申萬宏源(06806.HK)：營收和淨利雙雙大幅提升，機構服務及交易業務增長亮眼
機構：興業證券
營業收入和歸屬股東淨利潤均大幅增長。2019年公司實現營業收入245.9億元，同比增長61.0%，主要受益於機構服務及交易業務的大幅增長；實現淨利潤58.0億元，同比增長36.6%；實現歸屬母公司淨利潤57.4億元，同比增長37.9%。基本每股盈利0.24元，同比增長26.3%。
投行業務穩步提升推動企業金融業務增長。2019年實現企業金融業務收入22.9億元，同比增長24.9%，主要受益於證券承銷業務大幅增長40.9%。2019年公司完成股權融資項目13單，融資金額138.79億元，同比增長7.7%，保薦並承銷的“安集科技”為科創板首批發行上市企業；完成併購重組項目6單，行業排行第5名；完成公司債主承銷項目61家，主承銷金額452.05億元，數量和金額較上一年均實現翻番。
個人金融業務小幅增長，資本中介業務穩健發展。2019年公司實現個人金融業務收入72.3億元，同比增長11.7%。證券經紀業務方面，證券客户託管資產較上年末增長33.9%；實現代理買賣業務淨收入30.23億元，市場佔有率為4.3%，穩居行業前列。融資融券業務，2019年兩融需求增加，公司充分利用科創板轉融券業務資格，努力拓展融券券源，融資融券期末餘額為517.1億元，同比上升18.4%，市場佔有率為5.05%，平均維持擔保比例為268.72%。股票質押業務餘額為244.88億元，同比下降43.94%。
資產管理淨收入小幅提升。公司投資管理業務包括資產管理、公募基金管理以及私募基金管理三大部分。2019年公司實現投資管理分部收入16.67億元，同比增長15.46%，其中資產管理業務淨收入12.9億，同比增長7.6%。公司通過子公司申萬菱信和參股公司富國基金開展公募基金管理業務，通過申萬宏源產業投資、宏源匯富、申萬直投開展私募基金管理業務，2019年，富國基金期末管理資產規模為3390.59億元，較2018年年末下降21.9%，申萬直投新增基金規模20億元。
我們的觀點：公司經紀業務穩居行業前列，資本中介業務穩健發展，投行業務中債權融資業務行業領先，股權融資業務穩步提升，衍生品業務實現跨越式增長，建議投資者積極關注。
風險提示：1）市場大幅波動影響投資和交易收益；2）投行業務增長不及預期；3）經紀業務增長承壓
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