SDIC Capital(SH:600061) Haitong Securities·2024-09-03 00:39Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][7] Core Views - The company is a state-owned financial holding platform with strong shareholder industrial background, with over 60% of its revenue coming from securities business. It ranks high in IPO reserve projects, with a reasonable value range of 7.37-8.02 CNY per share [6][7]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total operating revenue of 6.72 billion CNY, a year-on-year decrease of 20.2%. The net profit attributable to shareholders was 1.25 billion CNY, down 25.9%, with an EPS of 0.19 CNY and ROE of 2.4% [6][7]. - The second quarter saw total operating revenue of 3.52 billion CNY, a year-on-year decrease of 25.2% but a quarter-on-quarter increase of 10.2%. The net profit for the second quarter was 900 million CNY, up 9.6% year-on-year and up 157.8% quarter-on-quarter [6][7]. Business Segments - Brokerage business revenue was 1.25 billion CNY, down 15.3% year-on-year, accounting for 19% of total revenue. The average daily trading volume in the market was 961.6 billion CNY, down 6.4% year-on-year [6][7]. - Investment banking revenue was 340 million CNY, down 54.4% year-on-year, with equity underwriting down 92.6% and bond underwriting up 5.9% [6][7]. - Asset management revenue was 150 million CNY, up 12.9% year-on-year, with total asset management scale at 148.2 billion CNY, down 2.3% year-on-year [7]. Future Projections - The company expects EPS for 2024-2026 to be 0.30, 0.32, and 0.34 CNY, respectively, with BVPS projected at 8.45, 8.71, and 8.97 CNY [7][8]. - The estimated reasonable market value for 2024 is between 47.348 billion CNY and 51.516 billion CNY, corresponding to a reasonable value range of 7.37-8.02 CNY per share [7][12].