多项修订！国信证券51亿并购案迎新进展

Core Viewpoint - Guosen Securities is progressing with the acquisition of Wanhe Securities, making adjustments to the issuance price and number of shares in the restructuring report, indicating a strategic move in the brokerage industry [1][2]. Group 1: Acquisition Details - The issuance price for the acquisition has been adjusted from 8.6 yuan/share to 8.25 yuan/share, with the number of shares increasing from 604 million to 629 million [1][2]. - The transaction price for 96.08% of Wanhe Securities is set at 5.192 billion yuan [1][3]. - The assessment of Wanhe Securities' 100% equity value as of November 30, 2024, is 5.4589 billion yuan, showing no impairment compared to the previous assessment [3]. Group 2: Financial Performance - Wanhe Securities reported a revenue of 514 million yuan for 2024, up from 499 million yuan in 2023, and a net profit of 64.32 million yuan, an increase from 58.75 million yuan [5]. - Guosen Securities achieved a revenue of 20.167 billion yuan in 2024, a year-on-year increase of 16.46%, with a net profit of 8.217 billion yuan, up 27.84% [5]. Group 3: Strategic Implications - The acquisition is expected to enhance Guosen Securities' regional layout, leveraging Wanhe Securities' presence in key development areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [6]. - This move is anticipated to improve the company's competitiveness and ability to serve national development strategies [6]. Group 4: Board Adjustments - Guosen Securities announced changes in its board, with new appointments aimed at optimizing governance structure during this critical transaction phase [7][8]. - The new board members bring significant financial and management experience, which is expected to positively influence the company's operations and decision-making [8]. Group 5: Research Department Developments - The company is set to enhance its research capabilities by appointing a prominent figure from Haitong Securities as the new head of its research department [9]. - The research department has faced challenges, with a decline in fund distribution commission income, indicating the need for strategic improvements [9].