what's going on?The target price of CITIC Securities was lowered by a number of peers, but thes

Original title: What is the situation? The target price of CITIC Securities was lowered by a number of peers, and even lowered rating ... These brokers insisted on "buying"

Author: Yunzhonglan

The industry is sluggish, and the target price of the voucher industry is lowered by some colleagues.

A reporter from securities firms noticed that many brokerage companies have reported the target price of CITIC Securities. Haitong Securities reduced the target price of CITIC Securities from a maximum of 28.41 yuan to 23.42 yuan; Huachuang Securities reduced its target price from 35.5 yuan to 25 yuan; Anxin Securities was reduced from 31 yuan to 27.4 yuan per share.

Although the target price is lowered, in general, the mainstream of peer reports still gives CITIC Securities "buy" rating. Since the beginning of this year, securities firms have issued a total of 50 rating of "buy" or "strong recommendation" of CITIC Securities. Some securities firms even raised the performance forecast of Zhongxin Securities.

Multiple brokers have lowered CITIC Securities target price

On June 8, Haitong Securities Sun Ting and He Ting's team expected CITIC Securities to earn 1.85/2.01/2.16 yuan per share from 2022-2024, and the net worth per share was 15.62/17.94/20.66 yuan, respectively. The company is given a net rate of 1.5-1.6 times the 2022 city, and the corresponding reasonable value range is 23.42-24.99 yuan per share.

In the Research Report "The Capital Market Reform of the Securities Company Business Benefit Based on the Capital Market", Haitong Securities pointed out the four major points of investing in CITIC Securities. The first is that the coordination effect of shareholders is obvious, and the approval of financial control is expected to be further strengthened; second, wealth management has continued to deepen, and the investment banking business has obvious advantages; once again, the proportion of active asset management has continued to increase, and the holding head of public funds; and finally, the heavy asset business is relied on the asset business. Stability of strong capital strength and stable operating income.

At the same time, Haitong Securities also reminded three risks. Double killing of brokerage business; the implementation of financial policy reform is not expected; the market continues to slump and the bond market fluctuates.

On April 29, a month ago, Haitong International Sun Ting and Vivian XU released the research report "The first quarterly report of the 2022 Report, the investment bank's business performed well, and the credit impairment returned to increase the profit". The report is expected that CITIC Securities 2022-2024E's annual net profit per share is 1.86 yuan, 2.12 yuan, and 2.39 yuan, respectively, and net assets per share are 17.65 yuan, 20.24 yuan, and 23.32 yuan, respectively. Give its net rate of 1.4 times in 2022, corresponding to the target price of 24.72 yuan per share.

A reporter from securities firms noticed that the reasonable value interval in June was 23.42 yuan-24.99 yuan per share, and the forecast at the end of April was 24.72 yuan per share. Compared with the end of April, the forecast price limit has decreased.

Earlier April 13th, Haitong Securities Research Team under the research report "The first coverage, the business benchmark of the securities firm, and the all -round benefit of the capital market reform" gave CITIC Securities a target price of 28.41 yuan per share. Rating in the city.

From 28.41 yuan to 24.72 yuan, to 23.42 yuan, Haitong Securities 'target price prediction value of CITIC Securities' stock price gradually decreased.

For the valuation of CITIC Securities's stock price, Huaduang Securities has also released three research reports. On May 1st, Huachuang Securities stated in the research report "The first quarter report of the 2022 -quarter report, the performance exceeded expectations, and the capital business stabilized" that considering the changes in the market environment, based on relative valuations The valuation of the net ratio, the target price is 25 yuan per share.

On March 29, the research report "2021 Report Review, taking into account balance and growth, superior transcripts", Huading Securities believes that CITIC Securities leads the industry in many aspects, and its competitiveness continues to consolidate. PB valuation, maintaining the target price of 35.5 yuan per share.

On January 13, Huachuang Securities issued a research report on CITIC Securities' 2021 performance Express, which gave Huachuang Securities a 2.3 -fold city net rate valuation of 2021, maintaining the target price of 35.5 yuan/share.

From 35.5 yuan to 25 yuan per share, the forecast value of Huaduang Securities has also decreased significantly.

Anxin Securities' stock price forecast for CITIC Securities is similar to this. On April 30, Anxin Securities predicted that "investment banks and public offering are increasing year -on -year, and performance is better than the same industry." CITIC Securities target price is 27.4 yuan per share. On January 13, Anxin Securities issued a research report on the profit forecast of CITIC Securities, with a target price of 31 yuan per share.

Still "buy" rating

The reporter noticed that in the past three months, two brokers have lowered their rating of CITIC Securities. In June, Haitong Securities reduced the rating of CITIC Securities from "buying" to "better market." In March, Caixin Securities reduced the rating of CITIC Securities from "recommendation" to "cautious recommendation".

In general, "buying" is very optimistic about the rating of securities companies. In the general sense, the future yield rate of related targets or a leading market benchmark index is more than 20%. The degree of "increase holdings" or "recommendation" is second. If it is "neutral" or "carefully recommended", it is the prediction of the yield on the target may run the market benchmark index.

Wind data shows that in the past three months, a securities company has raised the rating of CITIC Securities. At the end of March, Shanxi Securities raised the rating of CITIC Securities from "increase" to "buy".

The reporter noticed that since this year, securities firms have issued a total of 50 rating and research reports of "buying" or "strong recommendation" of CITIC Securities. This shows that the mainstream of the industry is still optimistic about CITIC Securities. From the perspective of profit forecasts, in the past three months, four brokers have transferred the performance forecast of CITIC Securities. These four securities firms are Central Plains Securities, Northeast Securities, Shanxi Securities and Industrial Securities.

11 securities firms have lowered the performance forecast of CITIC Securities. These brokers include Huachen Securities, China Merchants Securities, Huatai Securities, and Dongxing Securities.

The open source securities report believes that the brokerage sector rose 6.8%last week, an increase of 3.2%from the Shanghai and Shenzhen 300 indexes; the relatively levying banking department, sub -new shares, wealth management, and small and medium -sized growth securities trademarks in the sector. The three factors of the macroeconomic, liquidity, and sector valuation are good for the brokerage sector. Last week, the transaction volume returned to trillion, and continued to optimize the opportunity of the brokerage sector.

According to open source securities, from the perspective of the re -inspection, the market is concerned about Alpha from game Beta, paying attention to subsequent industry policies and fundamental data catalysts, and recommended the main wealth management leader Oriental Wealth, Guangfa Securities and Oriental Securities; Sexual targets, beneficiary bids, Guolian Securities and CITIC Securities.

The Western Securities Report stated that the valuation of the securities industry is still at a historical low, and the margin of security is high. Affected by market fluctuations since the beginning of the year, the self -operating performance of the brokerage firms has been under pressure, and the valuation continues to fall. The valuation of the head securities firms is near the net net ratio of the market. Performance is pessimistic expectations. Continue to be optimistic about the leading head securities firms of wealth management, namely CITIC Securities, CICC (H) and Oriental Wealth. (Broker China)

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