报告名称：GF Securities(01776.HK)Strong full-year earnings growth despite a retreat in 2H1
报告类型：港股研究
报告日期：2016-03-22
研究机构：招商证券(香港)
股票名称：广发证券
股票代码：000776,01776
页数：6
简介：FY15 NPAT soared 163% YoY to RMB13.2 bn, largely in line with our estimate but beat consensus by 8%. DPS lifted to RMB0.8 in FY15, implying a payout ratio of over 46% for FY15
2H15 operating income recorded negative growth at -22% HoH mainly due to a decline in revenues from brokerage and investment
Cost-to-income ratio increased 12.6pp HoH to 66.1% in 2H15 (53.5% in 1H15) on higher interest expenses

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