Workflow
首次覆盖报告:回归客户需求,老牌券商再启航

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 14.72 CNY [3][5][12]. Core Insights - The company is expected to focus more on "customer thinking" and enhance its functional positioning to provide more professional institutional, investment banking, and cross-border services, leading to above-expectation growth [3][13]. - The projected revenue for 2024-2026 is 336.71/355.78/374.98 billion CNY, with year-on-year growth rates of +0.1%/5.7%/5.4%. The net profit attributable to shareholders is forecasted to be 81.20/88.25/95.42 billion CNY, with year-on-year growth rates of +3.1%/8.7%/8.1% [3][13][26]. Summary by Sections Investment Recommendation - The report recommends a "Buy" rating with a target price of 14.72 CNY, based on a cautious selection of the P/E valuation method [3][15][19]. Financial Forecast - The company is projected to achieve revenues of 336.71 billion CNY in 2024, with a slight increase of 0.1% from the previous year. The net profit is expected to reach 81.20 billion CNY, reflecting a growth of 3.1% [3][13][14]. Company Overview - The company is a state-owned full-license securities firm, with a significant advantage in retail business flow. It has improved its net profit ranking from 11th in 2018 to 5th in 2023, primarily due to the rapid growth of its retail trading business [3][21][26]. Future Outlook - The company plans to emphasize "customer thinking" and strengthen its functional positioning to provide more specialized services. This aligns with regulatory trends that prioritize investor-centric approaches in financial institutions [3][21][22]. Valuation - The report employs both P/E and P/B relative valuation methods, concluding with a target price of 14.72 CNY based on a P/E of 19.83x for 2024 [15][19][20]. The P/B valuation suggests a reasonable valuation of 15.19 CNY, but the report opts for the lower P/E valuation for its target price [19][20]. Business Model - The company operates a comprehensive financial service model, focusing on large transactions, investment banking, and asset management, with a balanced development across its major business lines [21][22].