近岸蛋白(688137):Robust growth in investment,futures business expanded

Equity Research Report

  China Galaxy Securities (6881 HK)

  Robust growth in investment,

  futures business expanded

  Huatai Research Interim Results Review Rating (Maintain): BUY

  2 September 2022 │ China (Hong Kong) Brokerage Target price (HKD): 5.96

  Analyst SHEN Juan

  Operation grew, earnings growth driven by investment and futures

  China Galaxy Securities (CGS) recorded revenue/attributable net profit of

  SAC No. S0570514040002

  SFC No. BPN843

  shenjuan@htsc.com

  +(86) 755 2395 2763

  RMB18.2/4.33bn in 1H22, up 20.28/1.68% yoy. ROE (non-annualized) stood at

  4.2%, down 0.91pp yoy. For 2Q22, revenue/attributable net profit reached

  Analyst WANG Ke

  SAC No. S0570521080002 wangke015604@htsc.com

  RMB10.9/2.8bn, up 44/22% yoy. We moderately raise our assumptions for SFC No. BRC044 +(86) 21 3847 6725

  revenue from the investment and futures businesses, and project 2022E/2023E/

  2024E BVPS of RMB8.74/9.56/10.43 (previous: RMB8.71/9.35/10.04). Given the

  company’s earnings growth against he