 12 月 31 日公开发行可转换公司债券 募集资金与实际使用情况的专项报告。具体如下： 一、募集资金基本情况 （一）募集资金到账情况 经中国证券监督管理委员会《关于核准浙商证券股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕679号）文件核准，公司共计发行了可转 换公司债券7,000.00万张，每张面值为人民币100.00元，按面值发行，募集资金 总额为人民币7,000,000,000.00元，扣除承销保荐费用人民币12,600 ...