研報掘金丨中信建投:國泰海通各主營業務增速可觀,予“買入”評級
中信建投證券研報指出,國泰海通(601211.SH)2025年一季度營收同比+47.5%,歸母淨利潤同比+391.8%,ROE6.46%。一季度各主營業務增速均較為可觀,歸母淨利潤大幅增長主要系吸收海通證券產生的負商譽帶來營業外收入增加。從資產結構來看,客户資金存款環比+53%,同比+98%至2817.2億元;融出資金環比+77%,同比+118%至1885.6億元;2025Q1公司金融投資資產餘額7200.9億元,同比+64%,其中交易性金融資產餘額5497.5億元,同比+52%;公司剔除客户資金的槓桿倍數4.0x,相較去年同期-0.78x。以2025年5月21日收盤價計,2025-2026年PB估值約為1.06 和1.00倍,給予“買入”評級。
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