2025年04月15日 证券研究报告|公司研究|公司点评 广发证券（000776）2024 年年报点评: 自营业务表现亮眼,财富管理转型稳步推进 ◆ 公司披露 2024 年年报 2024 年公司实现营收 271.99 亿元（+16.74%），实现归母净利润 96.37 亿 元（+38.11%），扣非后归母净利润 89.15 亿元（+36.99%），基本每股收益 1.15 元(+38.55%)。公司 2024年 ROE 为 7.44%, 较上年同期增加 1.78pct。 ◆ 持续财富管理改革 股基交易量增长 2024 年,公司实现经纪业务净收入 66.50 亿元 (+14.46%),公司股基交易 量达 23.95 万亿元（+28.98%）。公司实现代销买卖证券业务收入 48.55 亿 元（+27.47%）,截至 2024 年 12 月末, 公司代销金融产品保有规模超过 2,600 亿元, 较上年末增长约 22%, 代销金融产品销售额 9,558.93 亿元 (+7.45%)。公司融资融券余额为 1,036.86 亿元,较上年末增长 16.52%, 市场份额 5.56%。 ◆ 债券业务带动投行业务净收入增长 20 ...

公司披露2024年年报 2024年公司实现营业收入637.89亿元（+6.20%），实现归母净利润217.04亿元（+10.06%），扣非后归 母净利润215.66亿元（+11.24%），基本每股收益1.41元（+8.46%）。公司2024年ROE为8.09%，较上年 同期增长o.28pct 财富管理业务规模稳步增长 2024年公司实现经纪业务收入130.06亿元（+6.93%），其中代理买卖证券业务收103.18亿元 （+15.66%），代销金融产品业务收入14.83亿元（12.43%）。经纪业务的主要增长原因得益于市场交易 量增加，2024年国内证券市场股票基金交易量日均规模12.102亿元（+22.03%）。截至报告期未，客户 数量累计超1,580万户，较上年未增长12%，托管客户资产规模突破人民币12万亿元，较上年未增长18% 投行业务稳居行业第一 2024年公司实现投行业务净收入41.59亿元（-33.91%）。主要受政策影响市场IPO大幅收缩。尽管如 此，公司2024年境内业务持续保持市场领先，完成A股公司主承销项目55单，实现规模703.59亿元，市 场份额21.87%，IPO与再融资承销规模均 ...

Core Viewpoint - Dongxing Securities has achieved remarkable performance in the A-share market, leading the industry in revenue and profit growth for 2024, driven by its strong futures and investment trading businesses [1][4][5]. Financial Performance - In 2024, Dongxing Securities reported operating revenue of 9.37 billion yuan, a year-on-year increase of 97.89%, and a net profit of 1.544 billion yuan, up 88.39% [1][4]. - The net profit after deducting non-recurring gains and losses was 1.591 billion yuan, reflecting a growth of 67.46% [1][4]. - The company's total assets reached 105.229 billion yuan, a growth of 5.99% compared to the previous year [5]. Business Segments - The futures business generated operating revenue of 5.244 billion yuan, marking a significant increase of 293.48%, and accounted for 55.97% of total revenue [2][8]. - The investment trading business achieved revenue of 1.849 billion yuan, with an increase of 82.58%, representing 19.73% of total revenue [9]. - Wealth management business revenue was 1.655 billion yuan, showing a slight increase of 0.19%, but its proportion of total revenue decreased to 17.67% [9]. Market Context - As of April 6, 2024, 24 listed brokerages in A-shares had released their annual reports, with Dongxing Securities recording the highest revenue growth [2][5]. - The overall securities industry in China saw a revenue increase of 11.15% year-on-year, with net profits rising by 21.35% [4]. Control Changes - The Ministry of Finance is in the process of transferring its stake in China Orient Asset Management to Central Huijin Investment, which will change the actual controller of Dongxing Securities from the Ministry of Finance to Huijin [3][7].

