招商證券(06099.HK)重大事件快評:穩步轉型,拓展發展空間
機構:國信證券
評論:
業務均衡,發展基礎穩固
公司資本實力雄厚,2019年末淨資產排名行業第6。公司風控制度完善,連續12年獲得證監會A類AA級評級。2019年,公司經紀、投行、資管、利息淨收入、自營佔比分別為21%、10%、6%、10%、38%。根據證券業協會統計,公司代理買賣證券業務淨收入(含席位租賃)排名第7,融資融券利息收入排名第6,股票質押利息收入排名第7,投資銀行業務淨收入排名第6,代理銷售金融產品淨收入排名第8,資管月均規模排名第4,股票主承銷金額排名第7,債券主承銷金額排名第5。
公司槓桿倍數從2018年末的3.2倍左右增長到2019年末的3.8倍,淨資產收益率從2018年的5.58%提升至2019年的9.51%。預計隨着行情回升,各業務模塊用資增加,帶動槓桿與ROE提升。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.