Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 9.3 CNY and a current price of 8.09 CNY [1]. Core Insights - The issuance of 1 billion CNY short-term bonds at a coupon rate of 2.03% marks a significant improvement in the company's fundamentals. This is the first short-term bond issuance since the resolution of shareholder risk events [1]. - The short-term bonds will help the company in two main ways: 1. Increase interest margins by replacing high-interest existing bonds, as recent bond market rates have been declining [1]. 2. Enhance Return on Equity (ROE) by expanding the company's leverage capacity through the addition of new financing tools [1]. - The company is expected to see an increase in ROE, with projections of 0.31, 0.35, and 0.39 for the years 2024, 2025, and 2026 respectively, alongside an estimated EPS of 0.26, 0.31, 0.35, and 0.39 for the same years [1]. Financial Summary - The company’s total assets are projected to grow from 222.44 billion CNY in 2023 to 274.22 billion CNY by 2026 [4]. - Total revenue is expected to increase from 7,119 million CNY in 2023 to 10,438 million CNY in 2026, reflecting a growth rate of 11% [4]. - Net profit attributable to shareholders is forecasted to rise from 2,152 million CNY in 2023 to 3,176 million CNY in 2026, with a growth rate of 12% [4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.3 CNY, reflecting a valuation of 1.6 times the price-to-book ratio for 2024 [2][5]. Core Insights - The company's Q1 2024 performance exceeded expectations, driven by significant leverage increase and improved self-operated yield, with total revenue reaching 1.98 billion CNY (up 12% year-on-year) and net profit attributable to shareholders at 780 million CNY (up 41% year-on-year) [2]. - The growth in revenue was primarily from heavy capital business, which saw a net income increase of 200 million CNY year-on-year, while light capital business revenue remained stable [2]. - The financial leverage ratio increased to 4.1 times (up 0.58 times year-on-year), indicating potential for further leverage growth [2]. Summary by Sections Revenue and Profitability - Total revenue for Q1 2024 was 1.98 billion CNY, with a year-on-year growth of 12% [2]. - Net profit attributable to shareholders was 780 million CNY, reflecting a year-on-year increase of 41% [2]. - The return on equity (ROE) for the quarter was 1.7%, up 0.4 percentage points year-on-year [2]. Business Segments - Heavy capital business revenue increased significantly, with net interest income at 240 million CNY (down 150 million CNY year-on-year) due to higher interest expenses [2]. - Self-operated income, primarily from fixed income, reached 1.79 billion CNY, up 380 million CNY year-on-year, with a self-operated yield of 0.7% (up 0.2 percentage points year-on-year) [2]. - Light capital business revenue showed mixed results, with brokerage income stable at 810 million CNY and investment banking income down to 40 million CNY [2]. Financial Projections - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 at 0.31 CNY, 0.35 CNY, and 0.39 CNY respectively, with corresponding book values per share (BPS) of 5.78 CNY, 6.11 CNY, and 6.48 CNY [2]. - The price-to-earnings (P/E) ratios are projected at 29.5, 24.8, and 22.2 for the years 2023, 2024, and 2025 respectively [3].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,984,787,239.23, representing an increase of 11.97% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company reached CNY 784,306,322.29, marking a significant increase of 41.06% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 764,284,012.68, reflecting a growth of 40.69% compared to the previous year[4] - The basic earnings per share (EPS) was CNY 0.10, which is an increase of 42.86% year-on-year[4] - Operating profit for Q1 2024 was ¥860,657,730.86, an increase from ¥657,874,406.48 in Q1 2023[17] - The company reported a net profit margin improvement, with total profit reaching ¥854,268,823.78 compared to ¥657,601,560.61 in the same quarter last year[17] - Net profit for Q1 2024 was approximately ¥775.89 million, a significant increase from ¥583.70 million in Q1 2023, representing a year-over-year growth of 33%[18] - The total comprehensive income for Q1 2024 reached approximately ¥946.11 million, compared to ¥633.79 million in Q1 2023, indicating a growth of 49.2%[18] - The basic and diluted earnings per share for Q1 2024 were both ¥0.10, up from ¥0.07 in Q1 2023, reflecting a 42.9% increase[18] - The net commission and fee income for Q1 2024 was ¥801,390,045.64, an increase from ¥763,851,759.47 in Q1 2023, reflecting a growth of 4.9%[24] - The company reported a total comprehensive income of ¥967,251,745.60 for Q1 2024, compared to ¥464,532,908.56 in Q1 2023, indicating a significant increase of 108.5%[25] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 230,729,801,389.58, a 3.73% increase from the end of the previous year[5] - The equity attributable to shareholders of the listed company was CNY 46,194,217,201.40, up by 2.11% from the previous year[5] - Total assets amounted to ¥230,729,801,389.58, up from ¥222,441,655,763.08 year-over-year[16] - Total liabilities increased to ¥183,692,010,388.43 from ¥176,350,360,715.00, reflecting a growth of 7.63%[16] - The company's total equity attributable to shareholders rose to ¥46,194,217,201.40, compared to ¥45,239,301,251.60 in the previous year[16] - Total assets increased to ¥206,809,791,062.21 in Q1 2024, up from ¥196,571,728,942.97 in Q1 2023, marking a growth of 5.6%[23] - Total liabilities rose to ¥161,594,244,271.97 in Q1 2024, compared to ¥152,323,820,419.55 in Q1 2023, indicating a 6.5% increase[23] - The company's equity increased to ¥45,215,546,790.24 in Q1 2024, up from ¥44,247,908,523.42 in Q1 2023, representing a growth of 2.2%[23] Cash Flow - The net cash flow from operating activities was negative at CNY -5,823,832,416.85, a decrease of 704.53% compared to the same period last year[4] - The net cash flow from operating activities for Q1 2024 was negative at approximately -¥5.82 billion, compared to a positive cash flow of ¥963.36 million in Q1 2023[19] - The total cash and cash equivalents at the end of Q1 2024 were approximately ¥57.44 billion, a decrease from ¥54.81 billion at the end of Q1 2023[20] - The company reported a net increase in funds borrowed from other financial institutions of approximately -¥3.01 billion in Q1 2024, compared to an increase of ¥905 million in Q1 2023[19] - Total cash inflow from operating activities in Q1 2024 was 7,052,646,768.69 RMB, down from 11,971,801,798.85 RMB in the same period last year[27] - The company reported a net increase of 8,949,099,374.70 RMB in financial assets held for trading in Q1 2024, compared to 6,146,386,645.79 RMB in Q1 2023[26] Investments and Future Plans - The company reported a significant increase in investment and trading business income, which was the main driver for the profit growth[7] - The company plans to continue expanding its investment and trading operations to sustain growth in future quarters[7] - The company plans to expand its market presence and invest in new technologies to drive future growth[17] - The company is focusing on enhancing its asset management and investment banking services to improve revenue streams[17] Financial Instruments and Other Assets - The company's total trading financial assets increased to ¥65,299,896,891.67 from ¥56,075,442,932.77, reflecting a growth of about 16.4%[14] - The company's other equity instrument investments rose to ¥2,106,858,043.06 from ¥1,189,294,742.09, marking an increase of approximately 77.1%[14] - The company's financial investments in other debt instruments increased to ¥42,727,514,303.35 from ¥41,402,799,806.36, reflecting a growth of approximately 3.2%[14] - The company's fixed assets decreased to ¥431,691,950.21 from ¥453,879,502.42, indicating a decline of about 4.9%[14] - The total amount of margin financing provided by the company was ¥31,165,364,760.04, down from ¥32,480,075,192.96, which is a decrease of about 4.1%[14] - The total amount of buy-back financial assets decreased to ¥10,729,756,181.77 from ¥12,944,406,691.72, indicating a decline of about 16.9%[14]

