【公司研究】国金证券-投行业务率先突围引领业绩持续增长-20200608[45页].pdf

1、 / 2012BBBA 8A IPO2019 +195.72%94.67% 1672020618 54119 1358 1.30% 20191.11+77.80% 4 70% 20199.10+54.94% 2020Q1+29.10% 2019+15.49% 43.50+28.51%12.9920201-5 +48.36%+49.96% 54 1920 2020-20220.540.620.702 PB614.78 2018A 2019A 2020E 2021E 2022E 3,766 4,350 5,527 6,676 7,790 (+/-)% -14.22% 15.49% 27.07% 2

2、0.78% 16.69% 1,010 1,299 1,633 1,862 2,120 (+/-)% -15.89% 28.51% 25.78% 13.99% 13.87% 0.33 0.43 0.54 0.62 0.70 21.43 21.66 19.96 17.51 15.38 1.11 1.36 1.46 1.35 1.24 (%) 5.18% 6.27% 7.31% 7.69% 8.05% () 3,024 3,024 3,024 3,024 3,024 2020/6/4 6 14.78 10.78 12 7.4011.87 32,603 3,024 A 3,024 B/H 0/0 64

3、 -12% -4% 4% 12% 20% 28% 2019/62019/92019/122020/3 % 1M 3M 12M 11% 0% 20% 9% 3% 9% -20200413 -20200601 -20200511 -20200429 S0550520020001 13801276398 600109 / 2020-06-08 2 / 45 2020-202255.2766.7677.90 27.07%20.78%16.69%16.3318.62 21.2025.78%13.99%13.87% 0.540.620.7020206410.78PE 19.9617.5115.38PB10

4、 20202PB614.78 1.2. 3. 4. 5. 1954116.6% 20205 20102012 20175.19%201924.77% 120201-51457.59 47.51%1.67% 22019 T+0 32020 4IPO 3 / 45 1.2.3.4. 1. 2019 2019-2020 2019 2. 30 1990-2008 1990121997-2005 20081 500,121,062 2008-2013A IPO200825 201272010 2012 BBBA 2013-201310 20147 100%FOF FOF 2015 2019 20201-

5、5IPO 19 3.2020 500 200ROA 4 / 45 2019 201843.50 15.49%12.9928.51% 2020 20201-523.0048.36% 57.7249.96% 4 2020 4. 1 1.30% 42 201913.12 17.81%15.51% 35,507.141.31%1.22% 25.50%3,419.3224.79% 1.1177.80%3 + 201966 12019 8.831.5525.77%39.87% 201969 195.72%561.9320166 94.67%198 38.792IPO 201916 7202066IPO 1

6、812319 532020 2020 29.1% 201913.52%1629.44% 1-5IPO 3.992020 5 / 45 12015 144.902019 -12.562020 22.9210%2 201910.88RQFII 0.65 1 22019 9.1054.94% 20202.82 29.10% 120193 11 201949.33%88.57 0.848.6920197.71 32.93%2 20193 0.66201993 73 20062009 2014 20162019 202020191.16 26.17% 1 2020 Wind 2020 3.50%2 20