Group 1: Investment Banking Business - The company actively responds to the tightening of industry and refinancing issuance rhythms, maintaining a client-centered approach and leveraging its "research + investment + banking" advantages to provide quality comprehensive financial services. In 2024, the total scale of equity underwriting reached CNY 1.104 billion, with 4 companies underwritten, ranking 2nd in the market for IPO projects approved during the year [2] - The company completed 36 directed issuances and listings on the New Third Board, raising a total of CNY 10.35 billion, ranking 10th in the industry [2] - The bond financing business showed stable growth, with 678 main underwriting cases in 2024, an 18% year-on-year increase, and a main underwriting scale of CNY 281.189 billion, up 7% year-on-year, ranking 8th in the industry [2] Group 2: Investment Trading Business - In 2024, the company achieved a total investment income and fair value changes of CNY 11.154 billion, a year-on-year increase of 16.78% [3] - The FICC business adopts a dual-driven model of "principal investment + client trading," focusing on deep research to achieve stable investment returns [3] - The equity and derivatives business adheres to a value investment philosophy, maintaining competitive advantages and adjusting strategies in response to market changes [3] Group 3: International Business Layout - The company has established a comprehensive overseas business platform centered in Hong Kong, extending its services to surrounding overseas markets [4] - In 2024, the company participated in 15 IPO underwriting projects, ranking 6th among Chinese brokers, and completed 312 overseas bond projects, ranking 5th in offshore bond underwriting among Chinese brokers [4] - The company continues to innovate in cross-border transactions and services for investors' cross-border investment and risk management needs [4] Group 4: Wealth Management Business - In 2024, the company focused on its core responsibilities in wealth management, enhancing its service capabilities and product offerings [5][6] - The net income from brokerage services reached CNY 46.03 billion, a year-on-year increase of 6.19%, with 763,600 new clients added [6] - By the end of 2024, the market value of client securities custody reached CNY 4.75 trillion, with further improvements in client numbers and asset scale [6] Group 5: Financial Technology Empowerment - The company is advancing its digital transformation, integrating technology applications with business innovation [6] - In 2024, the company invested CNY 1.185 billion in information technology, a year-on-year increase of 9.17% [6] - The company aims to enhance operational efficiency through AI technology and build a standardized, intelligent system while maintaining quality standards [6]

Core Insights - The securities industry is transitioning from "scale expansion" to "value cultivation," with a consensus on prioritizing client interests, leading to a shift from "sell-side" to "buy-side advisory" [1][7] - The performance of advisory services in 2024 shows mixed results, with an average contribution of only 1.1% to total revenue among 23 A-share brokers [1][2] Advisory Business Performance - Eight brokers reported advisory revenues exceeding 100 million yuan, with China International Capital Corporation (CICC) leading at 553 million yuan, followed by CITIC Securities at 507 million yuan [2][3] - CICC and Guotai Junan experienced significant declines in advisory revenue, with decreases of 19.3% and 69.3% respectively, marking them as the only brokers in the "billion club" with negative growth [2][3] Revenue Growth and Decline - The average revenue from advisory services among the 23 brokers was only 1.26 million yuan, with notable declines from Guotai Junan (69.3%) and Huatai Securities (41.5%) [3][4] - Conversely, Fangzheng Securities saw a remarkable increase of 217.5% in advisory revenue, reaching 85 million yuan, indicating a successful transition to a digital advisory platform [4][5] Market Trends and Strategies - Smaller brokers are leveraging advisory services for differentiation, with Zhongyuan Securities achieving the highest advisory revenue ratio at 3.4% [5][6] - The industry is moving towards professionalized services and client segmentation, with larger brokers focusing on comprehensive product offerings while smaller firms target high-net-worth clients [6][7] Innovations and New Approaches - Brokers are exploring new products and channels, including AI and online platforms, to enhance client engagement and service delivery [7][8] - Dongfang Securities launched two product series under its fund advisory business, achieving a total scale of approximately 15.37 billion yuan, reflecting a 7.05% growth [9]

