Guotai Junan (601211): The performance is better than the industry’s stable and aggressive overall layout

Guotai Junan (601211): The performance is better than the industry’s stable and aggressive overall layout

Core Views Guotai Junan announced its 18-year report, which saw a 32% increase in performance, replacing the industry level.

The company achieved operating income of 227 in 18 years.

2 ‰, at least -4.

56%, achieved net profit of 67.

$ 100 million, previously -32%; the company increased average return on net assets by 5.

42%, ten years ago3.

63 points.

In 2018, the industry’s net profit growth rate was 41%, and the company exceeded the industry level of performance.

In terms of business, the company’s business lines have varying degrees of breadth: 1) Brokerage: The company’s net income from securities business trading 43.

8 trillion, -22% a year, the main reason for the decline is that the average daily turnover of the total share base in 2018 decreased by 17%, and the company’s market share was 6.

14%, an annual increase of 0.

57 points.

2) Investment Banking: The company’s investment banking business has a net income of US $ 2 billion, -26% per year, and the replacement of underwriting by market influence is the main reason for the decline in revenue.

Among them, the company 北京体验网 underwrote IPO28 in 2018.

7 trillion, refinancing 460 trillion, -67 twice.

4%, -25%, ranking 3rd in the industry overall.

3) Asset management: The company realized asset management revenue of US $ 1.5 billion, a year-16%. The decrease in scale is the main reason.

At the end of 18, the total scale of asset management was US $ 7507 million, a year of -15%, of which the proportion of active management increased from 38% to 41%, and the average monthly active management scale ranked second. The improvement of active management capabilities will help the company to build a futureContinuous profitability.

4) Self-employed: The self-operated performance in 2018 was 57.

500 million, -17% a year.

During the year, the company grasped the potential of bonds, and the rate of return on fixed income investment exceeded the 苏州夜网论坛 market average level. The size of off-market budgets continued to rise, and gradually expanded to the forefront of the industry.

5) Credit business: In 2018, the company’s Rongrong interest income was 4.9 billion yuan, -7 per year.

6%, the financial assets index of purchases and resale agreements is 3.8 billion US dollars, -6 per year.


At the end of 2018, the company’s stock pledged a repurchase balance of 49.2 billion, up to -45.

8%, the overall performance guarantee ratio of 206%, the overall risk controllable.

On March 20, 2019, the company’s board of directors adopted the “Outline of Development Strategic Planning for 2019-2021” to create a comprehensive financial service provider, and promote the transformation and upgrading of four types of business: investment banking, big asset management, trading and credit.

According to Guotai Junan’s historical performance, the company’s development has always been a sound exploration and innovation direction, adapting to the current strong regulatory situation, and also helps to open up new business growth points, benefiting from industry development trends.

Financial Forecast and Investment Suggestions We expect the company’s BVPS to be 14 in 2019-21.



22 (The original forecast was 15 in 2019-20.


89), according to estimates from comparable companies, we give companies January 2019.

6xPB, corresponding to expected 23.

83 yuan to maintain the level of overweight.

Risk reminders: Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.