Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The report highlights significant growth in the company's proprietary trading business, with a year-on-year increase of 69.1% in investment income for the first three quarters of 2024. However, the asset management business has seen a substantial decline, with a year-on-year decrease of 37.1% [3][5]. - The company achieved a total revenue of 14.08 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 2.8%, while the net profit attributable to the parent company reached 3.30 billion yuan, up 15.6% year-on-year [3][5]. - The report projects a reasonable value range for the company's stock between 9.52 and 11.25 yuan, based on a price-to-book ratio of 1.1-1.3x for 2024 [5][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating income of 14.08 billion yuan, a 2.8% increase year-on-year, and a net profit of 3.30 billion yuan, which is a 15.6% increase year-on-year. The earnings per share (EPS) was 0.37 yuan, with a return on equity (ROE) of 4.2%, up 0.5 percentage points year-on-year [3][5]. - The third quarter alone saw operating income of 5.51 billion yuan, a 10.2% increase year-on-year, and a net profit of 1.19 billion yuan, which is a 24.6% increase year-on-year [3][5]. Business Segments - The brokerage business generated revenue of 1.60 billion yuan in the first three quarters of 2024, down 26.0% year-on-year, accounting for 17.5% of total revenue. The average daily trading volume in the market decreased by 7.8% year-on-year [4][5]. - The investment banking segment reported revenue of 830 million yuan, down 30.2% year-on-year, with equity underwriting down 80.2% but bond underwriting up 18.5% [4][5]. - The asset management segment's revenue was 1.02 billion yuan, down 37.1% year-on-year, with total assets under management at 224.9 billion yuan, a decrease of 4.6% from the beginning of the year [5][4]. Future Projections - The report forecasts EPS for 2024, 2025, and 2026 to be 0.48 yuan, 0.57 yuan, and 0.61 yuan respectively, with book value per share (BVPS) projected at 8.65 yuan, 8.92 yuan, and 9.22 yuan for the same years [6][9]. - The company is expected to continue its transformation in wealth management and fund management, which are seen as growth areas [5][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's self-operated business has significantly improved, driving positive performance growth [3][5] - For the first nine months of 2024, the company achieved a total operating revenue of 14.08 billion, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 3.30 billion, up 15.57% year-on-year [2][5] - The weighted average ROE is 4.16%, an increase of 0.49 percentage points compared to the same period last year [2][5] Financial Performance Summary - In Q3 2024, the company reported an operating revenue of 5.51 billion, a year-on-year increase of 10.16% and a quarter-on-quarter increase of 11.03% [2][5] - The net profit for Q3 2024 was 1.19 billion, reflecting a year-on-year increase of 24.58% but a quarter-on-quarter decrease of 2.81% [2][5] - The company’s total assets as of Q3 2024 were 322.20 billion, with a debt-to-asset ratio of 79.07% [3][10] Revenue Breakdown - Brokerage business net income for the first nine months of 2024 was 1.60 billion, down 26.0% year-on-year [6] - Asset management revenue for the same period was 1.02 billion, down 37.1% year-on-year, primarily due to a decrease in fund management fees [6] - Investment income saw a significant increase, with net investment income reaching 4.14 billion, up 77.1% year-on-year, accounting for 45.4% of the main revenue [7] Future Earnings Forecast - The company expects revenue for 2024-2026 to be 18.00 billion, 19.40 billion, and 21.24 billion respectively, with year-on-year growth rates of 5.3%, 7.9%, and 9.4% [7][8] - Net profit attributable to shareholders is projected to be 4.40 billion, 5.10 billion, and 5.55 billion for the same years, with growth rates of 60.1%, 15.2%, and 7.7% respectively [7][8] - The estimated EPS for 2024-2026 is 0.52, 0.60, and 0.64 yuan per share [7][8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with self-operated investment yield improving. For the first three quarters of 2024, total revenue and net profit attributable to shareholders were CNY 141 billion and CNY 33 billion, respectively, representing year-on-year growth of 3% and 16%. The