Depth * Company * China Merchants Securities (600999): The industry’s average PB business maintained its leading 北京夜网 performance
The company achieved total operating income of 113 in 2018.
22 ppm, a 15-year average of 15.
21%; net profit attributable to mother is 44.
250,000 yuan, an average of 23 years.
66 yuan, BVPS9.
The performance of the industry average level, leading the industry in net profit margin: 1) The company’s revenue and net profit attributable to mothers are replaced annually.
21% and 23.
52%, the performance is obviously the industry average.
The company’s 18-year net profit margin and ROE were 39.
08% vs. 5.
53%, of which the net profit margin is at the forefront of the industry (the industry average is 25%).
2) Brokerage, self-employment, credit, investment banking, and asset management business accounted for 28%, 19%, 16%, 13%, and 11% respectively.
The company’s business structure is more balanced than in 17 years.
Asset management income increased slightly, credit business benefited from accounting adjustment: 1) The company realized asset management business income in 18 years12.
20,000 yuan, an increase of 5% in ten years.
Although the total scale of the company’s asset management is less than 9% to 701.2 billion U.S. dollars, the asset management structure has been further optimized. The proportion of targeted asset management (channels) has fallen by 15 to 73%, and the proportion of collective asset management (active management) has increased by nearly 13Outstanding to 19%.
2) At the end of 18, the balance of the company’s two financial institutions and stock pledges to be repurchased were 38.7 billion and 22.8 billion, a decrease of 29% and 25%, respectively.
The adjustment of accounting rules converted part of the investment income from debt rights into net interest income, which resulted in the company’s 18-year credit business income18.
4.6 billion, a slight increase of 3%.
Brokerage, investment banking and self-employment revenues have grown significantly, and the PB business has maintained a leading position: 1) The company’s brokerage business income for 31 years was 31.
540,000 yuan, an average of 22% in ten years.
Driven by the sluggish market activity, the turnover of the stock base in 18 years was 7.
5 trillion yuan, a year-on-year decrease of 19%.
2) Revenue from investment banking14.
460,000 yuan, an average of 34% in ten years.
The total underwriting amount of stock bonds was 4,684 trillion, and the market share increased slightly to 6.
IPO underwriting amount 78.
7.6 billion, the market share increased by nearly 2 times to 5.
3) Due to the sluggish market conditions, self-employed income21.
20 ppm, a 10-year average of 26%.
The structure of self-operated assets has changed. The proportion of bonds increased by 13% to 69%. The proportion of stocks and funds decreased by 3 and 5 respectively.
4) In 2018, the company continued to maintain its leading position in the PB business industry, enhanced special investment research services, accelerated the construction of investment and transaction service platforms such as algorithmic trading and performance analysis, and enhanced customer stickiness.
In 18 years, the stock trading volume of the main broker increased by 27%.
It is estimated that benefiting from the 19 years of market conditions and the recovery in activity, we raised the company’s net profit forecast for motherhood in 2019/2020 to 58/67 trillion, and then increased to 76 trillion in 2021, corresponding to EPS0.86, 0.
14 yuan to maintain the overweight level.
The impact of the risk alert policy on the industry exceeded expectations; the market fluctuations have an impact on industry performance and estimates.