Haitong Securities (600837): Benefiting from market conditions, the company’s February performance improved significantly

Haitong Securities (600837): Benefiting from market conditions, the company’s February performance improved significantly

Event: Haitong Securities released February financial data, and the company (parent company’s caliber) achieved operating income in February 201816.

0.6 billion, an increase of 75.

82%, an annual increase of 322.

31%; Net profit 9.

3.4 billion, an increase of 130 from the previous month.

88%, an annual increase of 1605.


Opinion: Driven by market conditions, the performance of listed securities firms is generally good.

The performance of securities companies in February increased significantly, mainly due to the market conditions driving brokerage, self-employment and Liangrong data.

On a comparable basis, the revenue and net profit of the 32 listed securities firms (parent company’s caliber) increased by 213 each year.

35% and 613.

68%; revenue and net profit in the first two months increased by 61 each year.

84% and 105.


From the perspective of various business data, in February 2019, the average daily turnover of Shanghai and Shenzhen stocks was 5,890.

2.7 billion, an increase of 98.

56%; As for the business of Liangrong, the balance of Liangrong was 8046 at the end of February.

6.7 billion, an increase of 10 from the previous 苏州桑拿网 month.

50%; in terms of self-employed businesses, the Shanghai Composite Index, the Shenzhen Component Index and the GEM Index rose by 13.

79%, 20.

76% and 25.


February’s performance was outstanding, and the company’s growth rate was at the forefront of the industry.

The company’s February performance was outstanding, and its revenue and net profit growth were among the highest among listed brokers: the company’s (parent company’s caliber) operating income and net profit growth in February were 75 per month.

82% and 130.

88%, located in the fourth and ninth of listed securities companies (comparable 37); the company (parent company caliber) operating income and net profit in February each month alternately increased at 322.

31% and 1605.

31%, ranked 8th and 5th in listed brokers (comparable with 3北京夜生活网2), and the growth rate is at the forefront of the industry.

Under the policy bonus, leading brokers have obvious advantages.

Since the beginning of this year, the regulatory authorities have attached great importance to the development of the bank’s capital market, and policy dividends are expected to usher in development potential.

With the implementation of directional convertible bonds, science and technology board and other policies, the multi-level capital market is constantly improving, and the profit model and development direction of the securities industry will change. Leading securities firms have obvious advantages under this background and are expected to gradually increase.

Earnings forecast and rating: We forecast Haitong Securities to achieve operating income of 238 in 2018, 2019 and 2020, respectively.

59 ppm, 285.

14 ppm and 305.

3.3 billion; net profit attributable to parent company was 52.

1.3 billion, 66.
8.6 billion and 78.

570,000 yuan, the corresponding budget income is 0.
45 yuan, 0.

58 yuan and 0.

68 yuan, maintaining the company’s “overweight” rating.

Risk factors: Continued decline in transaction volume and volatility of self-operated businesses; risk of reduced entry barriers, and performance of innovative businesses falling short of expectations