研報掘金丨國泰君安:予方正證券“增持”評級,目標價9.57元
國泰君安研報指出,方正證券(601901.SH)是以財富管理為核的大中型券商,隨着歷史包袱陸續卸下,基本面進入上升通道,預計未來盈利能力相對同業仍將持續佔優。給予公司目標價9.57元,給予“增持”評級。自2022年恢復證券公司債發行以來,公司以“做大利潤、提升價值”為導向,槓桿率逐步從21年末的3.4x修復至24Q1的4.3x,兩融業務修復失地、自營業務持續加碼。當前主要矛盾逐漸轉為同業競爭問題的解決進展。中國平安同時控股平安證券及方正證券,需5 年內解決同業競爭問題,關注後續進展。
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