SCS(601555) 海通证券·2024-05-07 07:32Investment Rating - The report maintains an "Outperform" rating for the company, with a reasonable value range of 7.75-8.61 yuan [1][3] Core Views - The company is positioned as a regional securities firm with advantages in regional bond underwriting and a comprehensive risk control system, benefiting from the development of the Yangtze River Delta [3] - In 2023, the company achieved revenue of 11.28 billion yuan, a YoY increase of 7.6%, and net profit attributable to shareholders of 2.00 billion yuan, a YoY increase of 15.4% [3] - The company's self-operated business drove overall performance growth in 2023, with investment income (including fair value) reaching 2.35 billion yuan, a YoY increase of 267.4% [4] - The asset management business showed strong performance in Q1 2024, with revenue increasing by 64.0% YoY to 40 million yuan [4] Stock Information - The stock closed at 6.80 yuan on May 6, with a 52-week price range of 6.02-9.92 yuan [1] - The total share capital is 4.969 billion shares, all of which are tradable A-shares [1] Financial Performance - In 2023, the company's brokerage business revenue was 1.64 billion yuan, a YoY decrease of 9.9%, while the margin financing balance increased by 12% YoY to 19 billion yuan [3] - The underwriting business revenue in 2023 was 1.08 billion yuan, a YoY decrease of 4.3%, with bond underwriting scale increasing by 12.4% YoY to 41.7 billion yuan [4] - The company has 6 IPO reserve projects, ranking 8th in the market, including 4 on the Beijing Stock Exchange and 2 on the GEM [4] Market Performance - The company's stock showed a 1-month absolute decline of 2.9%, a 2-month decline of 5.6%, and a 3-month increase of 2.3% compared to the CSI 300 index [2] Future Projections - The report forecasts EPS for 2024-2026 to be 0.40/0.42/0.46 yuan, with BVPS of 8.61/9.08/9.56 yuan [4] - Revenue is expected to grow by 8% in 2024, 8% in 2025, and 10% in 2026, reaching 14.41 billion yuan by 2026 [5]