Buy Or Sell Opportunity • May 11
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to CN¥19.37. The fair value is estimated to be CN¥16.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Buy Or Sell Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to CN¥18.26. The fair value is estimated to be CN¥23.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Announcement • Jan 23
Huatai Securities Co., Ltd. Announces Election of Board Members and Changes in Board Committee Compositions, Effective January 23, 2026 Huatai Securities Co., Ltd. held its 2026 First Extraordinary General Meeting on January 23, 2026, approved the appointment of Mr. Wang Huiqing as an executive Director of the seventh session of the Board, Ms. Yu Lanying and Mr. Chen Jianwei as non-executive Directors of the seventh session of the Board. ROLE OF MEMBERS OF THE SEVENTH SESSION OF THE BOARD: The first meeting of the seventh session of the Board was held on January 23, 2026 and resolved to appoint Directors as the members of special committees of the Board as follows (the first-listed Director was elected as the chairman (convenor) of the relevant special committees under the Board): Development Strategy Committee: Mr. Wang Huiqing, Mr. Zhou Yi, Ms. Yu Lanying, Mr. Jin Yongfu and Mr. Chen Jianwei; Compliance and Risk Management Committee: Mr. Zhou Yi, Mr. Ke Xiang and Mr. Wang Jianwen; Audit Committee: Mr. Wang Bing, Mr. Ding Feng and Mr. Lo Kin Wing Terry; Nomination Committee: Mr. Wang Quansheng, Ms. Wang Ying and Mr. Peng Bing; Remuneration and Appraisal Committee: Mr. Wang Quansheng, Mr. Peng Bing and Mr. Wang Bing. The first meeting of the seventh session of the Board resolved to elect Mr. Wang Huiqing as the chairman of the seventh session of the Board of the Company, with a term of office of three years effective from January 23, 2026. Buy Or Sell Opportunity • Jan 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to CN¥25.56. The fair value is estimated to be CN¥21.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Announcement • Dec 26
Huatai Securities Co., Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Huatai Securities Co., Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Sep 30
Huatai Securities Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Huatai Securities Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Price Target Changed • Sep 06
Price target increased by 8.0% to CN¥25.94 Up from CN¥24.02, the current price target is an average from 11 analysts. New target price is 27% above last closing price of CN¥20.42. Stock is up 59% over the past year. The company is forecast to post earnings per share of CN¥1.76 for next year compared to CN¥1.62 last year. Declared Dividend • Aug 10
Dividend of CN¥0.37 announced Shareholders will receive a dividend of CN¥0.37. Ex-date: 15th August 2025 Payment date: 15th August 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 30
Huatai Securities Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Huatai Securities Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • May 20
Huatai Securities Co., Ltd., Annual General Meeting, Jun 20, 2025 Huatai Securities Co., Ltd., Annual General Meeting, Jun 20, 2025, at 14:00 China Standard Time. Location: conference room, renaissance nanjing olympic centre hotel, no. 139 aoti street, jianye district, jiangsu province, nanjing China Announcement • May 09
Huatai Securities Co., Ltd. Announces Change of Employee Representative Supervisor Huatai Securities Co., Ltd. announced that on May 7, 2025, the Supervisory Committee received the written resignation report from Ms. Wang Ying, the Employee Representative Supervisor. Due to work arrangement, Ms. Wang Ying has tendered her resignation as the Employee Representative Supervisor. Ms. Wang Ying will continue to serve in the Company upon her resignation as the Employee Representative Supervisor. Ms. Wang Ying has confirmed that she has no disagreement with the Supervisory Committee and the Board, and to the best of her knowledge, there is no matter in relation to her resignation that needs to be brought to the attention of the Shareholders. On the same date, the Supervisory Committee received a Notice on the Election Results for New Employee Supervisor of the Sixth Session of the Supervisory Committee from the Employee Representatives' Meeting, at which Ms. Yu Wei was elected as the Employee Representative Supervisor for the sixth session of the Supervisory Committee of the Company. Ms. Yu Wei will replace Ms. Wang Ying with effect from May 7, 2025 in performing the duties of Employee Representative Supervisor of the sixth session of the Supervisory Committee of the Company, until the end of the term of the sixth session of the Supervisory Committee. According to the Articles