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 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5] Core Views - The company has shown resilience with a steady expansion in asset scale and impressive performance in proprietary trading, despite declines in other business segments [4][5] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 8.87 billion yuan, 9.85 billion yuan, and 10.83 billion yuan for 2024, 2025, and 2026 respectively [5] Summary by Relevant Sections Market Performance - As of March 21, 2024, the closing price was 8.39 yuan, with a yearly high of 10.24 yuan and a low of 6.18 yuan [1] - The circulating A-share market capitalization is 69.067 billion yuan [1] Financial Performance - In 2023, the company reported total revenue of 7.119 billion yuan, a decrease of 8.46% year-on-year, while net profit attributable to shareholders was 2.152 billion yuan, a slight increase of 0.21% [3][7] - The return on equity (ROE) was 4.88%, down from the previous year [3][7] Business Segments - The proprietary trading segment saw significant growth, with revenues increasing by 53.54% to 1.705 billion yuan, while investment banking revenues fell sharply by 60.38% to 211 million yuan due to a slowdown in the primary market [4] - The brokerage business remains the largest revenue contributor, generating 3.274 billion yuan, although it declined by 9.06% [4] Asset Management - The company’s fund management business net income grew by 5.17% to 299 million yuan, with managed assets reaching 16.354 billion yuan, a 41.32% increase [2] - The asset management scale decreased by 18.95% to 57.608 billion yuan due to various market factors [2] Future Projections - The company is projected to achieve net profits of 2.726 billion yuan, 3.073 billion yuan, and 3.358 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 26.67%, 12.71%, and 9.28% [5][7]

证券代码：601901 证券简称：方正证券 公告编号：2024-008 方正证券股份有限公司 关于召开 2023 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： 投资者可于 2024 年 3 月 22 日(星期五)至 3 月 28 日(星期四)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 pub@foundersc.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。 公司于 2024 年 3 月 20 日在上海证券交易所网站（www.sse.com.cn）披露公 司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成 果、财务状况，公司计划于 2024 年 3 月 29 日上午 10:00-11:00 举行 2023 年度业 绩说明会，就投资者关心的问题及现金分红事项进行交流。 一、说明会类型 本次说明会以网络文字互动形式召开，公司将针对 2023 年度经营成果及财务 指标的具体情况、现金分红事项与投资者进行互 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.3 yuan, compared to the current price of 7.99 yuan [1]. Core Views - The company's asset structure and profitability indicators have significantly improved, with total assets (excluding client funds) reaching 180.2 billion yuan, an increase of 40 billion yuan year-on-year [1]. - The financial leverage ratio stands at 3.98 times, which is above the industry average of 3.87 times as of the first half of 2023 [1]. - The company benefited from a decline in market interest rates, reducing its cost of liabilities to 2.6%, a decrease of 0.5 percentage points year-on-year [1]. - Regulatory indicators have improved, with a liquidity coverage ratio of 223%, up 84 percentage points year-on-year, and a net stable funding ratio of 162%, which is significantly above the warning line [1]. - The company recorded a credit impairment reversal of 281 million yuan, accounting for 13.04% of net profit, primarily due to the recovery of previously impaired assets [1]. - The light asset business faced pressure due to market downturns, with net income from brokerage fees declining by 9.06% year-on-year to 3.274 billion yuan [1]. - The capital-intensive business remained stable, with revenue from proprietary trading increasing by 53.54% to 1.705 billion yuan [1]. Financial Summary - The company's total operating revenue for 2023 was 71.19 billion yuan, a year-on-year decrease of 8.46%, while net profit attributable to shareholders was 21.52 billion yuan, a slight increase of 0.21% [1][2]. - The average daily trading volume in the A-share market was 877.2 billion yuan, reflecting a year-on-year increase of 5.23% [1]. - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.31, 0.35, and 0.39 yuan, respectively [1][2]. - The price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 1.38, 1.31, and 1.23 times, respectively [1][2].

