SDIC Capital(SH:600061) Haitong Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][4]. 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. The reasonable value range is estimated to be between 7.42 and 8.07 yuan per share [4][5]. - In 2023, the company achieved operating revenue of 17.46 billion yuan, a year-on-year increase of 1.9%, while the net profit attributable to the parent company was 2.36 billion yuan, a year-on-year decrease of 19.9% [4][6]. - The company is actively transforming its wealth management business, with a total of 55.9 billion yuan in various financial products sold in 2023, representing a year-on-year growth of 11% [4][5]. Summary by Sections Financial Performance - The company reported operating revenue of 17.46 billion yuan in 2023, with a slight increase of 1.9% year-on-year. The net profit attributable to the parent company was 2.36 billion yuan, down 19.9% year-on-year, resulting in an EPS of 0.37 yuan and an ROE of 4.7%, a decrease of 1.37 percentage points year-on-year [4][6][15]. - In Q4 2023, the company achieved operating revenue of 4.63 billion yuan, a year-on-year decrease of 0.7% but a quarter-on-quarter increase of 5.2% [4]. Business Segments - The securities brokerage business generated revenue of 3 billion yuan in 2023, down 7.8% year-on-year, accounting for 17.2% of total operating revenue. The average daily trading volume in the market was 962.5 billion yuan, a decrease of 4.0% year-on-year [4][5]. - The investment banking segment generated revenue of 1.49 billion yuan, a decrease of 10.8% year-on-year, with stock underwriting revenue of 690 million yuan, ranking ninth in the industry [4][5]. Asset Management - The asset management business reported revenue of 380 million yuan, a year-on-year increase of 1.3%, with total assets under management reaching 151.7 billion yuan, up 11.5% year-on-year [5]. - The company has been focusing on product innovation in asset management, launching new products to meet market demands [5]. Future Projections - The company expects EPS for 2024-2026 to be 0.30, 0.32, and 0.33 yuan, respectively, with BVPS projected at 8.45, 8.71, and 8.97 yuan [5][15]. - The estimated reasonable market value for 2024 is between 47.69 billion and 51.88 billion yuan, corresponding to a reasonable value range of 7.42 to 8.07 yuan per share [5][10].