Depth-Company-Shenwan Hongyuan (000166): Results increase at low bases H-share issuance strengthens capital strength

Depth * Company * Shenwan Hongyuan (000166): A large increase in performance at low bases H-share issuance strengthens capital strength

The company’s 2019H1 achieved operating income of 104.

840,000 yuan, an increase of 72 in ten years.

58%; net profit attributable to mother 32.

20,000 yuan, an increase of 54 in ten years.

99%; 19EPS0.

22 yuan, 19BVPS2.

99 yuan.

Net profit increased, and the proportion of credit business decreased significantly: 1) The company’s revenue in 19H1 reached 104.

8.4 billion, an annual increase of 72.

58%; net profit attributable to mother 32.

20,000 yuan, an increase of 54 in ten years.

99%, 19H1 company net profit and annualized ROE are 30.

43% vs. 8.

54%, ROE is higher than the industry average (6.


2) Proportion of self-employed, brokerage, credit, asset management, and investment banking business revenues accounted for 27%, 20%, 13%, 5%, and 5%, respectively, of which credit business accounted for a decrease of 9 percentage points compared to 18 years.

Self-operated investment boosted performance growth, and investment bank revenue increased by 1/3 each year: 1) 19H1 company realized self-operated business income28.

6.2 billion, a previous growth of 216%, becoming the top priority for performance growth.

As of 19H1, the scale of self-owned assets was 1432.

29 trillion, an earlier increase of 5.


2) 19H1 investment banking business income5.

380,000 yuan, an annual increase of 33%.

The underwriting amount of 19H1 corporate bonds was 666.

90 trillion, the market share is 1.


In the first half of the year, the company’s IPO underwriting amount reached 1.3 billion, with a market share of 2.

17%, breaking the 18-year IPO situation.

3) 19H1 brokerage business income 21.

29 ppm, an increase of 12% in ten years.

19H1 corporate securities client custody assets2.

96 trillion, an increase of 23 over the end of the previous year.


Credit and asset management income were both issued, and the company successfully completed the Hong Kong stock IPO ranking as an A + H securities firm. 1) The company realized income from asset management business5.

47 ‰, the previous budget decreased by 24%, until 19H1 the company’s asset management scale was 6043 ‰, a 10% decrease from the beginning of the year.

2) Revenue from 19H1 credit business14.

01 billion percent and 28 percent.

As of 19H1, the balance of the two financings was US $ 49.4 billion, an increase of 16% over the earlier period, and the balance of stock pledged repo assets was US $ 32.3 billion, a decrease of 2佛山桑拿网6% from the beginning of the year.3) The report merged. The company was successfully listed on the main board of the Hong Kong Stock Exchange and listed for trading.

New release of 25.

The company’s share capital of 0.4 billion H shares has increased by 11 compared with before the issue.

11%, the capital strength has increased significantly, which is an important role for the company to carry out business heavy asset reform and transformation.

It is estimated that due to the decline in market conditions and significant decline in activity in the second quarter, we lowered the company’s net profit forecast for the company in 19/20/21 from 59/69/77 million to 56/67/76 trillion, corresponding to 0 EPS.



30 yuan to maintain the overweight level.

The impact of the risk alert policy on the industry exceeded expectations; the market fluctuations have an impact on industry performance and estimates.