Summary of Conference Call Company Overview - The conference call involved **招商证券 (China Merchants Securities)**, discussing its financial performance and strategic outlook for the third quarter. Key Financial Highlights - **Revenue**: For the first nine months, the company reported a revenue of **143 billion CNY**, a **4% decrease** year-on-year [1] - **Net Profit**: Adjusted net profit increased by **2.9 percentage points** to **50.1%** [1] - **Investment Income**: Investment income saw a significant increase of **51.9%** [1][5] - **Commission Income**: Commission income from brokerage services decreased by **17.6%** [1] - **Operating Expenses**: The operating expense ratio was **47.3%**, a slight decrease of **0.1 percentage points** year-on-year [1] Revenue Structure - **Investment Income**: Contributed **50.2%** of total revenue, marking a significant increase [2] - **Brokerage Services**: Accounted for **25.7%** of revenue, with a noted decline due to decreased trading volumes [2] - **Long-term Equity Investments**: Contributed **7.9%** to revenue [2] - **Investment Banking and Asset Management**: Contributed **2.9%** and **3.5%** respectively [2] Market Performance - **A-share Market**: Average daily trading volume decreased by **8.0%** year-on-year, with margin financing down by **9.5%** [3] - **IPO Market**: A-share IPO financing dropped by **86.1%**, while bond financing decreased by **78.9%** [3] - **Hong Kong Market**: Showed resilience with a **0.5%** increase in average daily trading volume [3] Capital Intermediation and Financing - **Margin Financing**: As of September, the balance was **70.6 billion CNY**, down **14%** year-on-year [4] - **Stock Pledge Financing**: Remained at **18.5 billion CNY** [4] Investment Strategy - The company has adopted a strategy focusing on **fixed income investments**, which have shown substantial growth due to favorable market conditions [6] - **Asset Allocation**: The company maintains a conservative approach with **74%** in fixed income and **26%** in equities and funds [6] Wealth Management and Brokerage Services - The company has maintained a stable ranking in brokerage services despite a decline in revenue, attributed to regulatory impacts on high-frequency trading [11] - **Commission Rates**: Average commission rates have increased slightly, attributed to a decrease in high-frequency trading clients [16] Asset Management Performance - **Asset Management Income**: Experienced a decline due to lower yields on cash products, despite an increase in asset scale [17] - **Public Fund Contributions**: The contributions from public funds have shown a slight decline but remain stable [18] Institutional Business - The company has a strong position in the private equity custody market, benefiting from regulatory changes that favor larger, compliant firms [21] - **Client Base**: Focus on enhancing service capabilities for institutional clients, including public funds and insurance companies [22] Future Outlook - The company is in the process of developing a new strategic plan for the next five years, aiming to improve its market position and operational efficiency [27] - **IPO Pipeline**: The company has a robust IPO pipeline, ranking **sixth** in terms of IPO reserves [36] Conclusion - Overall, 招商证券 has demonstrated resilience in a challenging market environment, with strategic adjustments aimed at enhancing profitability and market share. The focus on investment income and maintaining a strong institutional client base positions the company well for future growth.

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The company's proprietary trading business has shown significant improvement, driving overall performance growth, while brokerage, asset management, and investment banking businesses have experienced year-on-year declines. The report maintains a positive outlook on the company's collaboration with China Merchants Group and China Merchants Bank, with a reasonable valuation range of 15.68-16.99 CNY [3]. - For the first three quarters of 2024, the company achieved operating revenue of 14.28 billion CNY, a year-on-year decrease of 4.0%, and a net profit attributable to the parent company of 7.15 billion CNY, a year-on-year increase of 11.7% [3][5]. - The report highlights a transformation in wealth management and institutional business, with brokerage revenue for the first three quarters of 2024 at 3.67 billion CNY, down 14.1% year-on-year, accounting for 25.9% of total revenue [3][5]. Summary by Sections Financial Performance - The company reported a net profit of 2.40 billion CNY in Q3 2024, a year-on-year increase of 43.4% [3]. - The investment income (including fair value) for the first three quarters was 7.17 billion CNY, up 51.9% year-on-year, with Q3 investment income reaching 2.41 billion CNY, up 201.6% year-on-year [3][5]. - The projected EPS for 2024-2026 is 1.15, 1.30, and 1.40 CNY respectively, with BVPS of 13.07, 14.05, and 15.13 CNY [3][7]. Business Segments - The proprietary trading segment contributed 50% to the revenue structure in the first three quarters of 2024, while brokerage, underwriting, and