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Haitong Securities (600837) 2019 Interim Report Review: Self-operated Business Releases Performance Elasticity Overseas Investment Bank Business Performs Brightly

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Haitong Securities (600837) 2019 Interim Report Review: Self-operated Business Releases Performance Elasticity Overseas Investment Bank Business Performs Brightly

The company disclosed its 2019 interim report and realized operating income of 177.

35 ppm, an increase of 62 in ten years.

08%; net profit attributable to mother 55.

27 ppm, an increase of 82 in ten years.

34%; net profit after deduction is 52.

30 ppm, an increase of 98 in ten years.

33%.

Extend average ROE4.

56%, an increase of 2.

00 averages.

Event reviews Self-operated business drives performance growth with the highest revenue contribution.

In the first half of the year, the company realized investment income (including gains and losses from changes in fair value, excluding investment income from associates and joint ventures).

USD 4.7 billion, an annual increase of 2.

57 times, revenue contribution reached 33%.

The company grasps the market potential and realizes higher returns on equity investments; actively conducts derivatives trading, and the core ETF’s market-making varieties are ranked first in the market.

Domestic investment banking business net income industry is the third, and corporate debt underwriting industry is the first.

In the first half of the year, the company completed 574 main underwriting bond projects with a total underwriting amount of 1843 million. The company’s corporate bond underwriting number and amount ranked first in the industry; the number of non-financial corporate credit debt underwriting companies ranked second in the industry, and the underwriting amount industry ranked third.
Relying on Haitong International, overseas business leads its peers.

Haitong International Investment Bank has a strong business strength. It has completed 24 IPO projects and 27 equity financing projects in Hong Kong. The number of underwriters ranks first among all investment banks in Hong Kong.

Completed 125 bond issuance projects. In China’s offshore bond issuance market, the number and amount of bond underwriting ranked second and third among global financial institutions; in Asia (except Japan) G3 high-yield bond issuance market,The amount of money ranks first in the world’s financial institutions.

The scale of active management increased, and the net income of asset management business increased against the market.

7%.

(苏州桑拿网1) As of the end of the first half of the year, Haitong Asset Management actively managed a scale of US $ 137.2 billion, an increase of 27% from the beginning of the year, and its proportion rose to 45%. Among them, the fixed-income product management scale was US $ 86.4 billion, an increase of 26% from the beginning of the year.

(2) The company conducts public offerings through equity participation in Haifutong Fund and Wells Fargo Fund.

In the first half of the year, the scale of public offering of Wells Fargo Fund was 2,630 trillion, an increase of 33% over the earlier period.

We continued to promote the transformation of wealth management, and ranked second in the net income of seat leasing industry.

In the first half of the year, the company was approved to set up 2 branches and 15 business departments; the total 杭州夜网论坛 number of wealth management customers was 11.04 million, an increase of 6 earlier.

36%; e Haitong has an average monthly active number of more than 3.5 million, ranking first in the industry, with a daily average use time of 42 minutes per day, ranking first in the industry.

Net income from leasing of company trading unit seats 2.

9.6 billion, with a market share of 6.

04%, an annual increase of 1.

25 averages, the industry rankings rose 2 places to second.

Haitong Hengxin was listed in Hong Kong, and its financial leasing business developed steadily.

The subsidiary Haitong Hengxin was listed in Hong Kong, and its business scale and profitability continued to increase. New business was launched 273.

480,000 yuan, income budget 35.

3.9 billion, an annual increase of 44%; net profit 7.

2.9 billion.

Investment suggestion The company’s interim results will be driven by self-operated business to achieve growth, while consolidating the advantages of bond underwriting, accelerating the transformation of asset management and active management, and optimistic about the company’s leading advantages in overseas business; the company plans to increase no more than 20 billion US dollars, further supplement capital, which is beneficial to the companyImprove the structure of assets and liabilities, steadily expand business scale, and enhance competitive advantage.The company’s EPS for 2019-2021 is expected to be 0.

81\0.95\1.15, net assets are 10.

87\11.46\11.69, corresponding to the company’s closing price of 13 on August 30.

66 yuan, PB for 2019-2021 is 1.

26\1.19\1.17.

Maintain “Buy” rating.

There is a risk that the secondary market has severely declined; capital market reforms have fallen short of expectations.