of Association, Ms. Yu Wei will be eligible for re-election upon the expiry of her terms of office. The biographical details of Ms. Yu Wei as well as other information related to her appointment are set out below: Ms. Yu Wei, born in October 1978, holds a master's degree and is a senior auditor. Since June 2020, she has successively served as Director of the Case Investigation Office, Director of the General Office, and Deputy Head and concurrently Director of the General Office under the Discipline Inspection and Supervision Team assigned to Huatai Securities by the Jiangsu Provincial Commission for Discipline Inspection and Supervision. She has been serving as Co-Director of the Compliance and Legal Affairs Department of the Company since November 2024. Ms. Yu Wei will receive remuneration from the Company during her terms of office as an Employee Representative Supervisor of the Company which shall be determined in accordance with the relevant regulations and mechanisms. It will be disclosed by the Company after confirmation. Announcement • Apr 10
Huatai Securities Co., Ltd. Provides Earnings Guidance for the First Quarter of 2025 Huatai Securities Co., Ltd. provided earnings guidance for the first quarter of 2025. For the quarter, the company expects net profit attributable to the owners of the parent company be between RMB 3,437 million and RMB 3,666 million, representing an increase of 50% to 60% as compared with that of last year. In the first quarter of 2025, the Company unswervingly promoted the " two-pronged development strategy empowered by technology, continuously deepened the platform-based, integrated and internationalised operations in the complex and volatile market environment, taking an active role in serving the real economy to improve quality and increase efficiency, thereby keeping up steady development in all business lines. During the Reporting Period, the growth in the Company's results was mainly attributable to the significant year-on-year growth in all major business lines, including wealth management, institutional services and investment management. Announcement • Mar 28
Huatai Securities Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Huatai Securities Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 18
Huatai Securities Co., Ltd. Announces the Resignation of Yin Lihong as Executive Director On March 14, 2025, the Board received a written resignation report from Ms. Yin Lihong, an executive Director of the Company. Due to work adjustment, Ms. Yin Lihong has proposed to resign as an executive Director of the sixth session of the Board of the Company and a member of the Nomination Committee of the Board. The resignation of Ms. Yin Lihong took effect on the date on which her resignation report was delivered to the Board. Announcement • Jan 28
Jiangsu Fiscal Investment Co., Ltd agreed to acquire 20% stake in Jiangsu Equity Exchange Co., Ltd. from Huatai Securities Co., Ltd. (SHSE:601688). Jiangsu Fiscal Investment Co., Ltd agreed to acquire 20% stake in Jiangsu Equity Exchange Co., Ltd. from Huatai Securities Co., Ltd. (SHSE:601688) on December 20, 2024. Announcement • Dec 27
Huatai Securities Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Huatai Securities Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Price Target Changed • Nov 22
Price target increased by 7.9% to CN¥22.92 Up from CN¥21.25, the current price target is an average from 12 analysts. New target price is 31% above last closing price of CN¥17.53. Stock is up 15% over the past year. The company is forecast to post earnings per share of CN¥1.68 for next year compared to CN¥1.35 last year. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥20.48, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 25x in the Capital Markets industry in China. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.22 per share. Major Estimate Revision • Nov 06
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥36.7b to CN¥41.2b. EPS estimate increased from CN¥1.42 to CN¥1.69 per share. Net income forecast to shrink 2.0% next year vs 17% growth forecast for Capital Markets industry in China . Consensus price target up from CN¥21.25 to CN¥21.81. Share price rose 12% to CN¥19.50 over the past week. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥16.33, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 26x in the Capital Markets industry in China. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥9.71 per share. Price Target Changed • Oct 04
Price target increased by 7.6% to CN¥18.41 Up from CN¥17.10, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of CN¥17.60. Stock is up 11% over the past year. The company is forecast to post earnings per share of CN¥1.38 for next year compared to CN¥1.35 last year. Announcement • Sep 30