方正证券股份有限公司 董事会审计委员会 2023 年度履职报告 根据公司《章程》《董事会审计委员会工作细则》《董事会审计委员会年报 工作规程》等规定，2023 年度，公司董事会审计委员会（简称"审计委员会"） 本着勤勉尽责的原则，积极开展工作，认真履行职责，现将履职情况报告如下： 一、审计委员会委员基本情况 2023年1-5月，公司审计委员会由三名董事组成，分别为林钟高先生、胡滨 先生和曹诗男女士。2023年6月，因公司董事会换届，公司董事会选举林钟高先 生、施华先生和曹诗男女士为公司第五届董事会审计委员会委员。林钟高先生和 曹诗男女士均为独立董事，其中林钟高先生为会计专业的独立董事，担任审计委 员会主任委员，符合监管要求及公司《章程》等相关文件的规定。 二、审计委员会会议召开情况 （二）审计委员会委员出席会议情况 （一）2023 年度，公司共召开审计委员会会议 7 次，具体情况如下： | 序 号 | 会议届次 | 召开日期 | 审议议案 | | --- | --- | --- | --- | | | | | 1、关于审议《董事会审计委员会 2022 年度履职报告》 | | | | | 的议案 2、关于审议《 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][5][12]. Core Views - The report indicates that major risks for the company have largely been resolved, which is expected to lead to a recovery in leverage and ROE. The heavy asset business shows growth potential. With China Ping An becoming the controlling shareholder, there is an expectation for better synergy, and the valuation has room for upward adjustment. The target price is set at a reasonable value range of 8.95-9.54 CNY, based on a 1.5-1.6x 2024E PB [5][6][12]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 7.12 billion CNY, a year-on-year decrease of 8.5%. The net profit attributable to the parent company was 2.15 billion CNY, a slight increase of 0.2%, resulting in an EPS of 0.26 CNY and an ROE of 4.9%. The company's leverage ratio improved to 4.26 times, up by 0.75 times from 2022 [5][7][12]. - The fourth quarter saw operating revenue of 1.45 billion CNY, down 22.5% year-on-year and 10.1% quarter-on-quarter. The net profit for the fourth quarter was 220 million CNY, up 4.3% year-on-year but down 56.4% quarter-on-quarter [5][6]. Business Segments - The brokerage business revenue was 3.27 billion CNY, down 9.1% year-on-year, accounting for 46.0% of total revenue. The company’s income from selling financial products grew by 6.6% year-on-year to 250 million CNY, representing 7.6% of brokerage income. The margin trading balance increased by 18% year-to-date to 30.9 billion CNY, with a market share of 1.87%, up 0.17 percentage points year-on-year [5][6][12]. - Investment banking faced challenges, with revenue dropping by 60.4% year-on-year to 210 million CNY. The underwriting scale for equity and debt also declined, with equity underwriting down 22.1% and debt underwriting down 51.3% [5][6]. Asset Management - The asset management business generated revenue of 180 million CNY, a decrease of 23.2% year-on-year, with total assets under management declining by 19% to 57.7 billion CNY due to various market factors [6][12]. - The self-operated business saw significant growth, with investment income (including fair value) reaching 1.7 billion CNY, up 53.5% year-on-year, and total self-operated assets growing by 39.9% to 105.8 billion CNY [6][12]. Future Projections - The company expects EPS for 2024-2026 to be 0.30, 0.33, and 0.36 CNY respectively, with BVPS projected at 5.96, 6.24, and 6.68 CNY [6][12].

Financial Performance - The company achieved operating revenue of 7.119 billion yuan and a net profit attributable to shareholders of 2.152 billion yuan, marking a continuous growth for five years and reaching a seven-year high[5]. - The net profit attributable to shareholders reached 2.152 billion yuan, marking a continuous growth for five years and the highest in nearly seven years[8]. - The company's operating revenue for 2023 was approximately ¥7.12 billion, a decrease of 8.46% compared to ¥7.78 billion in 2022[41]. - The net profit attributable to shareholders for 2023 was approximately ¥2.15 billion, showing a slight increase of 0.21% from ¥2.15 billion in 2022[41]. - The total assets of the company at the end of 2023 reached approximately ¥222.44 billion, an increase of 22.48% from ¥181.61 billion at the end of 2022[42]. - The total liabilities at the end of 2023 were approximately ¥176.35 billion, reflecting a growth of 28.04% from ¥137.74 billion at the end of 2022[42]. - The company's cash flow from operating activities for 2023 was negative at approximately -¥8.31 billion, worsening from -¥5.41 billion in 2022[41]. - The company's total registered capital is ¥8.23 billion, unchanged from the previous year[42]. - The company's total assets, excluding client transaction settlement funds, were 169.889 billion RMB, reflecting a growth of 41.454 billion RMB or 32.28%[126]. Customer Growth and Market Share - The number of customers exceeded 16 million, with a market share in securities trading net income rebounding to a three-year high; margin financing and securities lending balance market share increased from 1.70% to 1.87%[5]. - The company added 1.24 million new clients, bringing the total client base to over 16 million[9]. - The market share for securities