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CITIC Securities (600030) 2018 Annual Report Comment: The industry advantage lies in solid comprehensive strength and continuous improvement

CITIC Securities (600030) 2018 Annual Report Comment: The industry advantage lies in solid comprehensive strength and continuous improvement

I. Event Overview On March 21, CITIC Securities released the 2018 annual report, and the company achieved operating income of 372 in 2018.

200 million, -14% a year.

Net profit attributable to mother 93.

9 ‰, at least -17.

9%, with an expected average ROE of 6.


  Second, the analysis and judgment of profitability has shifted. The industry level continues to be affected by changes in market conditions, trading downturns and IPO supervision. The company’s 18-year return to its parent’s net profit has changed by -17.

9%, better than the industry’s overall net profit -41%.

Among them, the brokerage business income is -9% per year, the asset management business is -15% per year, the securities underwriting business is -30% per year, the self-operated business is -37% per year, and other incomes have increased slightly by 2%.

  The investment bank has the leading strength. 南京桑拿网 The first company in the residential industry underwriting the scale of stock debt underwriting has completed 54 A-share lead underwriting projects, with a total underwriting allocation of RMB 188.3 billion and a market share of 14.

8%, ranking first in the market.

In terms of solid income, the company underwrote a total of 1,391 various types of credit bonds, with a total underwriting amount of RMB 765.9 billion and a market share of 5.

1%, bond underwriting amount and underwriting amount rank first in the industry.

  The market share of the brokerage business increased steadily, taking into account the agency services and the total number of agency-based transactions of the transformation and development companies11.

1 trillion, market share 6.

1%, a year-on-year increase of 7%, ranking second in the industry.

The institutionalization of the company’s brokerage business is at the forefront of the industry. The annual report shows that the institutional reserve payment accounted for 27% of the settlement reserve payment, an increase of 9 percentage points. The total number of QFII and RQFII customers also steadily ranked at the forefront of the market.

After the adjustment of the organizational structure, the brokerage business is expected to fully transform and upgrade to wealth management.

  The Derivatives business maintained its leading position. The company with outstanding overseas business performance accounted for 22% of its self-operated business, second only to other revenues of 26%.

Gains from changes in fair value increased by + 102%, of which derivative financial instruments increased by 9.5 billion yuan, affecting current income of 8.8 billion yuan.

As a tier one dealer, the derivatives trading business will generate multiple stable business incomes. Among them, the issuance of income certificates, OTC swap transactions rank first in the industry, and OTC transactions rank third.

The company’s overseas business achieved breakthroughs in various areas. CITIC CLSA ranked second in the IPO sponsorship trading volume in the Hong Kong market. It has performed 31 IPOs globally and performed well.

  Third, investment proposals In 19 years, the company will enter a new development stage. The company will gradually advance through the acquisition of Guangzhou Securities, and benefit from financial supply-side reforms and the implementation of science and technology boards.

It is expected that the PB will be 1 in 2019-2020.

9, 1.

8 times, maintaining the recommended level.

  4. Risk Warning: Investment returns are less than expected.