GF Securities (000776): Equity Derivatives Trading Business Affected by Market Impact
Event: The company disclosed its 2018 annual report and achieved revenue of 152.
700 million, a decrease of 29 previously.
2%, net profit attributable to mother is 43.
0 billion, a previous decrease of 50.
0%, lower than expected (originally expected to return to mother’s net profit every 21 years.
The reported budget ROE is 5.
07%, a decrease of 5 from the previous year.
The performance was lower than expected due to changes in equity market investment income, the company’s trading and institutional business segments in the reporting period achieved revenue8.
6 trillion, a reduction of 72 a year.
5%, mainly due to possible equity investment.
Equity and derivatives trading business was under pressure, and FICC business realized net investment income of 45.
500 million, an annual increase of 22%.
At the end of 18, trading financial assets were 88.3 billion, other debt investment was 79.5 billion, and other equity instruments were 10.8 billion, totaling 187.6 billion.
Derivative financial assets at the end of the year were 175 ppm, an increase of 2 per year.
2 times; nominal amount of derivative financial instruments 1.
44 trillion U.S. dollars, an annual increase of 77%, of which the scale of equity derivative financial instruments was 19.4 billion U.S. dollars, a year-on-year increase of 17%. Due to changes in the rights market, the company’s equity and derivatives trading business replaced.
The company actively develops FICC business. In 18 years, ChinaBond has the second largest trading volume in the industry, with solid sales and net investment income of 45.
5 ppm, an increase of 21 in ten years.
Revenue from repo transactions increased by 36% annually, driving revenue growth in the wealth management business segment once.
18 years of share trading market share 4.
37%, remained stable; the market share of fund trading was 2.
09%, increase by 1 every year.
2pct; the brokerage business income decreased by 24%, mainly due to the decrease in market transaction volume. The company’s intelligent investment consulting beta cattle service customers have reached 700,000. In the future, it will continue to deepen the technology and financial model to help wealth management transformation.
Stock pledged interest income increased significantly: At the end of the period, the company’s stock pledged business balance of US $ 22.3 billion, a continuous decline of 16%, and repurchase business interest income of US $ 1.6 billion, an increase of 35.
Large asset management business income surpassed brokerage, and the average monthly scale of active asset management ranked third.
18-year asset management income 37.
400 million, down slightly by 6%.
At the end of the year, the scale of asset management was 38.14 million yuan, a decrease of 27.
The company continues to deepen its active asset management transformation. In 18 years, it has ranked third in the industry in terms of the average monthly asset scale. The increase in the overall portable management fee rate will change the impact of the decline in the scale of the channel business. It is expected that the asset management performance will resume positive growth;E Fund, a 51% -controlled GF fund, and the size of its public offering funds each increased by 7.
6%, + 67
3%, net profit decreased by 2.7%, 52.
The 18 years of equity distribution and sales have gradually led to pressure on the performance of investment banks. In 19 years, the science and technology board launched the company to promote benefits.
For the full year of 2018, the income of investment banks decreased by at least 56%; in terms of scale, the company’s IPO lead underwriting37.
9.5 billion, ten years -77.
6%, refinancing lead underwriting 90.
4.1 billion, ten years -55.
0%, the scale of bond underwriting is 963.
160,000 yuan, at least -17.
2%; The concentration of equity financing on large customers in 18 years is relatively unfavorable to the company’s service model based on SMEs, but in 19 years it will help to benefit from the recovery of the primary market.
The magnitude of the pressure drop in credit business was not large, and credit impairment was provided in 20183.
0 billion, of which 1 in the fourth quarter accrued 1.
Capital was raised 453 at the end of 18 years.
600 million, bought back 368 financial assets.
At the end of the period, the assets of credit business / net assets attributable to the parent are approximately 96.
6%, 15 earlier.
武汉夜生活网8pct, the decrease is smaller than that of the industry.
Maintain the company’s overweight rating. The current closing price is only 17 times the 19-year PE.
The company’s self-employed performance in 18 years was affected by the influence of the market. The market grew in 19 years and the trading activity increased. It is estimated that the net profit attributable to the mother in 2019-2021 will be 82.
7 billion, 105.
300 million, 118.
100 million (slightly lowered the profit forecast for 19-20 years, the original forecast was 84.
100 million and 106.
800 million, a forecast of 2021), an increase of 92 each year.
2%, corresponding to the latest closing price of PE is 17 times, 13 times and 12 times.