CITIC Construction Investment (601066): Investment Banks Keep Maintaining Derivative Investment Volume and Profit Increase

CITIC Construction Investment (601066): Investment Banks Keep Maintaining Derivative Investment Volume and Profit Increase

Investment Highlights: The company disclosed its 2019 Interim Report and realized net profit attributable to mothers23.

30,000 yuan, an annual increase of 37.

6%, operating income 59.

10,000 yuan, an increase of 12 in ten years.


In 1H19, the company’s assets after the withdrawal of agency purchase and sale of securities were 1,953 trillion, an increase of 22% over the earlier period, and operating leverage4.

01 times, an increase of 0 from the end of 2018.

64 times.

Reported quantity credit impairment flushed back to 1.

0 million.

The investment banking business maintained its lead, and the IPO reserve performance in the second half of the year will continue to be released.

Net income from investment banking business in the first half of the year 16.

2 ‰, +14 a year.

1%, 16 lead underwriters of equity financing 武汉夜网论坛 in 1H19, ranking first in the industry, the size of lead underwriting is 8.5 billion, ranking fourth in the industry; IPO lead underwriting market accounted for 7 alternatives.

2%, the additional underwriting market accounted for 8 of the implants.

4%; the underwriting market for convertible bonds is 7.


The number and amount of bond underwriting lead underwriters ranked second in the industry.

As of 1H19, the company’s IPO was ranked first in the industry in 55 projects under review, and it had IPO reserves in the field of technological innovation, and its performance continued to be released.

The substantial increase in the investment income of derivative financial instruments has driven the improvement of self-employed performance. The market share of the nominal principal size of the over-the-counter 佛山桑拿网 budget survivorship has been 20%.

1H19 Total investment income and net income from changes in fair value15.

0 million yuan, an increase of 60 in ten years.


Among them, the investment income of derivative financial instruments2.

950,000 yuan, an increase of 4 over the same period last year.

8.3 billion.

At the end of the period, the company’s nominal principal of derivative financial instruments was 1,892 trillion, and the nominal principal of the over-the-counter budget surpassed USD 76.7 billion, with a market share of 20.


The market share and commission rate of stock trading in the brokerage business remained stable.

Net income from agency business in the first half of the year 15.

0 ‰, +12 for ten years.

3%, market share 2.

99%, ranking 11th in the industry.

1H19 share-based trading market share implantation 2.

81%, net commission is 3 / 10,000 carbonized.

6%, stable every year.

Net income market share of consignment financial products 3.

65%, ranking sixth in the industry.At the end of the period, the company’s agency purchase and sale of securities amounted to 5.29 million yuan, + 51% from the beginning of the year, and institutional customers accounted for 26%.

1H19 Interest income from client funds deposits 8.

300 million, +5 for ten years.


The asset management structure was optimized, and the scale of active management increased by 27%.

Revenue from asset management business in the first half of the year 3.

300 million, ten years +10.

5%, asset management fee pricing is 1/1000.

1H19 AUM 6605 trillion, ranked fourth in the industry, an earlier growth of 1.


Among them, the active scale was 2,492 trillion, an increase of 537 trillion (+27.

4%), with 37% taking the initiative.

7%, channel scale compressed 454 ppm (-9.

9%) to 411.4 billion yuan.

The market share of the two financial markets remained stable, and the scale of stock pledged repurchases increased against the trend.

1H19 two financial interest rate income10.

100 million, ten years -35.

9%, a surplus of 26.9 billion in capital raised, an increase of 7 from the end of last year.

0%, Liangrong City accounted for 3 of the implants.

0%, interest rate is 7.


1H19 stock pledge rate income 5.

2.2 billion, previously +26.

At 0%, the stock pledged repurchase surplus was 16.1 billion yuan, an increase of 16 over the end of the previous year.

6%, the stock pledge rate is 7.


1H19 interest expense 22.

2 billion, 10 from the previous decade.


Maintain the company’s overweight rating, do not adjust the profit forecast, and optimistic about the company’s investment banking business benchmarking segment and institutional business development prospects.

The company has received AA rating for three consecutive years. The supervision is tilted towards high-level large securities firms. The company’s investment banking business has been ranked among the top three in the industry. Currently, over-the-counter expenditures occur as first-tier dealer qualifications. The size of off-exchange budgets has grown rapidly and will benefit from directIncrease of financing proportion and development of product creation business.

It is expected that the net profit attributable to mothers for 2019-2021E will be 46.

500 million, 58.

400 million, 68.

700 million, an increase of 50 each year.

6%, 25.

6%, 17.


The current closing price corresponds to a 19-year PB estimate of 2.9 times.

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