招商证券(香港)：华泰证券（06886）港股公司研究报告-Investmentgainsdroveprofitgrowthin2019

HTSC(06886) Shareholders’profitdrivenbyinvestmentincomes,beatourexpectation HTSCstrivestosolidifyitsleadingpositioninretailwealthmanagement MaintainNEUTRAL;TPcutslightlytoHKD12.7 2019profitgrowthhigherthanexpectedduetoinvestmentgains 1)HTSC’s2019shareholder’sprofittotalledRMB9,002mn,+78.9%yoy,higherthanourestimatedRMB7,412mn.HTSC’sremarkable2019profitgrowthwasmainlydrivenbyinvestmentgains.Investmentincomesaccountedfor29.7%oftotalrevenuein2019,vs.anavg.of18.2%from2015to2018.ROEcameinat7.94%.2)HTS