2024.05.15：国联民生重组预案披露，整合成效可期

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The merger between Guolian Securities and Minsheng Securities is expected to enhance the combined company's net asset ranking to around 20th in the industry, with a projected net asset scale of 33.9 billion yuan post-merger [3] - The company plans to issue A-shares to acquire 100% of Minsheng Securities and raise up to 2 billion yuan in supporting funds to develop Minsheng's business [3] - The merger is anticipated to create synergies due to the complementary strengths of both companies, with Minsheng excelling in investment banking and Guolian in wealth management and asset securitization [3] Financial Performance Summary - The company is projected to achieve a net profit of 599.43 million yuan in 2024, a decrease of 10.71% year-on-year, followed by a recovery to 791.58 million yuan in 2025, representing a growth of 32.06% [4] - Revenue is expected to grow from 2.955 billion yuan in 2023 to 3.067 billion yuan in 2024, with a modest growth rate of 3.79% [5] - The price-to-book (PB) ratio is projected to be 1.53 in 2024 and 1.42 in 2025, indicating a favorable valuation trend [5]