证券代码：601901 证券简称：方正证券 公告编号：2024-011 方正证券股份有限公司 第五届监事会第五次会议决议公告 经审议，本次会议形成如下决议： 一、审议通过了《2024 年第一季度报告》 经审核，监事会认为《2024 年第一季度报告》的编制和审议程序符合《公司 法》《证券法》及公司《章程》的规定。报告格式符合中国证监会和上海证券交易 所的相关规定，报告内容真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《2023 年度合规报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、审议通过了《2023 年度廉洁从业管理情况报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 四、审议通过了《2023 年度风险管理报告》 本公司监事会及全体监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。 公司第五届监事会第五次会议于2024年4月22日以现场加视频的方式召开， 现场会议设在北京市朝阳区朝阳门南大街 10 号兆泰国际中心 A 座 19 层会议室 ...

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。 公司第五届董事会第六次会议于 2024 年 4 月 22 日以现场加视频或电话的方式召 开，现场会议设在北京市朝阳区朝阳门南大街 10 号兆泰国际中心 A 座 19 层会议室。 本次会议的通知、补充通知和会议资料分别于 2024 年 4 月 12 日、17 日以电子邮件方 式发出。本次会议由董事长施华先生召集和主持，应出席董事 9 名，实际出席董事 9 名（施华先生、宋洪军先生、张忠民女士、张路先生、曹诗男女士、林钟高先生、柯荣 富先生视频或电话参会，何亚刚先生、李岩先生现场参会），公司 3 名监事和部分高级 管理人员列席了会议。本次会议的召集、召开程序符合《公司法》、公司《章程》的有 关规定。 证券代码：601901 证券简称：方正证券 公告编号：2024-010 方正证券股份有限公司 第五届董事会第六次会议决议公告 经审议，本次会议形成如下决议： 一、审议通过了《2024 年第一季度报告》 《2024 年第一季度报告》与本公告同日刊登在《中国证券报》《上海证券报》《证 券时报 ...