net profit for the third quarter was CNY 12 billion, up 25% year-on-year but down 3% quarter-on-quarter, aligning with expectations. The annualized weighted average ROE was 5.55%, an increase of 0.65 percentage points year-on-year [2][3] - The company has adjusted its market transaction volume and self-operated yield assumptions, raising the net profit forecasts for 2024-2026 to CNY 47 billion, CNY 54 billion, and CNY 61 billion, respectively, which corresponds to year-on-year growth of 70%, 16%, and 13%. The EPS for these years is projected to be CNY 0.6, CNY 0.6, and CNY 0.7 [2][3] - The company possesses two major asset management brands, Dongfang Asset Management and Huitianfu, and is deepening its wealth management transformation, which provides a differentiated advantage. The reduction in fund product fees and the implementation of public fund commission reduction policies are expected to optimize channel fees [2] Financial Summary - For the first three quarters of 2024, the company's total revenue was CNY 19,481 million, with a year-on-year increase of 14%. The net profit attributable to shareholders was CNY 4,683 million, reflecting a year-on-year increase of 70% [3] - The gross margin is projected to improve from 16.1% in 2023 to 25.5% in 2024, while the net margin is expected to rise from 16.1% in 2023 to 24.0% in 2024 [3] - The company's financial assets totaled CNY 1,183 billion, a year-on-year increase of 6% [2] - The current stock price corresponds to a PB of 1.1, 1.0, and 0.8 for 2024-2026 [2][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][13] Core Views - The company reported a revenue of 14.079 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 3.302 billion yuan, up 15.57% year-on-year. The earnings per share (EPS) is 0.37, reflecting a 15.63% increase year-on-year [2] - The growth in revenue is primarily driven by the company's proprietary trading benefiting from policy impacts, with investment business income increasing by 69.10% year-on-year [2] - The company is expected to benefit from the recovery of the equity market and the growth of its fixed-income proprietary trading business [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.508 billion yuan, a year-on-year increase of 10.16%, and a net profit of 1.191 billion yuan, up 24.58% year-on-year [2] - The investment business income for the first three quarters reached 4.095 billion yuan, with a significant increase of 69.10% year-on-year, driven by favorable market conditions [2] - The company’s underwriting business for bonds performed well, with a total underwriting amount of 374.2 billion yuan, a year-on-year increase of 22.5% [2][11] Earnings Forecast and Valuation Metrics - The company’s net profit forecasts for 2024, 2025, and 2026 are 3.0 billion yuan, 3.2 billion yuan, and 3.36 billion yuan respectively, with year-on-year growth rates of 9.0%, 6.6%, and 4.9% [2][11] - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 29.4, 27.6, and 26.3 respectively, while the price-to-book (PB) ratios are expected to be 1.2, 1.2, and 1.1 [2][11]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——东方证券 2024 年三季报点评 投资业绩大幅提振，业绩有望持续改善 东方证券(600958) [Table_Industry] 综合金融/金融 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|---------------------------|---------------------------|-------|-------| | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 王思玥 ( 研究助理 ) | | 吴浩东 ( 分析师 | ) | | | | 021-38676647 | 021-38031024 | | 010-83939780 | | | | | liuxinqi@gtjas.com | | wangsiyue ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥5,507,910,775.61, representing a 10.16% increase compared to the same period last year[10]. - Net profit attributable to shareholders for the same period was ¥1,190,678,192.78, reflecting a growth of 24.58% year-over-year[10]. - The net profit after deducting non-recurring gains and losses was ¥1,166,045,672.11, which is a 21.76% increase compared to the previous year[10]. - Total operating revenue for the first three quarters of 2024 reached RMB 14.08 billion, a 2.81% increase from RMB 13.70 billion in the same period of 2023[27]. - Operating profit for the first three quarters of 2024 was RMB 3.57 billion, up 19.66% from RMB 2.98 billion in 2023[28]. - Net profit attributable to shareholders reached RMB 3.30 billion, representing a 15.59% increase from RMB 2.86 billion in the previous