HTSC(601688) 中航证券·2024-09-09 03:18Investment Rating - The report assigns a "Buy" rating to the company [2] Core Views - The company's asset management and credit businesses achieved positive growth, and its IPO market share increased [2] - The company's investment banking business maintained its leading position, with a significant increase in IPO market share [3] - The asset management business grew against the trend, with an increase in management scale [4] - The brokerage business continued to face pressure, showing a slight decline [5] - The company's interest income increased, while its margin financing market share decreased [8] - The proprietary business was a major drag on the company's performance [9] - The report predicts that the company's earnings per share (EPS) for 2023-2025 will be 1.15 yuan, 1.55 yuan, and 1.75 yuan, respectively, and the net asset value per share will be 15.25 yuan, 16.07 yuan, and 16.91 yuan, respectively [10] Financial Performance - In the first half of 2023, the company achieved total revenue of 121.21 billion yuan, a year-on-year decrease of 6.17% [2] - Net profit attributable to the parent company was 5.23 billion yuan, a year-on-year decrease of 23.55% [2] - The company's ROE for the first half of 2023 was 4.53%, a decrease of 2.17 percentage points compared to the same period last year [2] - The company's investment banking revenue was 3.45 billion yuan, a year-on-year decrease of 15.23% [3] - The company's asset management business achieved net income of 11.11 billion yuan, a year-on-year increase of 5.25% [4] - The company's brokerage business achieved net income of 13.15 billion yuan, a year-on-year decrease of 24.57% [5] - The company's interest income was 3.33 billion yuan, a year-on-year increase of 12.45% [8] - The company's proprietary business achieved net income of 15.13 billion yuan, a year-on-year decrease of 35.05% [9] Market Position - The company ranked second in the industry in terms of equity underwriting amount, with a total of 121.21 billion yuan [3] - The company ranked first in the industry in terms of IPO sponsorship projects, with 5 projects and an underwriting scale of 5.45 billion yuan [3] - The company's IPO underwriting market share increased from 1.55% in 2022 to 12.15% [3] - The company ranked third in the industry in terms of bond underwriting, with a total of 1,454 projects and a total amount of 1,545.55 billion yuan [3] - The company's asset management scale reached 1,215.45 billion yuan, a year-on-year increase of 12.45% [4] - The company's margin financing balance was 121.21 billion yuan, with a market share of 5.13% [8] Future Outlook - The report expects the company's performance to improve as the market recovers, consolidating its leading position in the industry [10] - The company's development is expected to accelerate if it successfully sells its AssetMark equity [10]