中信建投證券(06066.HK)重大事件快評：投行業務領先，ROE優於行業，給予“買入”評級
格隆匯 08-10 15:31
機構：國信證券
評級：買入
評論：
股東背景雄厚，盈利能力領先
股東背景雄厚，北京國有資本經營管理中心、中央匯金為前兩大股東。中信建投證券股份有限公司前身為中信建投證券有限責任公司，2005 年 11 月，中信證券和中國建銀共同出資設立中信建投有限；同年 12 月，根據國務院批准，中信建投有限收購華夏證券資產，收購的業務範圍包括經紀、投行及基金代銷業務。經過歷年股權變更，引入北京國管中心、中央匯金、世紀金源三名股東。2011 年整體變更為股份有限公司，並於 2016 年登陸香港聯交所主板，共計發行 H 股 12億股，股本增加至 72.5 億股。2018 年 6 月公司發行 4 億股 A 股，佔發行後股份總數 5.23%，發行價格 5.42 元，募資21.68 億元，總股本增加至 76.5 億股。目前公司前十大股東合計持股 72 億股，持股佔比為 94.17%，北京國有資本經營管理中心為公司第一大股東，持有公司 26.84%股權。
業務結構均衡，投行業務收入貢獻較高。從公司目前的收入結構來看，各業務板塊佔比趨於平衡。2019年，經紀、投行、資管、資本中介、自營業務收入佔比分別為21%、27%、6%、11%、32%。公司積極調整業務結構，鞏固發展投行業務、強化投資管理、財富管理業務，拓展海外業務與創新業務。投資銀行業務為公司的傳統優勢業務，2019年收入佔比達27%。
綜合實力位居前列，盈利能力領先。公司營業收入、淨利潤均位於行業前十。ROE水平行業領先，2016-2019年，公司ROE分別為13%、9%、6%、10%，顯著高於行業平均水平（2016-2019年分別為8%、6%、4%、6%）。
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