asset management contributed 26%, 3%, and 4% respectively [6]. - The investment banking revenue for the first three quarters was 420 million CNY, down 43.8% year-on-year, with equity underwriting down 33.7% [3][5]. Market Position - The company ranked 6th in equity underwriting with a total of 12.70 billion CNY, including 3 IPOs raising 3.70 billion CNY [3][5]. - The asset management scale reached 302.2 billion CNY by the end of Q2 2024, a year-on-year increase of 2.5% [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 24.02 CNY, compared to the current price of 19.09 CNY [1][2]. Core Insights - The company's performance in the third quarter of 2024 met expectations, with total operating revenue (excluding other business income) of 14.2 billion CNY, a year-on-year increase of 5.6%. The net profit attributable to shareholders was 7.15 billion CNY, up 11.7% year-on-year [1]. - The report highlights a decline in self-operated income rates, with net income from capital-intensive businesses totaling 7.85 billion CNY, down 4.26 billion CNY quarter-on-quarter [1]. - The report indicates a decrease in the company's return on equity (ROE) to 5.7%, with a quarterly ROE of 1.9%, reflecting a slight decline [1]. Financial Performance Summary - Total operating revenue for 2024 is projected to be 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2]. - The net profit attributable to shareholders is expected to reach 8.76 billion CNY in 2025, with a growth rate of 10% [2]. - Earnings per share (EPS) are forecasted to be 1.01 CNY in 2025, increasing to 1.32 CNY by 2026 [2][4]. Business Segment Performance - Brokerage business revenue was reported at 3.67 billion CNY for the quarter, down 12.9% quarter-on-quarter, with the average daily trading volume in the market at 678.74 billion CNY, a decrease of 18.4% [1]. - Investment banking revenue was 420 million CNY for the quarter, reflecting a slight decline [1]. - Asset management revenue was reported at 500 million CNY, with a quarterly revenue of 160 million CNY, showing a minor decrease [1]. Regulatory Metrics - The company's risk coverage ratio stands at 211.4%, significantly above the warning line of 120%, indicating a strong capital position [1].

证券时报网讯，招商证券发布研报，比亚迪第三季度净利润为116.1亿元，同比上涨11.5%，稍超市场预 期，维持对其"增持"评级和360港元目标价。 公司受益于以旧换新和新能源汽车下乡政策，国内外业务增长前景明确。 第三季度DM5.0车型销量约41.4万台，占比36.7%。 预计第四季度及明年新车型覆盖率提升，汽车毛利率保持稳健。 同时，比亚迪前三季度出口增长102%至29.4万辆，未来在出口和本地化进程的双重驱动下，展望乐 观。 校对：赵燕 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company's performance in Q3 2024 met expectations, with a revenue of 14.68 billion yuan, a year-on-year increase of 14.9%, and a net profit of 2.40 billion yuan, reflecting a year-on-year increase of 43.4% [4]. - The brokerage business experienced a slight decline due to reduced trading activity, with a revenue of 3.67 billion yuan for the first nine months of 2024, down 14.2% year-on-year [4]. - The investment banking business showed resilience, with a ranking improvement despite a revenue drop of 43.8% year-on-year [4]. - The asset management business continued to provide stable income, with total assets under management for the company's funds showing a solid performance [4]. - The proprietary trading segment performed well, with a net investment income of 7.26 billion yuan for the first nine months of 2024, up 53.1% year-on-year [4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 14.28 billion yuan, a decrease of 4.0% year-on-year, and a net profit of 7.15 billion yuan, an increase of 11.7% year-on-year [4]. - The company’s earnings per share for 2024E is projected at 1.00 yuan, with a net profit of 9.51 billion yuan, reflecting an 8.5% year-on-year growth [5][6]. Business Segments - Brokerage revenue for Q3 2024 was 1.10 billion yuan, down 18.6% year-on-year, while investment banking revenue was 1.30 billion yuan, down 55.2% year-on-year [4]. - The asset management segment reported a revenue of 5.0 billion yuan for the first nine months of 2024, a decrease of 8.6% year-on-year [4]. Market Position - The company’s market share in IPOs, refinancing, and bond underwriting was 3.9%, 7.8%, and 2.9% respectively, with significant ranking improvements in the industry [4]. - The company’s financial leverage ratio is reported at 4.20 times, a decrease of 0.55 times from the beginning of the year [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a slight decline in revenue of 3.98% year-on-year for the first three quarters of 2024, totaling 142.79 billion yuan, while net profit attributable to shareholders increased by 11.68% to 71.5 billion yuan, driven by a rebound in the stock market and increased trading activity [1][2]. - The company's self-operated business has become a key driver of performance growth, with investment income (including fair value changes) rising by 51.88% year-on-year to 71.66 billion yuan [2]. - The capital market is recovering, leading to increased client fund inflows, with cash and cash equivalents at the end of the period reaching 1,366.18 billion yuan, a 24% increase year-on-year [1][2]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a net income of 71.5 billion yuan, with