GUOYUAN SECURITIES(000728) Haitong Securities·2024-09-04 00:41Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][4]. Core Views - The report highlights the company's regional advantages and policy benefits, focusing on the Anhui market while expanding its business outside the province. The significant growth in proprietary trading in the first half of 2024 has driven performance growth. The reasonable value range is estimated to be between 7.38 and 8.20 yuan [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.08 billion yuan, a year-on-year decrease of 0.8%. The net profit attributable to the parent company was 1.00 billion yuan, an increase of 9.4% year-on-year, with an EPS of 0.23 yuan and a ROE of 2.8%, up 0.1 percentage points year-on-year. In Q2, the company reported operating revenue of 1.68 billion yuan, a year-on-year increase of 7.7% and a quarter-on-quarter increase of 19.7%. The net profit for Q2 was 540 million yuan, a year-on-year increase of 36.4% and a quarter-on-quarter increase of 16.1% [4][5]. Brokerage Business - The brokerage business remained stable, with a slight improvement in market ranking. The average daily trading volume of stock funds in the market was 961.6 billion yuan, down 6.4% year-on-year. The company's brokerage revenue in the first half of 2024 was 440 million yuan, a decrease of 8.5% year-on-year, accounting for 14.3% of total revenue. The company’s margin financing balance was 15.6 billion yuan, down 7% from the beginning of the year, with a market share of 1.1%, up 0.04 percentage points from the beginning of the year [4][5]. Investment Banking Business - The investment banking business saw a decline in both equity and bond underwriting scales. The investment banking revenue was 60 million yuan, down 38.9% year-on-year. The equity underwriting scale decreased by 52.6% year-on-year, while the bond underwriting scale decreased by 29.6% year-on-year. The company had an IPO reserve of 6 projects, ranking 18th [4][5]. Asset Management Business - The asset management business continued to enrich its product line and increased its focus on active management. The revenue from asset management was 70 million yuan, a year-on-year increase of 64.6%. The total asset management scale reached 26.3 billion yuan, up 10.9% year-on-year [5]. Proprietary Trading - The proprietary trading segment saw significant growth, with investment income (including fair value) reaching 1.06 billion yuan, a year-on-year increase of 91.7%. In Q2, the investment income was 630 million yuan, a year-on-year increase of 407.6% [5]. Earnings Forecast - The company is expected to achieve EPS of 0.45, 0.47, and 0.50 yuan for the years 2024, 2025, and 2026 respectively, with corresponding net asset values of 8.20, 8.52, and 8.85 yuan [5][6].