海通國際(00665.HK)：投行業務保持領先，大額抵押融資撥備影響淨利，維持“審慎增持”評級，目標價2.49港元
機構：興業證券
評級：審慎增持
目標價：2.49港元
投資要點
我們的觀點：我們維持公司“審慎增持”評級及目標價 2.49 港元，公司目標價較現價有 17.1%的漲幅。2020-2022 年，海通國際目標價對應的 PB分別為 0.51、0.48 及 0.45 倍，建議投資者積極關注。
營業收入及歸屬股東淨利潤雙降：2020H1 公司實現營業收入 35.5 億港元，同比下降 13.2%，主要受機構業務的投資收益拖累；歸屬股東淨利潤 5.2億港元，同比下降 49.8%，主要系撥備大幅增長所致，如剔除抵押融資撥 備前利潤為 10.7 億港元，同比增長 2.8%。公司成本控制能力增強，營業成本同比下降 17.5%。
財富管理收入下降，但經紀佣金大幅增長：2020H1 公司財富管理收入同 比降 5.9%報收 9.9 億港元，主要由利息收入下降所致。但經紀佣金收入報 收 2.9 億港元，同比增長 54%。得益於其搭建的新投顧平台及產品覆蓋面擴大，私人財富管理 AUM 及高淨值客户數逆市提升，客户資產管理規模突破 1000 億港元；公司加強風控管理效益逐步顯現，孖展客户質量提升，上半年計提孖展融資減值撥備計提 1.0 億港元，較去年同期下降 49.2%。
投行業務收入大幅增長，港股 IPO 數量市場領先：2020H1 公司企業融資分部收入 9.1 億港元，同比增加 41.0%。股票融資方面，公司在香港市場共完成了 18 個 IPO 項目，發行數量市場第一，市佔率達到 28%。債券融資方面，在亞洲除日本外美元高收益債券排名中，海通國際按承銷金額排 名全球第三、承銷數量名列全球第一。
受投資收益拖累，機構業務收入大幅下降：2020H1 公司機構客户收入 8.5億港元，同比大幅減少 48.6%，主要源於投資收益的大幅下降，投資收益同比下降 69.2%。在二級市場上，公司抓住港股 A 股反彈機遇，實現了交易量和交易收入的雙增長。公司在香港覆蓋股票期權做市標的 74 只，為香港第六大做市商，也是香港第四大股票期貨流通量提供者。
風險提示：1）資本市場持續下行影響佣金收入；2）市場大幅波動影響投資收入；3）投行收入增長不及預期
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