3、根据《证券公司内部审计指引》及公司实际情况，新增董事会、监事会履 行的内部审计职责相关条款，并精简、规范个别条款表述。 关于修订公司《章程》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。 根据《上市公司独立董事管理办法》《上市公司监管指引第 3 号——上市公司 现金分红（2023 年修订）》《证券公司内部审计指引》等相关法律法规和公司实际 情况，经第五届董事会第六次会议审议通过，公司拟对《章程》进行修订，新增 2 条，修订 15 条，修订前为 305 条，修订后为 307 条。修订内容主要为三方面： 1、根据《上市公司独立董事管理办法》，相应修订独立董事任职资格与任免、 职责与履职方式、履职保障等相关条款； 2、根据《上市公司监管指引第 3 号——上市公司现金分红（2023 年修订）》， 新增现金分红的优先顺序以及中期分红的简化审议程序、完成时限要求等相关条 款； 证券代码：601901 证券简称：方正证券 公告编号：2024-013 方正证券股份有限公司 修订具体情况请见附件。本次公司《章程》修订尚需提交股东大会 ...

方正证券股份有限公司 章程草案 二零二四年四月 1 目 录 第一章 总则 第五章 股东和股东大会 第六章 董事会 第九章 内部控制 第十章 财务会计制度、利润分配和审计 2 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 党的组织 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第一节 董事 第二节 独立董事 第三节 董事会 第四节 董事会专门委员会 第五节 董事会秘书 第七章 执行委员会、总裁及其他高级管理人员 第八章 监事会 第一节 监事 第二节 监事会 第三节 监事会会议 第十一章 通知 第十二章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第十三章 章程修改 第十四章 附则 3 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 方正证券股份有限公司 章 程 第二节 解散和清算 第一章 总则 第三条 公司于 2011 年 8 月 3 日经中国证监会"证监许可[2011]1124 号" 文批准，首次向社会公 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-012 方正证券股份有限公司 2024年度"提质增效重回报"行动方案 本公司监事会及全体监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。 为践行以"投资者为本"的上市公司发展理念，增强投资者回报、提升投资者 获得感，基于对未来发展前景的信心，公司拟定了 2024 年度"提质增效重回报" 行动方案，以进一步提升公司经营质量和盈利能力，提高公司投资价值，真心实意 回报投资者。具体方案内容如下： 一、聚焦提质增效 展望未来发展，公司增长动能强劲，将朝着"成为财富管理特色鲜明、高质量 发展的大型综合类券商"战略目标坚定前行。 二、增加投资者回报 公司高度重视对投资者的合理投资回报，在兼顾可持续发展的前提下，公司利 润分配一直采取现金分红方式，分红政策保持连续性和稳定性。 为增强投资者获得感，本着与投资者共享发展成果的原则，公司将增加现金分 红的频次。在 2024 年上半年盈利的前提下，公司拟进行 2024 年中期现金分红，并 简化分红程序，申请股东大会授权董事会制定具体分红方案,提升分红时效 ...

2024年03月29日 公 司点评 公 买入 / 上调 司 方正证券(601901) 研 究 目标价: 昨收盘:7.82 方正证券 2023 年年报点评：传统优势稳固，财务杠杆抬升 ◼ 走势比较 事件：方正证券发布2023年年度报告，报告期内公司实现营业收入 71.19亿元，同比-8.46%；实现归母净利润21.52亿元，同比+0.21%；剔 50% 除客户资金后的财务杠杆率回升至3.98倍，ROE（加权）为4.88%。 太 34% 轻资产业务承压，重资产业务表现出色。受市场交投情绪低迷和融资 平 政策收紧影响，公司轻资产业务持续承压，报告期内公司轻资产业务收入 18% 40.08 亿元，同比-15.58%。重资产业务为公司业绩提供支撑，报告期内 洋 2% 证 (14%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 公司重 证资 券产 经业 纪务 业收 务入 优势31 明.2 显5亿 ，基元 金， 管同 理比 规+8 模.6 快2% 速。 扩 张。公司经纪业务手续 券 (30%) 费净收入32.74亿元，同比-9.06%；其中代理买卖证券业务净收入21.74 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-009 方正证券股份有限公司 关于股东集中竞价减持股份计划的公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 | 股东 | 计划减持数量 | | 计划减 | 减持方式 | 竞价交易 | 减持合 理价格 | 拟减持股 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | （股） | | 持比例 | | 减持期间 | | 份来源 | 原因 | | | | | | | | 区间 | | | | 中国 | 不超过： | | 不超过： | 竞价交易减持，不超 | 2024/4/29～ | 按市场价 | 协议转让取 | 经营需 | | 信达 | 82,321,014 | 股 | 1.00% | | 2024/7/28 | 格 | 得的股份 | 要 | | | | | | 过：82,321,014 股 | | | | | 1 注 1：预披露期 ...