Huatai Securities Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Huatai Securities Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥16.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Capital Markets industry in China. Total returns to shareholders of 3.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥8.98 per share. Announcement • Aug 30
Huatai Securities Co., Ltd. Approves Interim Dividend for the Year 2024, Payable on October 25, 2024 Huatai Securities Co., Ltd. at its board meeting held on August 30, 2024 approved the cash dividend of RMB 1.50 (tax inclusive) per 10 shares based on the Company' s existing total share capital of 9,029,384,840 Shares after deducting 2,082,559 A Shares to be repurchased and cancelled (i.e. on the basis of 9,027,302,281 Shares), with the total cash dividend of RMB 1,354,095,342.15 (tax inclusive), representing 25.50% of net profit attributable to the shareholders of the Parent Company on a consolidated basis for the half year of 2024. Cash dividend is denominated and declared in RMB and paid to holders of A Shares and the investors of Hong Kong Stock Connect in RMB and to holders of H Shares (excluding the investors of Hong Kong Stock Connect) in HKD. The actual distribution amount in HKD shall be calculated at the average basic exchange rate of RMB against HKD issued by the PBOC five business days prior to the date of the twelfth meeting of the sixth session of the Board of the Company (i.e. August 30, 2024), that is, RMB 0.913702 to HKD 1.00, being a cash dividend of HKD 1.641673 (tax inclusive) for every 10 H Shares. In order to determine the entitlement of H Shareholders to the interim dividend, the register of members of H Shares will be closed from September 14, 2024 to September 19, 2024 (both days inclusive), during which period no registration of H Shares will be effected. Shareholders whose names appear on the register of members of H Shares on September 19, 2024 (the ‘Record Date’) shall be entitled to receive the interim dividend. The interim dividend is expected to be distributed to the H Shareholders on October 25, 2024. Buy Or Sell Opportunity • Aug 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to CN¥12.49. The fair value is estimated to be CN¥15.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Declared Dividend • Aug 11
Dividend reduced to CN¥0.43 Dividend of CN¥0.43 is 4.4% lower than last year. Ex-date: 16th August 2024 Payment date: 16th August 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
Huatai Securities Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024 Huatai Securities Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024 Announcement • Jun 21
Huatai Securities Co., Ltd. Announces Final Dividend for 2023, Payable on August 16, 2024 Huatai Securities Co., Ltd. announced that the Company will pay a final dividend of RMB 4.30 (tax inclusive) per 10 Shares in cash to A Shareholders and H Shareholders whose names appear on the register of members on the record date of shareholdings. Of which, the Company will distribute a total amount of RMB 739,189,642.40 as Final Dividend based on 1,719,045,680 H Shares in issue to H Shareholders whose names appear on the register of members of H Shares on July 10, 2024 (the "Record Date"). The Final Dividend is expected to be distributed to the H Shareholders on August 16, 2024. Announcement • May 19
Huatai Securities Co., Ltd., Annual General Meeting, Jun 20, 2024 Huatai Securities Co., Ltd., Annual General Meeting, Jun 20, 2024, at 14:00 China Standard Time. Location: conference room, renaissance nanjing olympic centre hotel, no. 139 aoti street, jianye district, jiangsu province, nanjing China Announcement • May 08
Huatai Securities Unveils Cutting-Edge FinTech Solutions at the Dubai FinTech Summit Huatai Securities Co., Ltd. has participated in the second edition of the Dubai FinTech Summit for the first time, hosted by the Dubai International Financial Centre (DIFC). As a significant and prominent financial institution representative from China, Huatai Securities showcased its cutting-edge technologies by highlighting its diverse business solution platforms and systems. During the summit, Huatai Securities highlighted its leading technology in service systems and platforms, including "HTSC CONNECT", an integrated service platform for financial institutions and corporate customers, as well as "ZhangLe Fortune Path", a one-stop wealth management services platform for global assets for individual customers. Huatai Securities also showcased its latest digital business systems and platforms, including the Credit Analysis Management System (CAMS) and the HTSC Electronic Advanced Dealing System (HEADS), which were officially released to the market in 