Guojin Securities (600109) Annual Report 2018 Review: Investment Business Performs Well

Guojin Securities (600109) Annual Report 2018 Review: Investment Business Performs Well

Core viewpoints: 1. On March 28, 2019, the company released its 2018 annual report.

  2. Our analysis and judgment 1) Performance increase instead of 15.

87%, performance forecast industry average The company achieved cumulative operating income of 37 in 2018.

66 ppm, with a ten-year average of 14.

22%; net profit attributable to mother 10.

$ 1 trillion, a ten-year average.

89%, the performance is better than the industry average (YOY-41.

04%); basic EPS 0.

33 yuan, a reduction of 15 per year.

87%, ROE (expected average) 5.

28%, a decrease of 1 per year.

34 units.

The expansion of the company’s investment bank revenue in 2018 has dragged down performance growth.

The company’s income structure has been adjusted in 2018, and the contribution of self-operated investment income has increased significantly16.

65 single to 26.

94%, brokerage business, investment banking business, net interest contribution and asset management business revenue contribution were 26.

37%, 19.

15%, 15.

41% and 3.

54%, with a ten-year average of 1.

76, 11.

99, 0.

95 and 0.

77 units.

  2) The decrease in investment bank business income has dragged down the company’s performance due to the fluctuation 武汉夜网论坛 of the IPO issuance rhythm. In 2018, the company realized investment bank business income7.

21 ppm, a reduction of 6 per year.

46 trillion, a decrease of 47.

25% is the gradual priority of the company’s revenue.

The scale of underwriting of corporate bonds in 2018 was 249.

67 trillion, a reduction of 50 a year.


In terms of equity financing, the company underwent a total of 4 IPO projects in 2018, with an underwriting scale of 25.

42 trillion, a reduction of 80 a year.

18%; total underwriting and rights issue underwriting scales total 34.

23 ppm, a reduction of 74 per year.


In terms of bond business, a total of 25 bonds (including convertible bonds) were issued in 2018, with a total underwriting amount of 190.

20,000 yuan, a decrease of 20 per year.08%.

As of the end of December 2018, the company 武汉夜网论坛 had 137 registered sponsor representatives, ranking 5th among all sponsors.

  3) The self-employed business performed well, with investment income increasing by 124.

69% of the company’s self-operated revenue in 201810.

1.4 billion, an annual increase of 124 against the trend.


Among them investment income 8.

46 ppm, an increase of 44 in ten years.

54%; gains from changes in fair value1.

69 ppm, reversing the loss for two consecutive years and achieving an annual increase of 226.


In the case of sluggish market conditions and generally increasing investment returns in the industry, the company’s self-operated business continued to maintain a cautious and prudent investment strategy, grasped certain opportunities in fixed income and derivatives business, proactively reduced credit risk, and appropriately expanded the scale of bond investmentAnd achieved better investment returns.

  4) Affected by the market environment, the decrease in brokerage business income was affected by the sluggish market trading. The company’s brokerage business income in 20189.

93 trillion, down 19 a year.

6%, a decrease less than the industry average (YOY-24.


The company’s brokerage business stocks, funds, and bonds totaled 2.

83 trillion, a decrease of 13 a year.

32%, of which the total amount of stock fund transactions is 2.

79 trillion, a decrease of 13 per year.


The company’s brokerage business continues to adhere to the business strategy of “based on trading products, focusing on consulting products, and supplementing financial products with breakthrough products and financing products”. Through the assembly of the service manager team and the investment advisory team and the reorganization of the high-customer service system, the company has improved its operationsManagement and customer service efficiency to build core competitiveness.

  5) The scale of credit business is expected to reduce revenue. In 2018, the company realized net interest income5.

800 million, down 19 a year.

18%, mainly because interest expenses increase by 20 per year.


The company’s credit transaction business has developed steadily, with a cumulative credit account of 6.

550,000 households, an increase of 3 from the end of last year.


Affected by the market conditions, the company’s margin margin at the end of 2018 was 59.

3.1 billion, a decrease of 20 per year.

98%; realized interest income4.

90 ppm, a slight margin of one year ago1.


As for the stock pledge business, the surplus to be repurchased at the end of 2018 was 36.

94 ppm, previously a maximum of 17.

03%; realized profit 2.

4.8 billion, a decrease of 6 per year.

Investment suggestion The company has an early Internet layout, distinctive development characteristics and flexible market-oriented management mechanism.

The current market transactions are picking up, the securities industry’s policies are favorable to release, and the company’s operating environment is improving.

We are optimistic about the company’s future development prospects. Based on the company’s fundamentals and estimates, we maintain a “recommended” rating and forecast EPS0 for 2019/2020/2021.



61 yuan, corresponding to PE 21.

43X / 18.

60X / 16.

16 times.


Risks indicate that market fluctuations have a great impact on the business.