Group 1 - The candidate for the general manager position of Guosheng Securities has been determined after a two-month public recruitment process, with Zhao Jingliang, the former deputy general manager of Caida Securities, proposed for the role [2][8] - Zhao Jingliang, born in 1978, holds a master's degree and is a Chartered Financial Analyst. He has extensive experience in the financial sector, having worked at Citic Bank and Minsheng Jia Yin Fund before joining Caida Securities [6][8] - The previous general manager of Guosheng Securities, Xu Lifeng, resigned due to age, and the position has been temporarily filled by deputy general manager Tang Wenfeng [8] Group 2 - Guosheng Securities is actively seeking to strengthen its self-operated business segment, as indicated by the recent announcement for the recruitment of a general manager for the investment management headquarters [9][10] - The company reported a total operating revenue of 1.082 billion yuan in the first half of the year, representing a year-on-year increase of 32.51%. Operating profit and net profit also saw significant growth, increasing by 121.22% and 109.92%, respectively [10] - Despite the overall revenue growth, the income from various business segments is uneven, with the securities brokerage business contributing nearly 60% of total revenue, while self-operated business and asset management revenues decreased by 24.39% and 31.38%, respectively [10][11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved operating revenue of 43.4 billion yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 13.02 billion yuan, a year-on-year increase of 39% [2] - The company plans to distribute a dividend of 0.43 yuan per share for the year 2024, accounting for 48% of the annual net profit attributable to shareholders [2] - The company has seen significant growth in brokerage and proprietary trading income, with respective growth rates of 16% and 62% [3] - The company's market share in stock trading has improved, with a retail brokerage income increase of 29% [4] - Investment banking revenue has declined by 21%, while bond underwriting revenue has increased by 23% [5] - Asset management income has decreased by 5%, with fund management income down by 7% [6] - The company has increased its leverage ratio to 5.17 times, with proprietary trading income rising by 62% [7] - Following the merger with Haitong Securities, the company's total assets are projected to reach 1.73 trillion yuan, making it the largest in the industry [8] - The company is expected to benefit from a balanced business layout and strong risk control, maintaining a "Buy" rating based on improved revenue forecasts for 2025-2027 [9] Summary by Sections Financial Performance - Operating revenue for 2024 is projected at 54.39 billion yuan, with a year-on-year growth of 25.33% [11] - Net profit attributable to shareholders is expected to reach 18.49 billion yuan in 2025, reflecting a year-on-year growth of 41.96% [11] - The company's gross profit margin is anticipated to increase to 33.99% by 2025 [11] Revenue Breakdown - Brokerage and proprietary trading income contribute significantly to revenue, with respective shares of 23% and 44% [3] - Investment banking and asset management revenues have seen negative growth, contributing to the overall revenue decline in those segments [3][5] Market Position - The company has improved its market share in stock trading, with a retail brokerage market share of 5.17%, an increase of 0.41 percentage points from the previous year [4] - The company ranks third in the bond underwriting market with a market share of 9.70% [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2025 and 2026 set at 54.39 billion yuan and 70.49 billion yuan, respectively [11] - The merger with Haitong Securities is anticipated to enhance operational efficiency and risk management capabilities [9]