2023. These platforms cater to institutional investors, offering research, trading, and risk management capabilities. These advancements demonstrate Huatai Securities' ongoing commitment to empowering innovation in business models and continuously improving customer service capabilities. Furthermore, Huatai Securities implemented HTSC Digital Employee, an automated and intelligent service for financial business operations. The adoption of digital employees aims to assist employees in resolving repetitive tasks and enhance overall personnel efficiency. Leveraging the summit, Huatai Securities is committed to sharing its innovative experiences and fostering connections with leading players in the financial technology industry. By integrating best practices and insights from different countries, the Company is well-prepared to tackle the increasingly complex challenges of the international financial market and seize opportunities for transformative growth. Huatai Securities is bolstering its presence in the Middle East market while actively supporting financial connectivity for countries within this area. With a strong foothold in global markets, including the Chinese mainland, Hong Kong, Europe, and the United States, Huatai Securities stands as a prominent player in international business. Leveraging its expanding global network, Huatai Securities will continue to provide integrated financial services across domestic and international markets. These encompass overseas listings, cross-border mergers and acquisitions, and regional business spin-offs designed to empower Chinese enterprises, enabling them to explore new markets and become integral parts of the global innovation ecosystem. Announcement • Apr 30
Huatai Securities Co., Ltd. Announces Resignation of Tse Yung Hoi as Independent Non-Executive Director and Li Chongqi as Non-Employee Representative Supervisor On April 29, 2024, Huatai Securities Co., Ltd. Board received a written resignation report from Mr. Tse Yung Hoi, an independent non-executive Director of the Company. Mr. Tse Yung Hoi has proposed to resign as an independent non-executive Director of the sixth session of the Board of the Company and a member of the Audit Committee of the Board due to work reasons. As the resignation of Mr. Tse Yung Hoi will cause the proportion of independent non-executive Directors of the Company to the total members of the Board being less than one-third, Mr. Tse Yung Hoi has promised to continue to perform his duties until the date when a new independent non-executive Director is appointed. Mr. Tse Yung Hoi has confirmed that he has no disagreement with the Board, and to the best of his knowledge, there is no matter in relation to his resignation that needs to be brought to the attention of the Shareholders. Ms. Li Chongqi will cease to be a non-employee representative Supervisor of the sixth session of the Supervisory Committee due to business commitments. Ms. Li Chongqi has confirmed that she has no disagreement with the Supervisory Committee and, to the best of her knowledge, there is no matter in relation to her resignation that needs to be brought to the attention of the Shareholders. Announcement • Mar 30
Huatai Securities Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Huatai Securities Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Mar 29
Huatai Securities Co., Ltd. Proposes Final Ordinary Dividend for the Financial Year End 31 December 2023 Huatai Securities Co., Ltd. proposed final ordinary dividend of RMB 4.3 per 10 share for the financial year end 31 December 2023. Announcement • Dec 29
Huatai Securities Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 Huatai Securities Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Announcement • Nov 25
Huatai Securities Co., Ltd. Approves Liu Changchun as Non-Executive Director Huatai Securities Co., Ltd. at its EGM held on November 24, 2023 considered and approved the resolution on the election of Mr. Liu Changchun as anon-executive director of the sixth session of the Board. The Development Strategy Committee (comprising 5 members): namely Mr. Zhang Wei, Mr. Zhou, Yi, Mr. Chen Zhongyang, Mr. Liu Changchun and Mr. Zhang Jinxin; among whom Mr. Zhang Wei, is the chairman (convener) of the Development Strategy Committee. Reported Earnings • Oct 31
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.32 (up from CN¥0.27 in 3Q 2022). Revenue: CN¥8.31b (up 43% from 3Q 2022). Net income: CN¥3.31b (up 25% from 3Q 2022). Profit margin: 40% (down from 45% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Huatai Securities Co., Ltd. to Report Q3, 2023 Results on Oct 31, 2023 Huatai Securities Co., Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Announcement • Sep 20
