Investment Rating - The industry investment rating is "Positive" [1] Core Views - In H1 2024, the 43 listed securities firms reported total operating revenue of 235 billion yuan, a year-on-year decrease of 13%, and a net profit attributable to shareholders of 64 billion yuan, down 22% year-on-year. However, net profit in Q2 2024 increased by 18% quarter-on-quarter, indicating an overall performance in line with expectations [3][10]. - The report highlights that major reforms across multiple business lines have been implemented, and the operating environment is not expected to deteriorate significantly in the short term. The industry is encouraged to pursue mergers and acquisitions under strict regulatory conditions. The current price-to-book (PB) ratio of the sector is 1.0, reflecting the weak performance of earnings [3][4]. Summary by Sections 1. Performance Overview - In H1 2024, the average annualized ROE for listed securities firms was 4.4%, an improvement from 3.9% in Q1 2024. Several leading firms, including CITIC Securities and Huatai Securities, reported net profit declines that were better than expected, with many announcing interim dividends [10][14]. 2. Business Breakdown - Brokerage Business: In H1 2024, net income from brokerage services totaled 45.8 billion yuan, a 13% year-on-year decrease, with the average daily trading volume of stock funds declining by 8% [4][21]. - Investment Banking: The net income from investment banking was 14 billion yuan, down 41% year-on-year. The report notes a significant drop in equity underwriting, which fell by 86% year-on-year in Q2 2024 [4][23]. - Asset Management: Net income from asset management was 22.7 billion yuan, a slight decrease of 1% year-on-year, primarily due to declining management fees. Companies focusing on ETF products are expected to benefit from the trend towards passive investment [4][30]. - Credit Business: Net interest income decreased by 29% year-on-year to 16.8 billion yuan, although the decline was less severe than in Q1 2024. The report indicates that the average daily margin trading volume has decreased, leading to lower interest rates [4][32]. - Investment Business: Net income from investments totaled 75 billion yuan, down 9% year-on-year, but increased by 25% quarter-on-quarter, attributed to better performance in the bond market [4][10]. 3. Investment Recommendations - The report recommends strong comprehensive service capabilities among leading firms such as China Galaxy, CITIC Securities, Huatai Securities, and Guotai Junan, given the expected gradual improvement in performance in H2 2024 due to low base effects and regulatory support [4][3].
证券行业2024年半年报业绩综述：投资驱动Q2净利环比改善
浙商证券·2024-09-04 08:03