成于区域，困于一隅，9年IPO苦旅，“带病”股东熬不住了：求求了，让东莞证券上市吧！

Investment Rating - The report does not explicitly provide an investment rating for Dongguan Securities Core Viewpoints - Dongguan Securities has been attempting to go public for nine years, with its latest IPO application submitted in February 2023 after a previous attempt in 2022 failed to secure approval [1] - The company is primarily controlled by the Dongguan State-owned Assets Supervision and Administration Commission, which holds 55.40% of the shares [2][3] - Dongguan Securities has a strong competitive position in its local market, holding significant market shares in various securities trading activities [10][12] Summary by Relevant Sections Company Overview - Dongguan Securities was established in 1990 and has been under the control of the Dongguan State-owned Assets Supervision and Administration Commission since 1997 [1] - The company has faced challenges in its IPO journey, with the most recent attempt being its ninth since 2015 [1] Shareholding Structure - The largest shareholder is Jinlong Co., which holds 40% of the shares, while other significant shareholders include Dongguan Holdings and Jinlong Capital [2][3] - The shareholding structure has raised concerns due to allegations of illegal acquisition of shares by the controlling shareholder [6] Financial Performance - The company reported a net profit of 6.35 billion in 2023, which is significantly lower than previous years, indicating a challenging market environment [17][18] - Dongguan Securities' revenue has not surpassed its peak of 3.766 billion since 2015, reflecting a decline in its financial performance [17] Business Segments - The primary revenue source for Dongguan Securities is its brokerage business, which has maintained a strong market position in Dongguan [10][12] - The company also engages in investment banking, but its activities are heavily concentrated in the Guangdong region, limiting its growth potential [24][26] - The self-operated business primarily focuses on fixed income, with a stable contribution to overall revenue [39] Market Position - Dongguan Securities ranks around 40th among over 140 securities firms in China, indicating a competitive but challenging market landscape [8] - The company has a dominant position in the local market, capturing nearly half of the market share in various trading activities [10][12] Future Outlook - The company aims to expand its business beyond Dongguan, targeting opportunities in the broader South China region and potentially nationwide [13][26] - However, the report suggests that the future growth of its brokerage business may be limited due to market saturation and high competition [13]