中信建投證券(06066.HK)：營收和淨利大幅提升， 投行龍頭地位穩固
機構：興業證券
投資要點
營業收入和歸屬股東淨利潤均保持穩定增長。 2020 年 Q1-3，公司實現營業收入 158.6 億元，同比增長 63.5%，主要受益於自營業務投資淨收益大幅增長；實現歸母淨利潤 74.9 億元，同比大增 96.1%；基本每股收益 0.94 元，同比增長 88%。截至第三季度末，公司營業收入及歸屬股東淨利潤均已超2019 年總合，盈利能力穩定上升。
投行業務業績突出，穩居行業龍頭。2020 年 Q1-3，公司投行業務實現佣金及手續費淨收入 39.5 億元，同比增長 55.8%。股權融資方面：完成股票主承銷 69 單，總承銷金額達 1871.6 億元，行業排名第二；其中 IPO 項目 26單，首發承銷金額 668.6 億元，同比大增 456.7%，均排名行業排名第一。
債權融資方面：公司期內承銷債券 2156 只，總承銷金額達8434.9 億元，同 比增加 33.8%，均位於行業第二名，承銷額市佔率 11.6%。
自營業務表現突出，投資淨收益同比大增。2020 年 Q1-3，公司自營業務實現淨收入 60.9 億元，同比增長 104.1%。其中，投資淨收益同比大增 188.6%至 56.5 億元，主要系期內交易性金融資產投資收益增加所致。公司投行業務衍生帶來的優質科創板項目跟投以及較強的主動投資能力促使投資淨收益持續增加。
受益於市場交投活躍，經紀業務增長亮眼。2020 年 Q1-3，公司實現經紀業務收入 35.3 億元，同比增長 61.1%。受益於市場宏觀環境及創業板註冊制落地拉昇市場交投活躍度，公司期內經紀業務手續費淨收入持續增加。? 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 10 月 23 日股價對應 PB1.18 倍、PE 9.7 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和交易收益；2）投行業務增長不及預期；3）科創板跟投實現收益不及預期。
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