SINOLINK SECURITIES(600109) 中原证券·2024-10-10 08:30Investment Rating - The report maintains an "Accumulate" investment rating for Guojin Securities, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][25]. Core Insights - Guojin Securities demonstrated resilience in its investment banking business despite a decline in overall revenue and net profit. The wealth management segment showed robust growth in client numbers and trading volumes, while the company maintained a strong position in equity financing [4][19]. - The report highlights a significant increase in equity financing, with a year-on-year growth of 136.90%, positioning the company as a leader among small and medium-sized securities firms [10][19]. - The company’s investment income, including fair value changes, decreased by 44.82%, reflecting challenges in equity self-investment, while fixed income investments yielded better returns [15][19]. Summary by Sections Financial Performance - For the first half of 2024, Guojin Securities reported operating revenue of 2.676 billion yuan, a decrease of 19.55% year-on-year, and a net profit attributable to shareholders of 455 million yuan, down 47.98% [4][6]. - The basic earnings per share (EPS) was 0.123 yuan, a decline of 47.66% compared to the previous year [4][6]. Business Segments - The brokerage, asset management, and net interest income segments saw an increase in their revenue share, while investment income and other revenues declined [7][19]. - The brokerage business achieved a net income of 771 million yuan, despite a slight decrease of 5.05% year-on-year [8][19]. - The asset management business reported a total asset management scale of 131.82 billion yuan, reflecting a 6.74% increase from the end of 2023 [12][19]. Investment Banking - The investment banking segment's net income from fees was 462 million yuan, down 15.85% year-on-year, but the company ranked fourth in the industry for equity financing [10][19]. - The company maintained a stable bond financing scale, with a total underwriting amount of 44.12 billion yuan, a slight decrease of 4.55% year-on-year [10][19]. Market Position - Guojin Securities' wealth management business continued to grow, with a 10.99% increase in the number of clients and a 4.54% increase in trading volume [4][19]. - The company’s market share in margin financing remained stable, with a slight increase, while the stock pledge scale decreased by 17.08% [16][19]. Future Projections - The report forecasts EPS of 0.35 yuan and 0.38 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 8.95 yuan and 9.34 yuan [19][23]. - The price-to-book (P/B) ratios are projected to be 1.08 and 1.04 for 2024 and 2025, respectively, based on the closing price of 9.71 yuan on October 9, 2024 [19][23].