Guolian Minsheng Sec(SH:601456) KAIYUAN SECURITIES·2024-08-09 06:00Investment Rating - The investment rating for Guolian Securities is "Buy" (maintained) [2][5] Core Views - The report highlights the successful implementation of the share issuance plan to acquire Minsheng Securities, emphasizing the expected synergistic effects from the acquisition [5] - The share issuance price is set at 11.17 yuan, which is 14% higher than the current price, and the acquisition will increase the company's net assets to 47.4 billion yuan, improving its ranking among listed brokerages from 35th to 15th [5] - The report maintains profit forecasts for the years 2024 to 2026, with net profits projected at 800 million yuan, 980 million yuan, and 1.19 billion yuan respectively, corresponding to EPS of 0.3, 0.3, and 0.4 yuan [5] Financial Summary - Current stock price: 9.83 yuan - Market capitalization: 27.836 billion yuan - Total shares: 2.832 billion shares - Recent turnover rate: 110.71% [2][5] - Revenue projections: - 2024E: 3.479 billion yuan - 2025E: 4.027 billion yuan - 2026E: 4.630 billion yuan - Net profit projections: - 2024E: 796 million yuan - 2025E: 977 million yuan - 2026E: 1.191 billion yuan [7][8]