CITIC Construction Investment (601066) 2019 Third Quarterly Report Review: Investment Banks Highlight Prominence to Boost Performance
CITIC Construction Investment released three quarterly reports. ROE is higher than the industry average. In the first three quarters of 2019, the company achieved operating income of 96.
97 ppm, an increase of 24 in ten years.
14%; net profit attributable to mother 38.
20 ppm, an increase of 74 in ten years.
The nominal ROE of the company during the reporting period was 8.
65%, an increase of 3 per year.
29 averages, higher than the industry average.
Brokerage, investment bank, asset management, self-employment, and index net income accounted for 22 respectively.
75% and 12.
20%, the annual growth rate is 19.
The investment banking business has prominent advantages, leading in many business industries. The IPO reserve project is rich.
62 trillion, ranking second in market share; the scale of bond underwriting is 6,407.
5.5 billion US dollars, the second largest market share; corporate bond underwriting scale is 106.
850,000 yuan, ranking third in the market; corporate debtors underwriting scale of 2658.
5.7 billion, ranking first in the market.
As of the end of the reporting period, the company had 163 IPO reserve projects, 15 internal M & A projects, and an internal M & A transaction amount of 811.
9.5 billion, far ahead of other securities firms.
Self-employment boosted performance, and proactive investment capacity increased in the first three quarters of 2019. (1) The company’s self-operated business income was 29.
7.3 billion, accounting for 30% of revenue.
75%, an increase of 20 per year.
02%; transactional financial assets increased by 40 compared with the end of the previous year.
30%, mainly due to the increase in the first reported self-operated investment.
(2) Revenue from asset management business 5.
4.7 billion, accounting for 5.
66%, an annual increase of 13.
The credit risk was strictly controlled, and the decline in financing leverage was terminated. At the end of the three quarters, the company raised funds to replace 265.
9.3 billion, accounting for 47% of net assets.
8%, down 4 from the beginning of the year.74 per share; the size of financial assets under repurchase agreements increased to 225.
10,000 yuan, accounting for 11.
78%, down 4 from the beginning of the year.
Investment suggestion The company’s comprehensive strength, investment banking business advantage is obvious, the profitability industry is leading and the business is developing in a balanced manner. The company’s ROE is significantly higher than the industry average.
We estimate that the company’s net profit attributable to mothers will be 44 in 2019-2021.
8.9 billion, 52.
21 ppm and 59.
6.3 billion, an increase of 46 each year.
Maintain the “overweight” rating.
Risks prompt stock market fluctuations to impact self-employed investment returns; market trading activity has declined.