Guolian Minsheng Sec(SH:601456) CAITONG SECURITIES·2024-08-12 05:46Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report discusses the acquisition of 99.26% of Minsheng Securities by Guolian Securities through the issuance of A-shares, with a transaction value of 29.49 billion yuan, corresponding to a PB valuation of 1.86X [4] - The merger is expected to enhance the combined company's market position, with Guolian Securities' net capital ranking projected to rise to 15th among listed brokerages post-merger [4] - The report anticipates a growth in net profit for Guolian Securities from 599.43 million yuan in 2024 to 1.028 billion yuan in 2026, with corresponding PB ratios decreasing from 1.47 to 1.24 [4][5] Summary by Sections Basic Data - Closing price: 10.05 yuan - Circulating shares: 2.832 billion shares - Net asset per share: 6.32 yuan - Total shares: 2.832 billion shares [1] Financial Performance - Revenue forecast for 2024 is 3.067 billion yuan, with a growth rate of 3.79% [5] - Net profit forecast for 2024 is 599.43 million yuan, with a decline of 10.71% compared to the previous year [5] - EPS is projected to be 0.21 yuan per share in 2024, increasing to 0.36 yuan by 2026 [5] Valuation Metrics - The report provides a PB ratio forecast of 1.47 for 2024, decreasing to 1.24 by 2026 [5] - The PE ratio is expected to rise from 47.48 in 2024 to 27.69 in 2026 [5]