2024年，A股市场跌宕起伏，9月后，在一揽子政策利好的推动下，A股市场情绪得到显著提振，券商业绩整体回升。 3月28日，中国证券业协会发布券商2024年度经营数据，证券公司未经审计财务报表显示，150家证券公司2024年度实现营业收 入4511.69亿元，实现净利润1672.57亿元。2024年券商的营收和净利润创下了近三年新高。 在22家已披露2024年成绩单的上市券商中，有17家归母净利润同比增长，占比接近八成，仅有中金公司、光大证券、中泰证 券、信达证券和国联民生证券五家券商净利同比下滑。 值得关注的是，中信证券、华泰证券、国泰君安、招商证券和中国银河五家头部券商归母净利润超过百亿元，其中国泰君安、 招商证券和中国银河等三家券商2024年重新回到"净利百亿俱乐部"。此外，广发证券和东方财富归母净利润也均超95亿元，接 近百亿元。 "2024年，公司大力提升三种能力，分别是持续增强服务的专业性，不断提升业务的协同性和深入强化战略的敏捷性。"国泰君 安董事长朱健表示，2025年，公司要努力实现四个跨越，为建设具备国际竞争力和市场引领力的一流投资银行奠定坚实基础。 | | | | 归属母公司股东的净利润 | ...

在港股市场春潮涌动的2024年，券商板块以"牛市旗手"的姿态再度成为市场焦点，市场热度与投资者关注度持续攀 升。 年报季的来临为投资者提供了关键验证窗口。已披露业绩的港股国际化券商中，业绩分化显著：部分机构展现韧性， 而部分券商出现负增长。其中，兴证国际交出一份远超同业水平的答卷。 一、年内溢利接近翻倍，远超行业平均水平 兴证国际2024年业绩表现亮眼，多项核心财务指标实现跨越式增长。公司全年总收入达8.81亿港元，较2023年的5.4亿 港元大幅增长62.16%；税前溢利从7316万港元跃升至1.34亿港元，同比增长83.55%；年内溢利更是从5456万港元翻倍 至1.08亿港元，同比增幅高达98.11%，展现出强劲的盈利能力。 | | 2023 年 | 2024 年 | 同比增速 | | --- | --- | --- | --- | | 营业收入 | 5.4亿港元 | 8.81 亿港元 | 62.16% | | 税前利润 | 7316万港元 | 1.34 亿港元 | 83.55% | | 归母净利润 | 5456 万港元 | 1.08 亿港元 | 98.11% | 这一业绩表现同一赛道的竞争对手。根据公 ...

Core Viewpoint - The capital market has seen a significant increase in activity since late September 2023, positively impacting brokerage firms' performance and leading to strong financial results for companies like Xingsheng International [1][2]. Group 1: Financial Performance - Xingsheng International reported a revenue of HKD 881 million for the fiscal year 2024, a year-on-year increase of 62.16%, and a net profit of HKD 108 million, up 98.11% [1]. - The company's wealth management service revenue reached HKD 196 million, a growth of 38.01%, while corporate financing services surged by 219.84% to HKD 131 million [2][5]. - Financial products and investment business revenue amounted to HKD 543 million, reflecting a 56.87% increase [2]. Group 2: Market Trends - The A-share and Hong Kong stock markets have rebounded significantly, with the Hong Kong market seeing new stock listings raising over HKD 80 billion and the Hang Seng Index rising approximately 17.7% [2]. - The bond market also experienced growth, with G3 currency bond issuance in Asia (excluding Japan) increasing by 38.41% year-on-year to USD 175.5 billion [2]. Group 3: Strategic Developments - Xingsheng International obtained the "Cross-Border Wealth Management Connect" pilot qualification, allowing it to provide cross-border investment services to investors in the Greater Bay Area [3][4]. - The company is transitioning its wealth management business from traditional commission-based income to a diversified revenue model that includes products, transactions, and services [4][6]. Group 4: Competitive Positioning - The corporate financing service has become a significant growth driver, with bond underwriting projects increasing by 137% year-on-year, totaling 225 projects and USD 21.33 billion in underwriting scale [5]. - Xingsheng International is focusing on a platform-based and ecological growth strategy, enhancing its competitiveness in the market by integrating its investment banking and wealth management services [5][6]. Group 5: Future Outlook - The ongoing policy support and market recovery are expected to continue benefiting brokerage firms, with Xingsheng International positioned to leverage its strengths in wealth management and institutional services [7][9]. - The company's strong performance and growth potential in both the brokerage and wealth management sectors are likely to enhance its market confidence and valuation [9].

