Guosen Securities (002736 CH) Buy: Retail brokerage maintains strong growth; IB adds further fuel

研报英文原文证据摘录

Guosen Securities (002736 CH) Buy: Retail brokerage maintains strong growth; IB adds further fuel

12 May 2026

Equity Research Report

Equities Guosen Securities Diversified Financial Srvcs

(002736 CH)

Buy: Retail brokerage maintains strong growth; IB adds China

further fuel

◆ Brokerage and IB businesses to contribute overall earnings MAINTAIN BUY

◆ We raise our 2026-27 net profit estimates by 2.7-4.3%, and

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

introduce our 2028 earnings estimates

19.00 21.00

◆ Maintain Buy rating; lower TP to RMB19.00 (from RMB21.00)

SHARE PRICE (CNY) UPSIDE/DOWNSIDE

Valuation looks attractive; recent strong market turnover likely to drive a re- 10.75 +76.7%

rating. Guosen’s share price has fallen 17.4% YTD vs the CITIC Broker Index down (as of 8 May 2026)

10.7% over the same period, with the slight underperformance owing to muted MARKET DATA

revenue growth of its asset management (AM) business last year, in our view. We Market cap (CNYm) 110,099 Free float 15%

Market cap (USDm) 16,190 BBG 002736 CH

think the current valuation looks attractive and catalysts in the future would come 3m ADTV (USDm) 65 RIC 002736.SZ

from: (1) its proprietary trading and brokerage businesses – brokerage and

investment advisory segments would contribute a bigger portion to overall revenue FINANCIALS AND RATIOS (CNY)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

given strong A-share turnover YTD (up 31.5% y-o-y) and the leading industry position HSBC QH EPS 1.12 1.12 1.26 1.43

of the company’s retail brokerage business; and (2) its investment banking (IB) HSBC QH EPS prev 1.05 1.17 1.29 na

Change (%) 6.6 -3.6 -2.1 na

business – the active primary market in recent years may also fuel a meaningful lift in Consensus EPS 1.05 1.06 1.13 1.18

the IB revenue.