2024 年 10 月 31 日 公司研究 业绩回暖提升，自营贡献营收增量 ——广发证券（000776.SZ）2024 年三季报点评 增持（维持） 当前价：16.02 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 联系人：李爱娅 liaiya@ebscn.com | --- | --- | |----------------------|------------| | | | | | | | | | | 市场数据 | | | 总股本(亿股 ) | 76.21 | | 总市值(亿元)： | 1,220.90 | | 一年最低/最高(元 )： | 11.13/18.6 | | 近 3 月换手率： | 100.3% | | --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | % | 1M | 3M | 1Y | | 相对 | -0.9 | 14.6 | 1.8 | | 绝对 | -4.1 | 27.5 | 10.7 | | | ...

Financial Performance - Operating revenue for the current reporting period reached RMB 7.36 billion, a year-on-year increase of 54.08%[2] - Net profit attributable to shareholders of the listed company was RMB 2.40 billion, up 88.90% year-on-year[2] - Total operating revenue increased to 19.14 billion yuan from 18.01 billion yuan, a growth of 6.2%[16] - Net profit increased to 7.50 billion yuan from 6.54 billion yuan, a growth of 14.7%[17] - Comprehensive income increased to 8.69 billion yuan from 7.08 billion yuan, a growth of 22.8%[17] - Basic earnings per share increased to 0.80 yuan from 0.70 yuan, a growth of 14.3%[17] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 770.65 billion, an increase of 12.97% compared to the end of the previous year[2] - The company's total assets amounted to RMB 770.65 billion as of September 30, 2024, an increase from RMB 682.18 billion at the end of 2023[14] - Total assets increased by 10.90% to 614.45 billion yuan compared to the previous year-end[7] - The company's total liabilities increased to RMB 622.56 billion as of September 30, 2024, compared to RMB 541.51 billion at the end of 2023[15] - The company's equity attributable to the parent company's owners increased to RMB 142.79 billion as of September 30, 2024, from RMB 135.72 billion at the end of 2023[15] - The company's undistributed profits rose to RMB 44.09 billion as of September 30, 2024, compared to RMB 40.15 billion at the end of 2023[15] Cash Flow and Liquidity - Net cash flow from operating activities for the period was RMB 31.16 billion, a significant increase of 150.77% year-on-year[6] - Cash flow from operating activities increased to 108.19 billion yuan from 68.38 billion yuan, a growth of 58.2%[18] - Operating cash flow net amount: 31,163,341,650.54[19] - Investment cash inflow subtotal: 12,043,900,693.48[19] - Investment cash outflow subtotal: 2,052,151,618.29[19] - Net cash flow from investment activities: 9,991,749,075.19[19] - Financing cash inflow subtotal: 68,467,219,407.06[19] - Financing cash outflow subtotal: 79,198,879,790.43[19] - Net cash flow from financing activities: -10,731,660,383.37[19] - Net increase in cash and cash equivalents: 30,360,453,373.90[19] - Ending cash and cash equivalents balance: 176,365,344,449.04[19] - Liquidity coverage ratio decreased by 89.21 percentage points to 133.22% compared to the previous year-end[7] - Net stable funding ratio increased by 3.70 percentage points to 133.27% compared to the previous year-end[7] Investment and Financial Instruments - Investment income for the period was RMB 5.55 billion, up 62.26% year-on-year, driven by increased returns from financial instruments[5] - The fair value change income of financial assets was RMB 968.41 million, compared to a loss of RMB 96.70 million in the same period last year[5] - Derivative financial assets grew by 118.70% to RMB 11.01 billion, reflecting an increase in the scale of derivative financial instruments[5] - Other comprehensive income after tax increased by 119.77% to RMB 1.19 billion, mainly due to the fair value change of other equity instrument investments[6] - Investment income increased to 5.55 billion yuan from 3.42 billion yuan, a growth of 62.2%[16] Subsidiaries and Capital - Core net capital decreased by 1.47% to 64.55 billion yuan compared to the previous year-end[7] - Subsidiary net capital decreased by 1.99% to 27.10 billion yuan compared to the previous year-end[7] - Total net capital decreased by 1.62% to 91.65 billion yuan compared to the previous year-end[7] - The company increased the paid-in capital of GF Holdings (Hong Kong) Limited to HKD 8.2 billion by injecting an additional HKD 1.1 billion[12] - GF Financial Holdings BVI Ltd., a wholly-owned subsidiary of GF Holdings (Hong Kong), issued USD 300 million in floating-rate overseas bonds with a 3-year maturity on September 12, 2024. The company provided an unconditional and irrevocable guarantee for the principal, interest, and other payment obligations of the bonds[13] Shareholders and Ownership - Total number of ordinary shareholders at the end of the reporting period was 217,432, including 1,420 A+H share registered shareholders[8] - Hong Kong Securities Clearing (Nominees) Limited holds 22.31% of the shares, making it the largest shareholder[8] - Jilin Aodong Pharmaceutical Group Co., Ltd. holds 16.44% of the shares, making it the second-largest shareholder[8] Business Operations and Expansion - The company has a total of 357 branches, including 26 branches and 331 securities business departments, distributed across 31 provinces, municipalities, and autonomous regions in China. During the reporting period, 18 branches completed renaming or relocation[11] - Other business income surged to RMB 641.81 million, a 247.92% increase year-on-year, primarily due to higher bulk commodity sales[5] Risk and Coverage Ratios - Risk coverage ratio increased by 1.73 percentage points to 235.09% compared to the previous year-end[7] Revenue and Income Breakdown - Net interest income decreased to 1.37 billion yuan from 2.48 billion yuan, a decline of 44.6%[16] - Net fee and commission income decreased to 9.87 billion yuan from 11.17 billion yuan, a decline of 11.6%[16] - Cash received from interest, fees, and commissions decreased to 17.56 billion yuan from 19.32 billion yuan, a decline of 9.1%[18] - Cash paid for employee benefits decreased to 6.45 billion yuan from 7.68 billion yuan, a decline of 16.0%[18] Monetary Funds and Financial Investments - The company's monetary funds increased to RMB 161.43 billion as of September 30, 2024, compared to RMB 118.82 billion at the end of 2023[14] - The company's financial investments reached RMB 412.91 billion as of September 30, 2024, up from RMB 361.20 billion at the end of 2023[14]

