29% exceeded market expectations
CITIC Securities (600030) 2019 first quarter performance review: net profit attributable to mother increased by 58.
29% exceeded market expectations
Investment Highlights: Net profit attributable to mothers grows 58 per year.
In the first quarter of 2019, the company’s operating income was 105.
2.2 billion, an annual increase of 8.
35%; net profit attributable to mother 42.
5.8 billion, an annual increase of 58.
29%; net profit after deduction to non-mother 42.
5.4 billion, an annual increase of 59.
10%, basic profit returns 0.
35 yuan, an annual increase of 59.
09%; ROE (expected average) is 2.
74%, an increase of 0 every year.
The substantial increase in net profit attributable to mothers was mainly due to the substantial increase in the company’s investment income.
Investment banks, net income from self-employed business increased significantly.
In the first quarter of 2019, thanks to the overall growth of the market and the stock market, the net income from self-operated businesses (net income from investments-investment income from associates and joint ventures + net income from changes in fair value) was 49.
23 trillion, an increase of 106 in ten years.
32%, of which the net investment income increased by 1886 each year.
The company’s IPO project reserves are abundant. As of April 26, there were 11 companies applying for science and technology board applications, the second largest in the industry, and 100 companies with IPO reserves (not ending review, including science and technology board). It is expected to contribute to the performance in the second half of the year.Increment.
In the first quarter of 2019, the company’s equity and bond underwriting amount increased by 57 respectively.
11% and 50.
55%, net income from investment banking business9.
USD 8.9 billion, an annual increase of 34.
The net income of asset management, credit and brokerage business decreased significantly.
In the first quarter of 2019, the company’s net income from asset management, credit and brokerage businesses were 12 respectively.
9.7 billion, 5.
2 billion and 19.
5 billion yuan, with annual growth rates of -12.
26% and -8.
The decline in the net income of the asset management business is expected to be due to the decline in the size of the entrusted assets.
Credit business is mainly affected by the financing (down 13.
87%) and the size of financial assets purchased under resale agreements (down 39% year-on-year.
79%) decline impact.
In the first quarter of 2019, the company’s agency purchases and sales of securities increased by 22 each year.
37%, indicating the increase in margin deposits from clients in the brokerage business. Therefore, it is expected that the decline in the brokerage business’ net income is due to the commission rate ranking.
Change in the proportion of net income and revenue from self-operated businesses.
In the first quarter of 2019, the company’s brokerage, investment bank, asset management, credit, self-employed and other business net 重庆耍耍网 income revenue ratios were 18 respectively.
78% and 5.
78%, of which the percentage change in the proportion of net income from self-operated business increased by 22 each year.
21 pct, an increase of 25 from the beginning of 2018.
The net income and revenue of other businesses were basically the same compared with the same period last year.
Investment advice: Maintain a cautious recommendation level.
Benefiting from the recovery of the securities market, the company’s net profit attributable to mothers increased in the first quarter of 201958.
29%, exceeding market expectations, the company’s performance rebounded strongly.
As of April 29, 2019, the company’s PB was 1.
82 times, it is estimated to be located in the center of history. Through performance improvement, it is estimated that there is still room for improvement.
It is predicted that the EPS of the company from 2019 to 2020 will be 1.
20 yuan and 1.
29 yuan, the closing price on April 29 corresponding to PE were 19.
18 times and 17.
Give the company a cautious recommendation rating.
The economy exceeded expectations, the stock market fell sharply, and the stock market’s trading volume shrank sharply.