GF SECURITIES(000776) 华创证券·2024-09-02 15:09Investment Rating - The report maintains a "Recommend" rating for GF Securities (000776) with a target price of 16.63 CNY, compared to the current price of 11.84 CNY [1] Core Views - GF Securities' self-operated business recovery and significant improvement in net profit margin are the key drivers of its performance [1] - The company's ROE increased quarter-over-quarter, with a notable improvement in net profit margin [3] - The self-operated business yield has recovered, contributing to the overall performance [3] Financial Performance - GF Securities reported a total operating revenue of 11.4 billion CNY, a year-over-year decrease of 13.2%, but a quarter-over-quarter increase of 18.2% to 6.6 billion CNY [2] - Net profit attributable to the parent company was 4.36 billion CNY, down 3.9% year-over-year, but up 12.9 billion CNY quarter-over-quarter to 2.82 billion CNY [2] - The net profit margin for the reporting period was 38.3%, up 3.7 percentage points year-over-year, and 42.7% for the quarter, up 10.6 percentage points quarter-over-quarter [3] Business Segments - Self-operated Business: Revenue from self-operated business was 3.65 billion CNY, with a quarterly yield of 1%, up 0.6 percentage points quarter-over-quarter [3] - Brokerage Business: Brokerage revenue was 2.76 billion CNY, with a quarter-over-quarter increase of 3.5% [3] - Investment Banking: Investment banking revenue was 340 million CNY, with a quarter-over-quarter increase of 40 million CNY [3] - Asset Management: Asset management revenue was 3.38 billion CNY, with a quarter-over-quarter increase of 170 million CNY [3] Valuation and Forecast - The report forecasts EPS for 2024/2025/2026 to be 1.10/1.21/1.36 CNY, with BPS of 18.48/19.16/19.96 CNY [3] - The current price corresponds to PB ratios of 0.65/0.63/0.61 times for 2024/2025/2026, and ROE of 6.08%/6.45%/6.96% [3] Market Performance - GF Securities' market performance over the past 12 months shows a decline of 25%, compared to the CSI 300 index [6]