Huatai Securities Co., Ltd. Announces Resignation of Hu Xiao as Non-Executive Director Huatai Securities Co., Ltd. announced the Board received a written resignation report from Ms. Hu Xiao, a non-executive Director of the Company. Ms. Hu Xiao has proposed to resign as a non-executive Director of the sixth session of the Board of the Company and a member of the Development Strategy Committee of the Board due to work reasons. The resignation of Ms. Hu Xiao shall become effective from the date of delivery of the resignation report to the Board. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CN¥37.0b to CN¥39.5b. EPS estimate fell from CN¥1.71 to CN¥1.50 per share. Net income forecast to grow 22% next year vs 30% growth forecast for Capital Markets industry in China. Consensus price target up from CN¥17.00 to CN¥17.41. Share price was steady at CN¥16.23 over the past week. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: CN¥0.35 (vs CN¥0.34 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.35 (up from CN¥0.34 in 2Q 2022). Revenue: CN¥8.89b (up 8.5% from 2Q 2022). Net income: CN¥3.31b (up 12% from 2Q 2022). Profit margin: 37% (up from 36% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 01
Huatai Securities Co., Ltd. Approves Final Dividend Huatai Securities Co., Ltd. will pay a final dividend of RMB 4.50 (tax inclusive) per 10 Shares in cash to A Shareholders (excluding 45,278,495 shares deposited in the special repurchase accounts of the Company and 925,692 A Shares to be repurchased and cancelled) and H Shareholders whose names appear on the register of members on the record date of shareholdings. Of which, the Company will distribute a total amount of RMB 773,570,556.00 as Final Dividend based on 1,719,045,680 H Shares in issue to H Shareholders whose names appear on the register of members of H Shareholders on July 19, 2023 (the "Record Date"). Announcement • May 31
Huatai Securities Co., Ltd., Annual General Meeting, Jun 30, 2023 Huatai Securities Co., Ltd., Annual General Meeting, Jun 30, 2023, at 14:00 China Standard Time. Location: Renaissance Nanjing Olympic Centre Hotel, No. 139 Aoti Street Jianye District Nanjing Jiangsu Province China Agenda: To consider and approve the 2022 Work Report of the Board of the Company; to consider and approve the 2022 Work Report of the Supervisory Committee of the Company; to consider and approve the 2022 Final Financial Report of the Company; to consider and approve the 2022 Annual Report of the Company; to consider and approve the 2022 Profit Distribution Plan of the Company. Reported Earnings • Apr 29
First quarter 2023 earnings: Revenues exceed analyst expectations First quarter 2023 results: Revenue: CN¥9.57b (up 31% from 1Q 2022). Net income: CN¥3.25b (up 47% from 1Q 2022). Profit margin: 34% (up from 30% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in China. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director King-Chi Au was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: CN¥0.27 (down from CN¥0.37 in 3Q 2021). Revenue: CN¥5.82b (down 31% from 3Q 2021). Net income: CN¥2.64b (down 20% from 3Q 2021). Profit margin: 45% (up from 39% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Capital Markets industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: CN¥7.96b (down 17% from 2Q 2021). Net income: CN¥3.16b (down 29% from 2Q 2021). Profit margin: 40% (down from 47% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 3.6%, compared to a 20% growth forecast for the Capital Markets industry in China. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Aug 19
Huatai Securities Co., Ltd. to Report First Half, 2022 Results on Aug 30, 2022 Huatai Securities Co., Ltd. announced that they will report first half, 2022 results on Aug 30, 2022 Announcement • Jun 23
Huatai Securities Co., Ltd. Announces Executive Changes Huatai Securities Co., Ltd. Announced Poll Results of 2021 Annual General Meeting, 2022 approved To consider and approve the resolution on the election of Mr. Chen Zhongyang as a non-executive Director of the fifth session of the Board of the Company. To consider and approve the resolution on the election of Ms. Yin Lihong as an executive Director of the fifth session of the Board of the Company. Announcement • May 21