trading net income in Q4 2023 rose to approximately 2.90%, the highest in three years[70]. - The number of institutional clients opened and new assets increased by nearly 200% year-on-year, with institutional clients accounting for over 50% of the company's new account trading volume[78]. Investment and Asset Management - The company’s futures subsidiary, Fangzheng Zhongqi Futures, reported a daily average customer equity scale of 28.9 billion yuan, a historical high, and was recognized as an excellent case for serving the real economy[5]. - The fixed income investment yield reached 11.39%, with trading income from stocks and bonds both growing by 30% year-on-year[5]. - The private equity subsidiary, Fangzheng Hesheng Investment, invested in over 40 high-quality enterprises in 2023, with three companies completing their IPOs[6]. - The asset management scale increased significantly, with public fund management scale reaching 61.2 billion yuan, both revenue and net profit for public funds hitting new highs[9]. - The company’s investment income rose by 19.71% to ¥1,135,903,713.96 from ¥948,864,216.93 in the previous year[46]. - The public fund management business managed a total of 611.67 billion CNY in assets, an increase of 111.82 billion CNY year-on-year, representing a growth rate of 22.37%[96]. Risk Management - The company has established a comprehensive risk management system covering various risk types, including credit risk, market risk, liquidity risk, operational risk, and compliance risk[150]. - A multi-level risk management system has been implemented, ensuring that risk management responsibilities are clearly defined across all departments and subsidiaries[150]. - The company has developed a risk monitoring mechanism, including a risk early warning system and a comprehensive risk management platform for centralized monitoring of risk information[151]. - The company has established emergency response mechanisms for significant risks, including liquidity risk and information system failures, with defined trigger conditions and procedures[153]. - The company aims to enhance its risk management capabilities through continuous training and development of risk management personnel[150]. Digital Transformation and Innovation - The company is focused on enhancing service efficiency through a digitalized management model, targeting retail and institutional clients[70]. - The monthly active peak of the Xiaofang APP increased by 7.6%, daily average visits rose by 16.2%, and average daily visit duration grew by 12.1% year-on-year, indicating significant improvement in user engagement and satisfaction[73]. - The company has successfully implemented a cloud-native architecture system, improving system stability and reducing business interruption risks[167]. - The company has optimized its operational processes and enhanced customer service efficiency through digital transformation initiatives[168]. Corporate Governance and Leadership - The company held a total of 5 shareholder meetings during the reporting period[175]. - All proposals at the 2023 First Extraordinary General Meeting were approved, including the election of independent directors[175]. - The company has expanded its board with new directors elected in June 2023, enhancing governance[175]. - The current chairman, Shi Hua, has been in position since September 2018 and is also the president and executive committee director[178]. - The company’s senior management compensation structure includes a deferred payment of over 40% of their performance-based salary, with a minimum deferral period of 3 years[177].

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 方正证券（601901）公司研究报告 2024年03月13日 首次覆盖：股东风险落地，老牌券商重新 出发 [Table_Summary] 投资要点： 首批成立老牌券商，控股股东变更落地。公司成立于1988年，前身浙江省证  券公司是国内第一批券商。2020年北大方正集团重整，平安人寿通过设立新 方正集团获批入主公司。重组后公司大股东为新方正集团，持股占比28.71%， 中国平安间接持股 19.1%；北京政泉的股份被罚没后，第二大股东为社保基 金，占比13.24%；第三大股东中国信达持有7.1亿股，占比8.62%。 股东风险落地，杠杆率及ROE显著回升。此前因一系列股东、合规风险等事  件，公司长期债券融资募集受阻，导致公司各项业务拓展受到明显限制， 2021 年以前ROE持续低于上市券商平均。随着公司股东风险落地，长期债券融资 通道打开，公司各项业务恢复常态。杠杆率从2020年低点的2.4倍提升至2023 年上半年的3.7倍，2022年以来公司ROE已超越上市券商平均。2023年上半 年，公司实现营业收入40.54亿元，高基数下同比下滑 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 方正证券（601901）公司研究报告 2024年03月13日 [Table_InvestInfo] 首次 股东风险落地，老牌券商重新出发 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 投资要点： 0[3Ta月b1le2_日S收to盘ck价I（nf元o]） 7.55 52周股价波动（元） 6.18-10.24  首批成立老牌券商，控股股东变更落地。公司成立于 1988 年，前身浙江省 总股本/流通A股（百万股） 8232/8232 证券公司是国内第一批券商。2020年北大方正集团重整，平安人寿通过设立 总市值/流通市值（百万元） 62152/62152 新方正集团获批入主公司。重组后公司大股东为新方正集团，持股占比 相关研究 28.71%，中国平安间接持股19.1%；北京政泉的股份被罚没后，第二大股东 [Table_ReportInfo] 为社保基金，占比13.24%；第三大股东中国信达持有7.1亿股，占比8.62%。  股东风险落地，杠杆率及 ROE 显著回升。此前因一系列股东、合规风险等 市场表现 事件，公司长期 ...