a return on equity (ROE) of 6.12%, an increase of 0.3 percentage points year-on-year [1]. - The company's earnings per share (EPS) rose by 11.59% to 0.77 yuan per share [1]. Business Segments - Brokerage business net income was 36.73 billion yuan, down 14.15% year-on-year, while investment banking revenue fell by 43.82% to 4.19 billion yuan [2]. - The company’s asset management business saw a decline in net income of 8.49% to 5.02 billion yuan, despite an increase in managed assets [2]. Future Earnings Forecast - The earnings forecasts for 2024, 2025, and 2026 have been raised by 4.6%, 2.3%, and 1.2% respectively, with projected net profits of 93.72 billion yuan, 100.33 billion yuan, and 110.88 billion yuan, reflecting year-on-year growth rates of 6.9%, 7.1%, and 10.5% [3][4]. - The current price-to-earnings (PE) ratios are projected at 13.6, 12.7, and 11.5 for the years 2024, 2025, and 2026 respectively, with price-to-book (PB) ratios of 1.0, 1.0, and 0.9 [3][4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][10] Core Views - The company achieved a revenue of 14.279 billion yuan in the first three quarters of 2024, a slight decrease of 3.98% year-on-year, while the net profit attributable to shareholders increased by 11.68% to 7.15 billion yuan [1] - The improvement in performance is attributed to policy support boosting market confidence, leading to a rebound in the stock market and increased trading activity, with proprietary trading becoming a key growth driver [1][4] - The company has increased client fund inflows through enhanced internet channels, resulting in a 24% year-on-year growth in monetary funds to 136.618 billion yuan [1][8] Financial Performance Summary - For the first three quarters of 2024, the company reported net income from brokerage business of 3.673 billion yuan, down 14.15% year-on-year, while investment income (including fair value changes) rose by 51.88% to 7.166 billion yuan [1][8] - The company's financial asset scale reached 371.5 billion yuan, an increase of 8.81% year-on-year, driven by favorable capital market policies [1][8] - The investment banking segment faced challenges, with revenues declining by 43.82% to 419 million yuan, while bond financing increased by 30.8% to approximately 289.7 billion yuan [1][8] Earnings Forecast and Valuation - The earnings forecasts for 2024, 2025, and 2026 have been raised by 4.6%, 2.3%, and 1.2% respectively, with projected net profits of 9.372 billion yuan, 10.033 billion yuan, and 11.088 billion yuan, reflecting year-on-year growth rates of 6.9%, 7.1%, and 10.5% [1][2][8] - The current price-to-earnings (PE) ratios are projected at 13.6, 12.7, and 11.5 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratios are expected to be 1.0, 1.0, and 0.9 [1][2][8]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 21.09 CNY per share, which corresponds to a PE ratio of 19.28x and a PB ratio of 1.60x [2][3]. Core Insights - The company's investment income has significantly increased year-on-year, driving performance growth. Improved market liquidity is beneficial for the brokerage sector's performance and valuation enhancement. The company is leveraging its shareholder background to enhance quality and efficiency, aiming to build a top-tier investment bank, which is expected to boost its valuation [3][7]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 142.79 billion CNY and 71.50 billion CNY, respectively, representing year-on-year growth of 3.98% and 11.68%. The weighted average ROE increased by 0.30 percentage points to 6.12%, slightly exceeding expectations [7][8]. - The company actively seized investment opportunities in the bond market, with net investment income increasing by 41.37% year-on-year to 82.88 billion CNY, contributing 342.77% to the adjusted revenue growth. The investment yield improved by 0.43 percentage points to 2.26% [7][8]. Financial Summary - The company’s total market capitalization is 168,626 million CNY, with a total share capital of 8,697 million shares, of which 7,422 million are circulating A shares [4]. - The company’s net assets amount to 124,452 million CNY, with a net asset value per share of 14.31 CNY and a current PB ratio of 1.4 [5]. - The company’s financial forecasts indicate a projected revenue of 19,221 million CNY for 2024, with a net profit of 9,511 million CNY, reflecting a growth rate of 8.5% [8][11]. Market Performance - The stock price has fluctuated between 12.83 CNY and 22.84 CNY over the past 52 weeks, with a current price of 19.39 CNY [4]. - The stock has shown an absolute increase of 10% over the past month, 34% over the past three months, and 41% over the past year [7]. Investment Composition - The revenue composition indicates that self-operated income accounts for 35%, while brokerage commissions contribute 34%, and underwriting and asset management account for 7% and 4%, respectively [10]. Financial Ratios - The company’s net profit margin is projected to improve, with a net profit growth rate of 8.6% for 2023 and 8.5% for 2024. The return on equity (ROE) is expected to stabilize around 7.3% to 7.4% in the coming years [11][12].

