申银万国证券股份有限公司77213万股

申银万国证券股份有限公司7721.3万股股权投资分析报告(本报告仅供参考，投资风险自担)北京九汇华纳产权经纪有限公司谨制地址：北京市朝阳区建国路88号现代城3号楼2101室邮编：100022电话：[phone]传真：[phone]目录第一节申银万国证券概况······································································································································3一、公司概况·························································································································································3二、经营范围·························································································································································5三、企业荣誉·························································································································································5四、组织结构·························································································································································7五、分支机构·························································································································································9第二节出让方简介···············································································································································12第三节申银万国证券公司综合分析··························································································································12一、关键财务数据分析···········································································································································12二、券商行业近期收入预估·····································································································································13三、申银万国证券公司分析·····································································································································15第四节收购方案··················································································································································19一、近年产权交易市场券商股权交易行情分析·············································································································19二、收购股份与交易估值········································································································································19三、支付建议及受让方资格要求·······························································································································21附件二：2008年度证券公司排名·································································································································22附件一：九汇华纳经纪公司介绍·································································································································24前言申银万国证券股份有限公司的股东之一华能资本服务有限公司，目前持有申银万国证券股份有限公司1.15%股权（77，213，139.00股），华能资本服务有限公司拟将该股权在产权交易所挂牌进行转让。近期，我们与出让方华能资本服务有限公司就股权转让事项进行了实质性接触，我们认为申银万国证券股份有限公司品质优良，是一家极具投资价值的未上市证券公司，因此我们建议收购方收购该部分股权。第一节申银万国证券概况一、公司概况申银万国证券股份有限公司（简称：申银万国），由原上海申银证券公司和原上海万国证券公司于1996年7月16日合并组建而成，是国内最早的一家股份制证券公司，也是目前国内规模最大、经营业务最齐全、营业网点分布最广泛的综合类证券公司之一。申银万国现有218家股东，其股东大都是国内著名的大中型企业。中央汇金公司以25亿元的注资取得了申银万国37.3%的股份，正式成为申银万国证券公司第一大股东。创业二十余年至今，公司已经发展成为一家拥有近3000名员工，资本金67.1576亿元的大型综合类证券公司。除各直属总部外，申银万国在全国各地共设有9个地区总部、1个代表处、145家营业部。公司拥有控股子公司与参股公司概况:上海申银万国证券研究所有限公司、申银万国期货有限公司、申银万国投资有限公司、在香港特别行政区设有：申银万国（香港）集团公司和控股的上市公司—申银万国（香港）有限公司、与法国巴黎资产管理有限公司（BNP）共同发起设立了申万巴黎基金管理有限公司、并参股富国基金管理有限公司。表一：申银万国证券股份有限公司概况证券公司名称：申银万国证券股份有限公司中文全称申银万国证券股份有限公司注册地上海市常熟路171号公司类型创新类法定代表人丁国荣经营证券业务许可证编号Z22731000注册资本671576万元办公地址上海市常熟路171号办公地址邮码200031公司电子邮箱[e-mail]客户服务电话[phone]公司网址HTTP：//已经获相关业务资格证券（含境内上市外资股）的代理买卖；代理证券的还本付息、分红派息；证券代保管、鉴证；代理登记开户，证券的自营买卖；证券（含境内上市外资股）的承销（含主承销）；证券投资咨询（含财务顾问）；受托投资管理；中国证监会批准的其他业务(涉及许可经营的凭许可证经营)。二、经营范围公司经营范围包括:证券经纪；证券投资咨询；与证券交易、证券投资活动有关的财务顾问；证券自营；证券承销与保荐；证券资产管理；直接投资业务；国家有关管理机关批准的其他业务。三、企业荣誉2008年1月20日，由《21世纪经济报道》主办的“2007资本市场投资年会”在北京召开，会议期间还举行了“21世纪中国券商创新高峰论坛暨中国券商奖颁奖典礼”。申银万国证券获得“最佳创新奖”、“最佳经纪奖”和“最佳QFII奖”3个奖项。另，1月19日，由《21世纪经济报道》举办的首届“21世纪金牌分析师”评选揭晓。申银万国研究所获得“最具实力金牌研究团队第三名”、“最具影响力金牌研究团队第二名”、“最具独立性金牌研究团队第一名”、“最受财经媒体欢迎研究团队第二名”，多名分析师（或研究小组）在各自研究领域获奖。2007-11-30申银万国研究所第四次荣获“最具影响力研究机构”第一名。2007-11-14申银万国证券当选“十佳证券公司”。2007-11-01神网再获“中国最优秀财经证券网站”第一名。2007年上半年，申银万国证券的基金销售继2006年之后再创佳绩，代销总额达到了93.8亿元，同时基金席位佣金收入大幅提高，截至6月30日，共有167家基金在申银万国证券开通了席位，佣金收入2.42亿元，位居行业第一。这是申银万国证券自2002年以来，基金席位佣金收入再次跃居首位。2006年12月23日，在深圳证券交易所第八届保荐机构联席会议上，申银万国荣获深圳交易所2006年度中小企业板“最佳保荐机构”及“保荐项目创新奖”。2006年12月15日，全国社会保障基金理事会公布对13家服务签约券商的综合研究评价，申银万国研究所再次排名第一。2006年11月25日，“2006年新财富最佳分析师”评选中，申银万国研究所再次蝉联“最具影响力研究机构”第一名，并荣获“本土最佳研究团队”第二名、“最佳销售服务团队”第三名。研究所的医药、农业、汽车、计算机、策略研究、衍生品等6个研究领域分析师，夺得了相关研究领域“最佳分析师”第一名。2006年11月22日，第七届“中国优秀财经网站”评选中，申银万国交易网站“神网”（）荣获第一名，并获得“最让投资者信赖的证券网站”称号，这是“神网”连续四届荣获“中国优秀财经证券网站”称号。2005年11月中旬，在“《新财富》最佳分析师”评选活动中，申银万国获得“2005本土最佳券商”团体第三名，研究所蝉联“最具影响力研究机构”第一名，并获得“最具独立性研究机构”第一名、“最佳研究团队”第二名、“最佳销售服务团队”第二名、“最佳会议举办人”第二名、“最佳路演和客户访问人”第四名等多项荣誉。2005年7月，被国际权威金融期刊《金融亚洲》杂志评为“中国最佳经纪商”。2005年6月，全国社保基金理事会公布的部分券商综合服务评分中，申银万国荣居榜首。2004年7月，被国际权威金融期刊《亚洲金融》杂志评为“中国最佳经纪商”。2003年11月，被国际权威金融期刊《亚洲货币》杂志评为“中国最佳经纪商”。2000年－2002年连续三年在全国基金综合服务佣金收入中排名第一。1999年，在当年度券商