2024 年实现营收121.1 亿/yoy-3.1%，净利润39.0 亿/yoy+15.3%；易方达基金非货基AUM 14310 亿/较年 初+41.1%，排名行业第1/较年初持平。公司公募业务合计利润贡献19.7 亿/yoy+7.9%，利润占比为 20.5%/yoy-5.73pct。券商资管看，广发资管24 年净亏损5.9 亿/23 年亏损2.0 亿；广发资管总AUM 为 2535 亿/较年初+23.9%。 财富管理转型深化，经纪、两融市占率稳健提升。经纪业务方面，24 年公司股基成交额23.9 万 亿/yoy+29.0%，股基市占率为4.09%/较年初+0.22pct；公司实现代买业务净收入53.3 亿/yoy+19.9%，实 现代销业务收入6.5 亿/yoy-17.5%。财富管理转型深化：报告期公司聚焦财富业务高质量客群和高效率 线上运营的发展方向、做好客户拓展；24 年末公司代销保有量超2600 亿/较年初+22%。信用业务方 面，2024 年公司两融业务收入49.4 亿/yoy-5.1%；期末公司两融余额1007 亿/较年初+16.5%，两融市占 率5.56%/较年初+0.17pct。 事件：广发证 ...

Core Insights - The A-share market has shown significant recovery in sentiment post-September 2024, driven by a series of favorable policies, leading to an overall rebound in brokerage performance [1] - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking the highest figures in nearly three years [1] - Among the 22 listed brokerages that disclosed their 2024 results, 17 reported year-on-year growth in net profit, indicating a strong recovery trend in the industry [1] Group 1: Brokerage Performance - The top five brokerages by net profit in 2024 were CITIC Securities (21.70 billion yuan), Huatai Securities (15.35 billion yuan), Guotai Junan (13.02 billion yuan), China Merchants Securities (10.39 billion yuan), and China Galaxy Securities (10.03 billion yuan) [3][5] - Guotai Junan, China Merchants Securities, and China Galaxy Securities re-entered the "100 billion net profit club" in 2024, highlighting a significant recovery in their financial performance [1][5] - The overall brokerage industry saw a rebound in trading activity, with increased investor sentiment contributing to improved financial results [5] Group 2: Strategic Developments - Guotai Junan aims to enhance service professionalism, business synergy, and strategic agility as part of its growth strategy for 2025 [1] - China Merchants Securities plans to deepen its wealth management transformation and develop a modern investment banking model, including the launch of a new trading system [2] - The merger between Guotai Junan and Haitong Securities is expected to strengthen their market position, with combined total assets projected at 1.73 trillion yuan and net assets at 328.3 billion yuan [5] Group 3: Wealth Management Trends - Several brokerages, including Founder Securities, reported robust growth in wealth management and investment management sectors, with Founder Securities achieving a 42.70% year-on-year increase in brokerage income [7] - Founder Securities also expanded its ETF offerings, with peak ETF scale exceeding 24.9 billion yuan, reflecting a growing demand for diversified investment products [7] - GF Securities reported a 22% increase in the scale of financial products sold, indicating a strong market response to wealth management initiatives [8]