Guotai Junan (601211): Leadership of retail brokers merges steadily to strengthen market-making transaction strength

Guotai Junan (601211): Leadership of retail brokers merges steadily to strengthen market-making transaction strength

Event: The company disclosed its 2018 annual report and achieved revenue of 227.

200 million, a decrease of 4 previously.

6%, net profit attributable to mother is 67.

1 billion, a decrease of 32 previously.

1%, in line with expectations.

The best ROE is 5.

4%, a decrease of 3 from the previous year.

6pct, the net assets at the end of the period was 123.5 billion.

In terms of income structure, after canceling other business income (mainly income from the sale of commodities), net interest income, self-operated business, and brokerage business accounted for 28% respectively.

3%, 27.

9%, 21.

2%; investment bank, asset management business revenue accounted for 9 respectively.

7%, 7.


In the reporting year, the company’s management expenses increased by 11% each year, of which, employee compensation was paid in 201867.

600 million, an increase of 12% in ten years.

The net income of the agency business of securities trading remained the first in the industry, and the main brokerage business remained the industry leader.

In 2018, the company’s net income from securities trading (including seat leasing) 34.

500 million, the city accounts for 6 carbon dioxide.

14%, an increase of 0 from the previous year.

57pct, maintaining the industry’s first; among them, the rental income of trading unit seats4.

2 ‰, an increase of 15 in ten years.


As for the PB business, the scale of the asset custody expansion business at the end of the year was 934.1 billion, an increase of 23 earlier.

7%, ranking second in the industry; and is one of the first batch of securities companies to settle public funds, at the end of the year the scale of public fund custody was 56.7 billion yuan, ranking first in the industry.

The company’s retail and institutional customer base further strengthened. At the end of the period, the number of personal financial accounts was 12.7 million, an increase of 14 earlier.

3%; investment consultants signed 150,000 customers, an increase of 12 earlier.

2%; number of institutional clients 3.

50,000 households,成都桑拿网 an increase of 20 over the beginning of the year.


Steady improvement in asset transaction pricing capabilities and increased non-directional transaction investment income contribution.

The company has the qualification of a first-tier dealer in external budget business, with a nominal principal of equity derivatives of 302 at the end of the year.

80,000 yuan, an increase of 224% over the beginning of the year. The investment income from the disposal of derivative financial instruments during the reporting period was 6.

10,000 yuan, accounting for 9% of investment income, an increase of 12 over 17 years.

3pct; the daily average market turnover of the market budget is 11.

60,000, a significant increase of 70% previously, the market share increased again8.


Under the implementation of the new financial instrument standards (IFRS9), the financial assets 夜来香体验网 measured at fair value at the end of the year were 193.6 billion yuan, of which the growth rate was 43% earlier. Among them, the size of transactional financial assets was 137.7 billion yuan, the size of other debt investments was 39.2 billion yuan, and the scale of other equity instruments16.8 billion. Credit business assets accounted for 93% of net assets at the end of the year, and fell by 42pct before the end of 2017.

The company’s net interest rate income is increasing by 9 per year.

7%, mainly due to the increase in interest income of other debt investment instruments under the new financial instrument specification11.

10,000 yuan.

The credit scale declined. At the end of the year, 53.7 billion yuan of funds were mobilized at the end of the year, a 27% decrease from the beginning. Financial assets purchased under resale agreements were 61.1 billion, a decrease of 34% from the beginning.

Credit impairment losses were accrued during the reporting period9.

800 million, accounting for 10% of the company’s operating profit.

5%, an increase of 5.

0 points, of which the repurchase impairment loss is 6.

700 million.

The market share of the refinancing of investment banking business maintained its leading position.

The underwriting amount of equity in 2018 was 78.2 billion, ranking third in the industry; of which, the underwriting amount of refinancing (including preferred shares) was 75.4 billion, with a market share of 8.

7%; bond underwriting amounted to 307.9 billion yuan, with a market share of 5.

3%; IPO lead underwriting 2.9 billion, market share restructuring 2.


The asset management business is centralized and actively managed with a scale of over 40%.

At the end of the period, the asset management scale was 7507 trillion, and the active scale was 3106 trillion.

8 points to 41.


Maintaining the “overweight” level, the current closing price corresponds to only 18 times the 19-year PE.

The company’s comprehensive strength is strong, and its average net assets and net profits rank among the top two in the industry. It has the full license of FICC and the qualification of a first-tier dealer with over-the-counter budget. In the future, it will benefit from the reform and innovation of the capital market.Growth, we raised the company’s profit forecast for 2019-2020 (the original forecast was 75 for 2019).

100 million, 84 in 2020.

100 million), new profit forecast for 2021, net profit attributable to mothers for 2019-2021 is expected to be 94.

900 million, 118.

800 million, 133.

1 billion, an increase of 41 each year.

5%, 25.

2%, 12.