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《大行》華泰證券升廣發證券(01776.HK)目標價至24.81元 資管貢獻穩健
阿思達克 09-01 12:15
華泰證券發表研究報告指出,廣發證券(01776.HK)(000776.SZ)今年上半年實現營收153.98億元人民幣(下同),按年增34.38%;歸母淨利64.70億元,按年增48.31%。該行考慮到公司投資經紀驅動增長、資管業務利潤貢獻穩健,維持A股、H股「買入」評級。 考慮7月以來市場景氣度上行,華泰證券上調全年市場成交額、公司投資類收入等假設,考慮規模效應下調管理費率假設,上調對公司2025至2027年純利預測分別27%、29%及27%,至分別135億、148億及161億元,分別對應每股盈利為1.77元、1.94元及2.11元。 另外,華泰證券考慮到公司投資業務增長亮眼、資管業務利潤貢獻穩健,分別給予A股及H股2025年1.4倍、1.1倍市賬率估值,A股目標價從21.34元升至28.78元,港股目標價從13.13港元升至24.81港元,分別對應預測2025財年市賬率估值1.05倍及0.6倍。
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