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 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-001 方正证券股份有限公司 关于股东集中竞价减持计划实施期限届满 暨实施结果公告 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 本次减持计划实施前，中国信达资产管理股份有限公司（简称"中国信达"） 持有公司股份数量为 709,886,375 股，占公司总股本的 8.62%，股份来源为协议 转让获得。 集中竞价减持计划的实施结果情况 公司于 2023 年 8 月 1 日披露了《关于股东集中竞价减持股份计划的公告》 （公告编号：2023-032），中国信达拟于 2023 年 8 月 23 日至 2024 年 2 月 22 日期间，以集中竞价交易方式减持公司股份不超过 164,642,028 股（约占公司总 股本的 2.00%）。截至 2024 年 2 月 22 日，本次减持计划实施期限届满，中国信 达累计减持公司股份 82,320,975 股，占公司总股本的 1.00%。 上述减持主体无一致行动人 1 股东名称 股东身 ...

证券代码：601901 证券简称：方正证券 公告编号：2023-044 截止本公告披露日，公司对方正承销保荐被挪用的 20.5 亿元已计提 5.58 亿 元坏账准备，账面净值为 0.36 亿元；本次裁定后，公司将会转回以前年度计提的 坏账准备 2.96 亿元，预计将增加 2023 年度合并净利润约 2.22 亿元。公司将根据 案件的后续清偿情况及时履行信息披露义务。 特此公告。 方正证券股份有限公司董事会 2023 年 12 月 30 日 关于方正承销保荐20.5亿元款项情况的进展公告 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。 公司全资子公司方正证券承销保荐有限责任公司（简称"方正承销保荐"，原 中国民族证券有限责任公司）于 2014 年 9 月至 12 月期间发生 20.5 亿元资金被挪 用事项。就本事项，2018 年法院判决对被挪用未归还的约 16.39 亿元继续追缴后 发还方正承销保荐。经法院追缴和发还，方正承销保荐被挪用的 20.5 亿元尚未收 回款项的账面余额为 5.94 亿元。相关情况详见公司在《中国证券报》 ...

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： 一、本次权益变动情况 1.信息披露义务人情况 信息披露义务人：中国信达资产管理股份有限公司（简称"中国信达"） 住所：北京市西城区闹市口大街 9 号院 1 号楼 是否为公司第一大股东或实际控制人 是□ 否☑ 证券代码：601901 证券简称：方正证券 公告编号：2023-043 方正证券股份有限公司 关于持股 5%以上股东权益变动达到 1%的提示性公告 2.本次权益变动具体情况 | 权益变动时间 | 2023 年 11 月 6 日至 2023 年 | 11 月 22 日 | | --- | --- | --- | | 变动股数（股） | -82,320,975 | | | 变动比例（%） | -1.00 | | | 本次权益变动方式 | 通过证券交易所的集中交易 | ☑ | | | 通过证券交易所的大宗交易 | □ | | | 其他 | □ | 方正证券股份有限公司董事会 2023 年 11 月 24 日 3.本次权益变动前后，中国信达持股情况 股份性质 ...

方正证券股份有限公司: 你公司《关于方正证券股份有限公司股票交易异常波动有关事项 的问询函》已收悉。经过自查,现就相关情况回复如下: 关于方正证券股份有限公司股票交易异常波动 有关事项问询函的回函 特此函复。 新方止招 一、我公司不存在筹划涉及你公司的应披露而未披露的重大信息, 包括但不限于未筹划涉及你公司的重大资产重组、股份发行、重大交 易类事项、业务重组、股份回购、股权激励、破产重整、重大业务合 作、引进战略投资者等重大事项。 二、在你公司股票交易异常波动期间,我公司不存在买卖你公司 股票或其他可能对你公司股价产生较大影响的重大事件。 ...