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 自营实现明显增长，公募收入贡献略有下降 ——广发证券(000776)2024 年中报点评 发布日期：2024 年 09 月 27 日 证券研究报告-中报点评 增持(维持) | --- | --- | |-------------------------------|-------------| | 市场数据 (2024-09-26) | | | 收盘价 ( 元 ) | 13.92 | | 一年内最高 / 最低 ( 元 ) | 15.14/11.25 | | 沪深 300 指数 | 3,545.32 | | 市净率 ( 倍 ) | 0.91 | | 总市值 ( 亿元 ) | 1,060.86 | | 流通市值 ( 亿元 ) | 1,060.86 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 15.25 | | 总资产 ( 亿元 ) | 6,893.28 | | 所有者权益 ( 亿元 ) | 1,407.03 | | 净资产收益率 (%) | 3.3 ...

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2024 年 9 月 19 日投资者关系活动记录表 编号：2024091901 | --- | --- | --- | --- | --- | |-------------------------|------------------------------------------------------|--------------------------------------------------|-------|-------| | | | | | | | | √特定对象调研 | □分析师会议 | | | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | | 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | □其他 | | | | 参与单位名称及 人员姓名 | M&G 分析师 Valentina Luo | | | | | 时间 | 2024 年 9 月 19 日下午 | 16:00-17:00 | | | | | | | | | | 地点及形式 | 公司 39 楼会议室，电话会议 | | | ...

1 证券代码：000776 证券简称：广发证券 | --- | --- | --- | --- | |-----------------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------|----------------------| | | | 编号： | 2024091202 | | | □特定对象调研 | □分析师会议 | | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | √其他 | | | 参与单位名称及 | 坚定信心 携手共进 | 助力上市公司提升投资价值—— | 2024 | | 人员姓名 | 日 | 广东辖区上市公司投资者关系管理月活动投资者集体接待 | | | 时间 2024 | 年 9 月 12 日下午 | 15:30 ...

