Haitong Securities (600837) 2019 first quarter performance review: net profit attributable to mother increased by more than double
Net profit attributable to mothers increases by 117 per year.
In the first quarter of 2019, the company’s operating income was 99.
5.4 billion, an annual increase of 74.
48%; net profit attributable to mother 37.
7 billion, an annual increase of 117.
66%; net profit after deduction is 34.
USD 8.1 billion, an annual increase of 136.
92%; basic profit return is 0.
33 yuan, an annual increase of 120%; ROE (expected average) is 3.
14%, an increase of 1 each year.
Thanks to the rebound in the securities market, net income from proprietary operations increased, and net profit attributable to mothers doubled.
Net income from operating income and sales of subsidiaries doubled.
In the first quarter of 2019, thanks to the overall growth of the stock market, the company’s net operating income (net income from investment-investment income from associates and joint ventures + net exposure to hedges + net income from changes in fair value) was 48.
3.5 billion US dollars, an annual increase of 282.
83%, of which net investment income increases by 84 each year.
97%, while net gains from changes in fair value changed from losses to losses, with a loss of 0 in the same period last year.
18 ppm, net income for the first quarter of 2019 was 23.
9.7 billion yuan.
Benefiting from the substantial increase in sales revenue of subsidiaries each year, other business income was 22.
8.6 billion, an annual increase of 78.
Net income from credit business decreased significantly.
In the first quarter of 2019, the company’s credit business net income9.
1.5 billion, a decline of 24 every year.
95%, mainly due to the following reasons: First, the 厦门夜网 size of financial assets under repurchase agreements has dropped significantly29.
10%; Second, the scale of funds raised exceeds 9%.
14%; Third, interest expenses increase by 3 each year.
01%, while interest rate income is reduced by 4 per year.
The net income of other main businesses did not change much from the last ten years.
In the first quarter of 2019, the company’s brokerage business, investment banking business and asset management business net income were 9 respectively.
6 billion, 5.
$ 8.5 billion and 4.
0.6 billion yuan, with annual growth rates of 6.
51% and -9.21%, little change from last decade.
In the second quarter of 2018, the net income of the brokerage business decreased month-on-month, and it is expected to increase in the second quarter of 2019. Therefore, the net income of the brokerage business in the second quarter of 2019 will achieve a breakthrough growth.
The proportion of revenue from credit business and self-operated business changed the most.
In the first quarter of 2019, the company’s brokerage, investment bank, asset management, credit, self-employed and other business revenue ratios were 9 respectively.
58% and 22.
97%, of which the revenue from self-employment and other business revenue accounted for area, and the combined total revenue accounted for 71.
Compared with the same period of last year, the proportion of revenue from credit business and self-operated business changed the most, decreasing by 12 respectively.
18 points and an increase of 26.
Investment advice: Maintain a cautious recommendation level.
Benefiting from the recovery of the securities market, the company’s net profit attributable to its mother increased by more than double in the first quarter of 2019, the highest growth rate among large securities firms in the first quarterly report.
As of April 25, 2019, the company’s PB was 1.
34 times, it is estimated to be at a historically low level, and it is the second lowest estimate among securities companies. There is still room for improvement.
The economy exceeded expectations, the stock market fell sharply, and the stock market’s trading volume shrank sharply.