Huatai Securities (601688) 2018 Annual Report Comments: Mixed Changes and Increases Stimulate Reform Vitality Self-operated Delayed Performance Exceeds Expectations
Event description The company released its 2018 annual report and realized total operating income of RMB161.
08 million yuan, a decline of 23 per year.
69%; net profit attributable to mother is RMB 50.
33 trillion, down 45 a year.
66 yuan / share, expected average ROE5.
Incident Review Leadership in Wealth Management: Net Income from Securities Trading 33.
RMB 860,000, budget 20%, net interest income 30.
15 percent and 16 percent.
1) The brokerage business continued to lead.
Stock-based trading volume 14.
27 ppm, continuing to maintain the number one in the industry.
880,000, ranking first in the market, with an average CAGR of 30 in 2015-2018.
81%; 2) Sales of financial products increased.
The digital wealth management platform promotes the construction of investment advisory teams and wealth management capabilities, with investment advisors accounting for 28.
98%, ranking first in the industry, with sales revenue of financial products1.
7.4 billion, an increase of 23 in ten years.
06%; 3) Margin financing and securities lending business share 5.
76% remained stable.
The size of the stock pledge business was reduced by 41%, and the credit impairment provision was 8.
63 million, through the improvement of the market environment, the risk may be further released.
Asset management revenue growth and internationalization strategy advancement: 1) Revenue from entrusted asset management business increased by 7%.
The scale and income of collective and single asset management plans decreased, the management scale of ABS and public funds increased, and the special project trust scale was 638.
580,000 yuan, an increase of 30%; Southern Fund and Huatai Borui’s assets under management increased by 14 respectively.
45% / 14.
33%; 2) Comprehensive international platform.
International business realized operating income 20.
390,000 yuan, an increase of 19 in ten years.
92%, AssetMark asset management scale is 448.
55 ppm, a year-on-year increase of 6%. At the end of the third quarter, it occupies a value of 10 in the US TAMP (turnkey asset management platform) industry.
20%, ranking third.
The issuance of GDR was approved, leading the overseas layout.
Self-employed income increased and institutional business was steadily advancing: 1) Under the influence of the self-employed equity investment market, a penetrating retracement occurred.
At the same time, the implementation of the new accounting standards increased by 24%.
US $ 1.1 billion, a significant 73% decrease, derivative financial instruments floated and the fair value gains achieved17.
98 ppm; 2) Investment bank interleaving is much lower than the industry.
Income of investment banks decreased slightly by 4% (industry breakdown of 27%), ranking third in the distribution of underwriting amount (3rd in 2017), eighth in the amount of bond underwriting (7th in 2017), and the first in M & A and restructuring (4th in 2017), Investment bank rankings have been steadily improved; 3) PB business system has been continuously improved.Fund custody scale 733.
50,000 yuan, an increase of 35 in ten years.
Date: In 2018, mixed-ownership reform will be launched, and an increase of $ 14.2 billion will be raised.
The company’s EPS for 2019-2020 is expected to be 0.
78\0.88\0.96, net assets are 14.
06\15.67\18.37 corresponds to the company’s closing price of 22 on April 1.
75 yuan, PB for 2019-2020 are 1 respectively.
62\1.45\1.24. Many of the company’s businesses are 武汉夜网论坛 leading the industry. The science and technology board stimulates the advantages of property rights brokers and optimizes the compensation mechanism, which is conducive to the long-term development of the company. Maintaining the “buy” rating risks the growth of the secondary market;