证券代码：601901 证券简称：方正证券 公告编号：2023-042 方正证券股份有限公司 股票交易异常波动公告 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： 公司股票于 2023 年 11 月 3 日、6 日、7 日连续 3 个交易日内收盘价格涨 幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动情况。 经公司自查并向控股股东发函查证，截至本公告披露日，公司及控股股 东不存在应当披露而未披露的重大信息。 （一）经营情况 经公司自查，公司日常经营状况正常，外部环境未发生重大变化。截至 2023 年第三季度末，公司总资产为 2,067.35 亿元，较年初增长 13.83%，归属于上市 公司股东的所有者权益 448.82 亿元，较年初增长 4.29%；公司 2023 年前三季度 实现营业收入 56.68 亿元，较去年同期下降 4.02%，归属于上市公司股东的净利 润 19.36 亿元，较去年同期下降 0.24%。 （二）重大事项情况 一、股票交易异常波动的具体情况 公司股 ...

Financial Performance - The company's operating revenue for Q3 2023 was CNY 1,614,063,881.74, a decrease of 11.78% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2023 was CNY 496,377,725.40, down 4.41% year-on-year[4]. - Total operating revenue for the first three quarters of 2023 was CNY 5,668,034,273.26, a decrease of 4.01% compared to CNY 5,905,407,247.06 in the same period of 2022[16]. - Net profit for the first three quarters of 2023 was CNY 1,946,236,418.54, down from CNY 2,028,719,646.27, a decline of 4.06%[16]. - The total operating income for Q3 2023 was approximately ¥1,552.96 billion, a decrease of 5.5% compared to ¥1,644.04 billion in Q3 2022[24]. - Net profit for Q3 2023 was approximately ¥1,532.48 billion, down from ¥1,587.63 billion in the same period last year, representing a decline of 3.5%[24]. - Total comprehensive income attributable to shareholders of the parent company was CNY 1,942,551,004.17, compared to CNY 1,867,843,394.33 in the previous year, an increase of 4.0%[17]. Assets and Liabilities - The total assets at the end of Q3 2023 reached CNY 206,734,525,449.55, reflecting a year-on-year increase of 13.83%[5]. - The total liabilities reached RMB 161.04 billion, compared to RMB 137.74 billion at the end of 2022, reflecting an increase of approximately 17.00%[14]. - The total assets as of September 30, 2023, amounted to CNY 176,089,212,427.51, an increase from CNY 156,091,967,727.36 in the previous year, representing a growth of about 12.8%[22]. - The total liabilities as of September 30, 2023, were CNY 131,988,954,604.60, up from CNY 113,431,407,447.71 in 2022, indicating an increase of approximately 16.4%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -4,757,978,881.48, indicating a significant cash outflow[4]. - Cash flow from operating activities showed a net outflow of CNY 4,757,978,881.48, compared to a net outflow of CNY 4,701,558,544.30 in the previous year[18]. - The net increase in cash and cash equivalents for Q3 2023 was CNY 2,393,945,618.45, contrasting with a decrease of CNY 3,816,475,731.68 in Q3 2022[19]. - Cash and cash equivalents at the end of Q3 2023 stood at approximately ¥32.74 billion, down from ¥33.69 billion at the end of Q3 2022[26]. - The company reported a significant increase in cash inflow from financing activities, totaling approximately ¥8.79 billion in Q3 2023, compared to ¥1.97 billion in Q3 2022[26]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 185,050[9]. - The largest shareholder, New Founder Holdings Development Co., Ltd., held 28.71% of the shares, totaling 2,363,237,014 shares[9]. Earnings and Investments - The basic earnings per share for Q3 2023 was CNY 0.07, unchanged from the previous quarter[5]. - The weighted average return on equity decreased to 1.12%, down 0.10 percentage points from the previous year[5]. - Investment income increased significantly to CNY 930,431,481.29, up from CNY 453,851,789.79, marking a growth of 104.5%[16]. - The company's investment income for the first three quarters of 2023 was CNY 426,327,446.82, a significant increase from CNY 6,119,253.77 in the same period of 2022[23]. Financial Assets - The company reported a 193.15% increase in derivative financial assets, primarily due to valuation fluctuations of off-market options and swaps[7]. - The company reported a significant increase in trading financial assets, which rose to RMB 64.56 billion from RMB 37.00 billion, marking an increase of approximately 74.73%[13]. - The company’s derivative financial assets increased significantly to RMB 499.87 million from RMB 170.52 million, representing a growth of approximately 194.36%[13].