服务新质生产力，广发证券：争当服务实体经济的主力军 导语：广发证券助力新质生产力培育发展。 作者：市值风云 App：beyond 2024 年 9 月 11 日，由广发证券（000776.SZ）独家保荐及承销的慧翰微电子 股份有限公司（简称：慧翰股份，股票代码：301600.SZ）成功登陆深圳证券交 易所创业板，成为广发证券服务汽车电子领域企业对接资本市场的又一成功案例。 慧翰股份是2024年以来福建省融资规模最大、市值最高的汽车产业链IPO企业， 同时也是 2024 年福州市首家成功 IPO 上市的企业。 广发证券凭借对智能网联汽车行业的敏锐洞察和前瞻布局，长期深耕产业赛道， 自 2014 年起即开始服务慧翰股份，积极为公司资本运作、产业布局提供专业的 方案及建议，先后助力企业完成新三板挂牌、创业板 IPO，与客户建立了长期稳 定、互相信任的紧密合作关系。 智能网联汽车是推动汽车产业转型升级、驱动经济高质量增长的重要载体，本项 目是广发证券助力车载智能终端企业借助资本市场做优做强、提质增效的标杆案 例，充分彰显了广发证券持续为国家重大战略、重点领域和关键环节提供优质金 融服务支持，扎实做好"五篇大文章"、助 ...

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2024 年 9 月 12 日投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------|------------------------------------------------------| | | | 编号： 2024091201 | | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | 参与单位名称及 | □现场参观 | √其他 | | 人员姓名 | | 中信里昂证券年度投资者论坛所邀请分析师和投资者 | | 时间 2024 | 年 9 月 12 日上午 | 10:00-10:50 | | 地点及形式 | 香港君悦酒店，现场会议 | | | | 公司董事会秘书 | 尹中兴先生 | | 上市公司接待人 | 董事会办公室 王强女士 | | | 员姓名 | 董事会办公室 | 李经天先生 | | | 董事会办公室 | 刘伯勋先生 | | ...

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2024 年 9 月 11 日投资者关系活动记录表 编号：2024091101 | --- | --- | --- | --- | --- | |-------------------------|--------------------------------|------------------------------------------------------|-------|--------------| | | | | | | | | □特定对象调研 | □分析师会议 | | | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | | 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | √其他 | | | | 参与单位名称及 人员姓名 | 高盛 2024 "中国 + | "投资论坛所邀请分析师和投资者 | | | | 时间 | 2024 年 9 月 11 日下午 | 15:00-16:00 | | | | 地点及形式 | 香港 JW 万豪酒店，现场会议 | | | | | 上市公司接待人 | ...

证券代码：000776 证券简称：广发证券 公告编号：2024-040 广发证券股份有限公司 关于参加广东辖区 2024 年投资者网上集体接待日活动 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，广发证券股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共 进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（星期四） 15:30-16:30。届时公司高管将在线就公司 2024 年半年度业绩、公司治理、发展 战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与。 特此公告。 广发证券股份有限公司董事会 二〇二四年九月十一日 ...

证券代码：000776 证券简称：广发证券 1 广发证券股份有限公司 2024 年 9 月 5 日投资者关系活动记录表 编号：2024090501 | --- | --- | --- | --- | |----------------|------------------------------------------------------|--------------------------------------------------|-------| | | | | | | | □特定对象调研 | □分析师会议 | | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | 参与单位名称及 | □现场参观 | √其他 | | | 人员姓名 | 摩根士丹利中国最佳企业峰会所邀请分析师和投资者 | | | | 时间 | 2024 年 9 月 5 日下午 | 14:00-16:00 | | | 地点及形式 | 北京瑰丽酒店，现场会议 | | | | 上市公司接待人 | 公司董事会秘书 董事会办公室 王强女士 | 尹中兴先生 | | | 员姓名 ...