Changjiang Securities(SZ:000783) Zhongyuan Securities·2024-05-09 13:00Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase in stock price relative to the market index [2][19]. Core Views - The company achieved a revenue of 6.896 billion yuan in 2023, representing a year-on-year increase of 8.23%, and a net profit attributable to shareholders of 1.548 billion yuan, up 2.58% year-on-year [4][6]. - The brokerage business has seen a record high market share in trading commissions, while the company is expected to benefit from a recovery in the equity market, which may enhance performance flexibility [4][18]. - The first quarter of 2024 showed a significant decline in revenue and net profit, with a year-on-year decrease of 38.09% and 46.82%, respectively, indicating challenges in the current market environment [6][11]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 68.96 billion yuan, with a net profit of 15.48 billion yuan, and an EPS of 0.26 yuan [4][6][22]. - The company plans to distribute a dividend of 1.20 yuan per share, which accounts for 42.86% of the net profit attributable to shareholders [6][19]. Business Segments - Brokerage business accounted for 40.5% of net income, with a trading commission market share of 1.91%, up 0.10 percentage points year-on-year [7][9]. - Investment banking revenue decreased by 24.71% in 2023, with a significant drop in equity financing, while bond underwriting saw a recovery [10][11]. - Asset management revenue also declined by 9.74%, but public fund business showed growth, with net asset scale increasing by 43.80% [13][19]. Future Outlook - The company expects EPS of 0.23 yuan and 0.26 yuan for 2024 and 2025, respectively, with corresponding BVPS of 5.95 yuan and 6.25 yuan [19][22]. - The introduction of new major shareholders is anticipated to enhance the company's regional advantages and growth potential [4][19].