Huatai Securities Co., Ltd., Annual General Meeting, Jun 22, 2022 Huatai Securities Co., Ltd., Annual General Meeting, Jun 22, 2022, at 14:00 China Standard Time. Location: t Conference Room, Renaissance Nanjing Olympic Centre Hotel, No. 139 Aoti Street Jianye District, Nanjing, Jiangsu Province Jiangsu China Agenda: To consider and approve the resolution on amendments to the Articles of Association; to consider and approve the resolution on repurchase and cancellation of part of the restricted A Shares; to consider and approve the 2021 Work Report of the Board of the Company; to consider and approve the 2021 Work Report of the Supervisory Committee of the Company; to consider and approve the 2021 Final Financial Report of the Company; to consider and approve the 2021 Annual Report of the Company; to consider and approve the 2021 Profit Distribution Plan of the Company; to consider and approve the resolution on the estimated ordinary transactions with related parties of the Company for 2022. Reported Earnings • Apr 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥1.47 (up from CN¥1.20 in FY 2020). Revenue: CN¥40.9b (up 26% from FY 2020). Net income: CN¥13.2b (up 22% from FY 2020). Profit margin: 32% (in line with FY 2020). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 2.8%, compared to a 16% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non Executive Director Jianwen Wang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Huatai Securities Co., Ltd. to Report Q1, 2022 Results on Apr 29, 2022 Huatai Securities Co., Ltd. announced that they will report Q1, 2022 results on Apr 29, 2022 Announcement • Apr 15
Huatai Securities Co., Ltd. Announces the Resignation of Wang Tao as Non-Executive Director On April 14, 2022, the Board of Huatai Securities Co., Ltd. received a written resignation report from Mr. Wang Tao, a non-executive Director of the company. Mr. Wang Tao has proposed to resign as a non-executive Director of the fifth session of the Board of the Company and a member of the Development Strategy Committee of the Board due to work reasons. The resignation of Mr. Wang Tao shall become effective from the date of service of the resignation report to the Board. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥18.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Capital Markets industry in China. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥16.91 per share. Is New 90 Day High Low • Mar 15
New 90-day low: CN¥16.78 The company is down 9.0% from a price of CN¥18.35 on 15 December 2020. Underperformed the Chinese market, which is flat over the last 90 days. Price trend is similar to the Capital Markets industry, which is also down 9.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at CN¥9.28 per share. Announcement • Feb 09
Huatai Securities Co., Ltd. Announces Board Changes Huatai Securities Co., Ltd. announced that at the EGM was held January 8, 2021, the company approved the appointment of Mr. Ke Xiang as a non-executive Director of the fifth session of the Board. Mr. Ke Xiang will replace Mr. Xu Qing to serve as a non-executive Director of the fifth session of the Board of the Company from February 8, 2021 to the end of the term of the current session of the Board. Mr. Xu Qing ceased to serve as a non-executive Director of the fifth session of the Board of the Company due to work arrangements with effect from February 8, 2021. The resolution in relation to the proposal on adjustment to the composition of certain special committees under the fifth session of the Board of the Company was approved. Compliance and Risk Management Committee (comprising 3 members): Mr. Zhou Yi, Mr. Ke Xiang and Mr. Wang Jianwen. Among them, Mr. Zhou Yi is the chairman (convener) of the Compliance and Risk Management Committee. Executive Departure • Feb 09
Non-Executive Director has left the company On the 8th of February, Qing Xu's tenure as Non-Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Qing's name. A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Feb 04
New 90-day low: CN¥16.89 The company is down 12% from its price of CN¥19.22 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.89 per share. Announcement • Jan 22
Huatai Securities Co., Ltd. to Report Fiscal Year 2020 Results on Mar 24, 2021 Huatai Securities Co., Ltd. announced that they will report fiscal year 2020 results on Mar 24, 2021 Is New 90 Day High Low • Dec 28
New 90-day low: CN¥17.39 The company is down 16% from its price of CN¥20.72 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.13 per share. Is New 90 Day High Low • Dec 10
New 90-day low: CN¥18.59 The company is down 8.0% from its price of CN¥20.29 on 11 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.45 per share. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 5.9%, compared to a 14% growth forecast for the Capital Markets industry in China. Is New 90 Day High Low • Nov 03
New 90-day low: CN¥19.38 The company is down 8.0% from its price of CN¥21.17 on 05 August 2020. The Chinese market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.95 per share. Announcement • Jul 10
Huatai Securities Co., Ltd. to Report First Half, 2020 Results on Aug 27, 2020 Huatai Securities Co., Ltd. announced that they will report first half, 2020 results on Aug 27, 2020 
