2019半年报点评 | 中金公司( 3908.HK )：业务全面稳健增长，国际化布局逐步推进
机构：长江证券
报告要点
事件描述
中金公司发布2019年半年报，分别实现营业收入和归属净利润102.0和18.8亿元，同比分别+15.7%和+15.3%；roe同比增长0.1个pct至4.4%；经营杠杆（不含客户资产）为6.16倍，较年初增长11%。
事件评论
收费类和资金类业务共同推动公司盈利提升。2019上半年公司收费类业务收入和资金类业务收入分别为42.63和59.75亿，分别同比+8.0%和+24.8%，分别占比41.8%、58.6%，资金类业务回暖是公司盈利增加的主要原因；成本端，利息支出和职工费用依然是最主要构成项，分别同比+12.4%、+24.8%至27.78、32.75亿，减值损失冲回0.11亿。
债券融资表现靓眼，国际化和财富管理布局不断推进。收费类业务方面，经纪、投行和资管收入为19.92、12.14和8.30亿，同比分别变动+3.6%、+43.0%和+8.1%；投行受益于债券承销和财务顾问良好表现，境内债券承销规模同比增长约90%，境内和跨境并购份额位居第四和第二，境内股权融资有所下行但港股和中资美股承销规模依然有增长；A股和港股成交额变动方向背离钝化经纪业务弹性，公司继续拓展全球化布局，美股交易收入同比+30%，财富管理和中金财富的客户资产较年初增加16.5%和16.1%；投资管理总规模7198.21亿，其中资产管理、公募基金和私募股权投资规模分别较年初+11.9%、+5.4%和+5.5%。
融资需求走弱利息收入承压，投资把握权益市场机遇。资金类业务方面，投资收益和利息收入分别同比+23.1%和+27.5%至35.55和24.20亿；其中利息收入增加主要系会计口径调整，6.13亿FVTOCI利息收入计入利息收入，剔除后同比-4.8%主要系两融利息收入同比-12.1%至7.05亿；权益/债券投资收益分别同比+94.8%、+21.5%至11.85、16.05亿推动投资收益回暖，总金融资产规模较年初+17.0%至1733.24亿，其中权益投资规模较年初增加75.1%至476.15亿，是主要增配方向。
中金公司凭借优秀的资产端定价能力和资金端获取能力，在经纪、投行和交易方面建立竞争优势，未来有望通过财富管理和国际化业务推动股东回报的改善，从而有望持续迎来估值中枢抬升。预计公司2019、2020年EPS为0.98和1.14元，PB为1.20和1.09倍。
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