中信建投證券（06066.HK ）：業績大幅跑贏行業平均水平，投行龍頭地位穩固
機構：興業證券
評級：未評級
投資要點
營業收入和歸屬股東淨利潤均大幅增長：2020年一季度，公司實現營業收入43.8億元，同比增長41.0%，主要受益於投資收益大幅增長；實現歸母淨利潤19.5億元，同比增長31.1%；基本每股收益0.25元，同比增長31.6%。根據證券業協會數據，一季度行業整體營收同比下降3.5%，淨利潤同比下降11.7%，公司業績大幅跑贏行業整體水平。
投行業務業績突出，穩居行業龍頭。2020年一季度，投資銀行業務收入達7.4億元，同比增長12.5%。股權融資方面：一季度總承銷金額為3450.8億元，行業排名第一；其中完成IPO項目5單，行業排名第三，首發承銷金額319.5億元（擔任2020年一季度最大IPO項目京滬高鐵的牽頭主承銷商），佔市場份額8.7%，行業排名第一；增發主承銷金額115.1億元，佔市場份額3.8%。債權融資方面：公司2020年一季度承銷金額為2733.7億元，承銷債券667只，均位於行業第一名，承銷額市佔率12.8%。
自營業務表現突出，大幅跑贏行業整體水平。2020年一季度，公司自營業務實現淨收入18.8億元，同比增長67.4%；其中，實現投資收益16.3億元，同比大幅增長140.7%。主要受益於投行業務衍生而來的優質科創板項目跟投收益和較強的主動投資管理能力。
受益於市場交投活躍，經紀業務增長亮眼。2020年一季度，公司實現經紀業務收入10.8億元，同比增長49.0%。2020年一季度，證券市場交投活躍，成交總額同比增長46.9%；根據證券業協會數據，行業經紀業務收入同比上升33%，公司經紀業務增長跑贏行業整體水平。
我們的觀點：中信建投以投行業務優勢為起點，業務結構逐步均衡和多元化，目前涵蓋了投資銀行業務、財富管理業務、交易及機構客户服務業務和投資管理業務四大板塊。公司投行業務龍頭地位不斷得到鞏固，特別是科創板領域項目儲備豐富；財富管理業務快速增長，逐步邁入行業前列。公司4月24日股價對應PB0.8倍、PE9.0倍，建議投資者積極關注。
風險提示：1）市場大幅波動影響投資收益；2）投行業務增長不及預期；3）經紀業務增長承壓
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