国联证券：公司信息点评：拟发行股份收购民生证券，合并后公司主要指标将进入行业前30

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company plans to acquire 99.26% of Minsheng Securities through the issuance of A-shares at a transaction price of 29.492 billion yuan, with the issuance of 2.64 billion shares, accounting for 48.25% of the post-issue share capital [6][12] - The merger is expected to significantly enhance the company's market position, with combined total assets projected to reach 150 billion yuan, potentially elevating its rankings in various financial metrics [6][8] - The acquisition will strengthen the company's investment banking and brokerage capabilities, as Minsheng Securities has a strong performance in these areas [6][12] Summary by Sections Acquisition Details - The company announced plans to acquire Minsheng Securities, with the transaction involving the issuance of shares and raising up to 2 billion yuan in supporting funds [6][12] - The restructuring plan has undergone adjustments, including share buybacks and changes in the issuance price [6] Financial Projections - The company expects its EPS for 2024-2026 to be 0.25, 0.27, and 0.28 yuan respectively, with corresponding net asset values of 6.46, 6.67, and 6.91 yuan [6][12] - Revenue projections indicate a growth trajectory, with expected revenues of 3.1 billion yuan in 2024, 3.26 billion yuan in 2025, and 3.47 billion yuan in 2026 [12] Market Position - Post-merger, the company is anticipated to rank 25th in revenue, 28th in net profit, and 23rd in total assets within the industry [6][8] - The merger will enhance the company's competitive edge in investment banking, where Minsheng Securities has historically outperformed [6][12]