霍達先生 （董事長） 吳宗敏先生 （總裁） 非執行董事 劉威武先生 劉振華先生 劉輝女士 李德林先生 李曉霏先生 黃堅先生 張銘文先生 丁璐莎女士 獨立非執行董事 葉熒志先生 張瑞君女士 陳欣女士 曹嘯先生 豐金華先生 6099 董事名單與其角色和職能 招商證券股份有限公司（「本公司」）董事會（「董事會」）委員載列如下： 執行董事 - 1 - 附註： C：相關委員會之主席 M：相關委員會之委員 中國，深圳 2024年10月29日 - 2 - 本公司董事會下設五個委員會。下表提供委員會委員的資料： | | 委員會 | 戰略與 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 可持續發展 | 風險管理 | 審計 | 薪酬與考核 | 提名 | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 霍達先生 | | C | | | | M | | 吳宗敏先生 | | M | M | | | | | 劉威武先生 | | | M | M | | | | 劉振華先生 | | M | | | | | | 劉輝女士 | | M | ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 4,684,114,418.36, representing a year-on-year increase of 14.89%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 2,401,813,915.20, an increase of 43.43% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was CNY 0.26, reflecting a growth of 44.44% year-on-year[2] - Net profit attributable to shareholders increased by 43.43% to CNY 2,401,813,915.20 compared to the same period last year[7] - Basic earnings per share rose by 44.44% to CNY 0.26 from CNY 0.18 in the previous year[7] - Net profit for the first three quarters of 2024 reached CNY 7.15 billion, representing a growth of 11.7% compared to CNY 6.41 billion in 2023[15] - Total comprehensive income for the first three quarters of 2024 was ¥6.79 billion, up 24.5% from ¥5.45 billion in the same period of 2023[22] Cash Flow - The net cash flow from operating activities for the year-to-date period reached CNY 58,955,471,711.74, showing a significant increase of 506.00%[2] - Net cash flow from operating activities surged by 506.00% to CNY 76,398,999,437.49, driven by increased cash inflow from financial assets held for trading[8] - The net cash flow from operating activities was CNY 76.40 billion, a substantial increase from CNY 12.61 billion in the same period of 2023[17] - Cash flow from operating activities surged to ¥89.52 billion, a substantial increase from ¥12.13 billion year-on-year[23] Assets and Liabilities - The total assets as of the end of Q3 2024 were CNY 666,760,600,878.02, a decrease of 4.18% from the end of the previous year[3] - The total liabilities decreased to RMB 540.71 billion from RMB 573.82 billion, reflecting a reduction of approximately 5.77%[14] - The total assets as of September 30, 2024, were CNY 595.05 billion, down from CNY 607.41 billion at the end of 2023, reflecting a decrease of approximately 2.1%[20] - The total liabilities decreased to CNY 481.92 billion as of September 30, 2024, from CNY 497.43 billion at the end of 2023, a reduction of about 3.1%[20] Equity and Shareholder Information - The total equity attributable to shareholders rose to RMB 125.97 billion from RMB 121.96 billion, indicating an increase of about 3.29%[14] - The total equity increased to CNY 113.13 billion as of September 30, 2024, compared to CNY 109.99 billion at the end of 2023, reflecting a growth of approximately 2.0%[20] - Total number of common shareholders at the end of the reporting period was 147,559[9] - The largest shareholder, China Merchants Financial Holdings Co., Ltd., holds 23.55% of the shares[9] Investment and Income - Investment income increased to CNY 5.06 billion, up 6.5% from CNY 4.75 billion in the same period last year[15] - The company reported a significant increase in fair value gains to CNY 3.23 billion, compared to CNY 1.11 billion in the same period last year[15] - The company experienced a 269.01% increase in exchange rate gains, amounting to CNY 93,467,419.18[7] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 2.04%, an increase of 0.55 percentage points compared to the previous year[3] - The risk coverage ratio was 211.36%, an increase from 177.28% at the end of the previous year[4] - The liquidity coverage ratio was 149.60%, down from 169.06% at the end of the previous year[4] - The total non-recurring gains and losses for the year-to-date period amounted to CNY 6,325,200.26[6]