证 券 研 究 报 告 广发证券（000776）2024 年三季报点评 推荐（维持） 公司研究 证券Ⅲ 2024 年 11 月 04 日 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券时报e公司讯，广发证券研报表示，证券板块方面，当前证券行业估值有所修复，市场活跃度明显 提升，并购事件吸引增量资金关注，对行业政策利好敏感性提升，行业估值修复空间可期，政策转向下 市场预期修复初期建议重视券商及证券IT的业绩估值高弹性，利好政策落地及券商业绩改善提升行情持 续性。 保险板块方面，三季报均已披露，整体业绩优于预期，单三季度利润均实现翻倍增长，同时价值增速持 续走扩，而央行买断式逆回购有望推动权益市场及长端利率继续回暖，保险股估值有望继续回升，建议 积极关注保险板块。 ...

证券研究报告 金融公司|公司点评|广发证券（000776） 低基数下投资收益高增驱动公司业绩修 复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 广发证券发布 2024 三季报，2024 前三季度公司累计实现营业总收入 191.37 亿，yoy+6.24%； 归母净利润 67.64 亿，yoy+16.43%；加权平均 ROE 5.26%，较去年同期增加 0.45pct。其中 2024Q3 实现营业总收入 73.59 亿元，yoy+54.08%/qoq+7.76%;归母净利润 24.02 亿元， yoy+88.90%/qoq-14.94%。 |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年11月02日 glzqdatemark2 广发证券(000776) 低基数下投资收益高增驱动公司业绩修复 | --- | --- | --- | |----------------------------|----------|--- ...

证券研究报告·公司点评报告·证券Ⅱ 广发证券（000776） 2024 年三季报点评：自营业务表现较强，投 行债承表现亮眼 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------------------------------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 25,132 | 23,300 | 25,618 | 30,543 | 36,151 | | 同比（ % ） | -26.62% | -7.29% | 9.95% | 19.22% | 18.36% | | 归母净利润（百万元） | 7,929 | 6,978 | 8,137 | 9,824 | 11,751 | | 同比（ % ） | -26.95% | -12.00% | 16.61% | 20.73% | ...

上 市 公 司 证 券 研 究 报 告 公 司 研 究 / 公 司 点 评 | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 15.52 | | 资产负债率 % | 80.78 | | 总股本/流通 A 股(百万 ) | 7,621/5,919 | | 流通 B 股/H 股（百万） | -/1,702 | | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 16.02 | | 一年内最高 / 最低（元） | 18.60/11.13 | | 市净率 | 1.1 | | 息率（分红/股价） | 1.87 | | 流通 A 股市值（百万元） | 94,827 | | 上证指数/深证成指 | 3,266.24/10,530.85 | ...

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 ...