Guojin Securities (600109) 2018 Annual Report Comments: Performance and Industry Securities Investment Business Increased Adversely
Incident Description The company released its 2018 annual report and achieved operating income of 37.
6.6 billion, down 14 each year.
22%, net profit attributable to owners of the parent company10.
10 ppm, a decrease of 15 per year.
89%; estimated average return on net assets is 5.
28%, a decrease of 1 per year.
Event reviews strictly control costs, and performance can be industry average.
In 2018, the company’s return to net profit can replace 15.
89%, far lower than the industry’s net profit reduction of 41.
The first is that the company has a good market-oriented mechanism and implements an effective incentive system. It adjusts the compensation structure according to market changes, strategic objectives, and other aspects, and optimizes the evaluation and incentive mechanism.
86%, operating costs fell by 13.
Under the prudent strategy, investment business has grown significantly.
In 2018, the company strictly controlled investment risks, adopted a prudent investment strategy, proactively reduced credit risk substitution and appropriately expanded the scale of bond investment, seized certain opportunities in fixed income and derivatives business, and 杭州桑拿 realized income from securities investment business7.
9.5 billion yuan, an increase of 248 over the previous year.
Investment banking business was frustrated under the strict regulatory environment.
As of the end of December 2018, the company had a total of 137 registered sponsor representatives, ranking 5th among all sponsors. However, due to the impact of macroeconomic and regulatory environment, the company realized investment banking income in 20187.
02 billion, down 48 a year.
21%, a drop higher than the industry average of 27.
The investment strategy predicts that the company’s EPS for 2019-2021 will be 0.
37\0.38\0.43, net assets are 7.
10\7.74\ 8.82, corresponding to the company’s closing price of 10 on March 29.
74 yuan, PB for 2019-2021 is 1 respectively.
51\1.39\1.22. For the first 厦门夜网 time, give a “buy” rating.
Risky secondary market declines severely; capital market reforms fall short of expectations