year[28]. - Total comprehensive income for the first three quarters of 2024 was RMB 4.05 billion, an increase from RMB 2.81 billion in the same period last year[29]. - Basic earnings per share rose to RMB 0.37, up from RMB 0.32 in the previous year[29]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥388,298,184,988.02, showing a 1.20% increase from the end of the previous year[10]. - The total liabilities as of September 30, 2024, were RMB 307.01 billion, slightly up from RMB 304.93 billion at the end of 2023, indicating a growth of approximately 0.36%[25]. - As of September 30, 2024, the total assets of the company reached ¥295,306,657,482.57, an increase from ¥281,322,819,365.06 at the end of 2023, reflecting a growth of approximately 5.4%[34]. - The company's cash and cash equivalents at the end of September 2024 were ¥93,649,208,149.18, compared to ¥78,635,873,301.23 at the end of 2023, indicating a rise of about 19%[33]. - The total liabilities and shareholders' equity as of September 30, 2024, were ¥295,306,657,482.57, compared to ¥281,322,819,365.06 at the end of 2023, showing an increase of about 5.4%[35]. Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 7,127,656,843.14, an improvement from the previous outflow of CNY 14,022,555,106.76[15]. - Cash flow from operating activities generated a net amount of RMB 3,296,858,146.33, a significant recovery from a negative cash flow of RMB -466,147,871.02 in the same period of 2023[39]. - The company reported a net increase in cash and cash equivalents of -¥4,459,030,034.35 for the first three quarters of 2024, an improvement from -¥15,122,291,487.22 in the same period of 2023[33]. - The total cash inflow from financing activities in the first three quarters of 2024 was ¥15,413,456,937.68, down 53% from ¥33,090,492,622.76 in 2023[32]. - The net cash flow from financing activities for the first three quarters of 2024 was -¥2,539,459,930.47, an improvement compared to -¥3,714,924,232.01 in the previous year[32]. Investments - Investment income rose by 33.11% to CNY 4,167,736,739.64 compared to CNY 3,131,149,084.55, driven by increased returns from financial instrument investments[15]. - The company reported a 103.61% increase in net cash flow from investing activities, reaching CNY 5,150,073,298.19 compared to CNY 2,529,435,558.57[15]. - The company’s financial investments in trading assets rose to RMB 99.18 billion, up from RMB 97.07 billion, indicating an increase of approximately 2.18%[24]. - The cash inflow from investment activities totaled ¥18,244,326,964.24 in the first three quarters of 2024, compared to ¥7,123,319,257.06 in 2023, marking a substantial increase of approximately 156.5%[40]. Shareholder Information - The number of common shareholders reached 199,392, with the largest shareholder holding 26.63% of shares[16]. - The company plans to distribute a cash dividend of RMB 0.75 per 10 shares to A-share and H-share shareholders, totaling RMB 634.64 million, which constitutes 30.06% of the net profit attributable to the parent company for the first half of 2024[22]. - The company has proposed a mid-year profit distribution plan for 2024, aligning with the government's encouragement of cash dividends for listed companies[21].

(一) 股东大会类型和届次 证券代码：600958 证券简称：东方证券 公告编号：2024-038 东方证券股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2024年11月22日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 一、 召开会议的基本情况 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和 网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 22 日 14 点 00 分 召开地点：上海市中山南路 119 号 15 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 22 日 至 2024 年 11 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股 ...

独立董事提名人声明与承诺 提名人东方证券股份有限公司董事会,现提名吴弘先生为东 方证券股份有限公司第六届董事会独立董事候选人,并已充分了 解被提名人职业、学历、职称、详细的工作经历、全部兼职、有 无重大失信等不良记录等情况。被提名人已同意出任东方证券股 份有限公司第六届董事会独立董事候选人(参见该独立董事候选 人声明)。提名人认为,被提名人具备独立董事任职资格,与东 方证券股份有限公司之间不存在任何影响其独立性的关系,具体 声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证书。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (六)中共中央纪委、教育 ...

独立董事候选人声明与承诺 本人吴弘,已充分了解并同意由提名人东方证券董事会提名 为东方证券股份有限公司第六届董事会独立董事候选人。本人公 开声明,本人具备独立董事任职资格,保证不存在任何影响本人 担任东方证券股份有限公司独立董事独立性的关系,具体声明并 承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证书。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退(离)休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定(如适用); (五)中共中央组织部《关于进一步规范党政领导 ...