Guotai Haitong Securities - A: NPAT up 290-304% YoY in Q226, a beat

研报英文原文证据摘录

Guotai Haitong Securities - A: NPAT up 290-304% YoY in Q226, a beat

oY and 16% UBS Cons.

QoQ, further supporting earnings momentum. (2) Investment. Fair value gains from 12/26E 1.53 1.57

STAR/ChiNext Market investments (incl. co-investments and direct investments) could 12/27E 1.79 1.73

provide a meaningful boost to Q2 earnings, supported by the strong performance of 12/28E 2.10 1.93

China's tech sector in Q2 (STAR 50/ChiNext +76%/36%, outperforming CSI300 by

~64ppt/24ppt). Notable holdings include Huahong Grace Semiconductor (UBS-e: Dennis Bai

Analyst

~1% stake; lock-up expired and fair value gains fully recognized through the P&L),

dennis.bai@ubs.com

DapuStor (UBS-e: 1-2% stake via co-investment and direct investment), and Semight +852-3712 2473

Instruments (UBS-e: ~1% stake via direct investment). We estimate GTHT could record

~Rmb4.9 bn post-tax fair value gains from its exposure to the three investments above in Wen Chen, CPA

Associate

Q2, after (i) applying a 50% discount to locked-up investments, (ii) using the IPO offer

S1460524120002

price as the cost basis, and (iii) assuming a 25% tax rate. (3) Investment Banking. wen.chen@ubs.com

Industry-wide Q226 IPO underwriting volume jumped 1.1x YoY and 73% QoQ to +86-21-3866 8259

Rmb45 bn, with GTHT's market share surging to 16% in Q226 from 2.3% in Q225. The

firm also boasts one of the industry's strongest A-share IPO pipelines, with 53 projects as

of 5 July, trailing only CITIC Securities (i.e., 54). In the STAR Market segment, GTHT ranks

second with 17 pipeline projects, just behind CITIC's 19, according to Wind.

Valuation:

GTHT-A is trading at 1.0x FY26E P/B. We expect ROE to continue improving, driven by

ongoing merger synergies and three key growth drivers: broader wealth management