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].

Financial Performance - Operating revenue for the third quarter reached CNY 4,684,114,418.36, an increase of 14.89% year-on-year[3] - Net profit attributable to shareholders was CNY 2,401,813,915.20, representing a growth of 43.43% compared to the same period last year[3] - Basic earnings per share increased to CNY 0.26, up 44.44% from CNY 0.18 in the previous year[7] - Total operating revenue for the first three quarters of 2024 was RMB 14,279,272,406.54, a decrease of 3.97% compared to RMB 14,871,134,663.02 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 reached ¥7,564,253,263.72, an increase of 9.4% compared to ¥6,911,357,653.30 in the same period of 2023[18] - Net profit attributable to shareholders of the parent company was ¥7,149,509,482.88, up 11.6% from ¥6,401,520,883.21 year-over-year[19] - Total comprehensive income for the first three quarters of 2024 was ¥7,658,275,076.27, compared to ¥6,542,890,182.68 in 2023, reflecting a growth of 17.1%[19] Cash Flow - Net cash flow from operating activities for the quarter was CNY 58,955,471,711.74, a significant increase from a negative cash flow in the same period last year[7] - Cash flow from operating activities generated ¥76,398,999,437.49, significantly higher than ¥12,607,113,197.62 in the previous year[20] - Cash flow from investing activities showed a net outflow of ¥11,098,030,994.67, compared to a smaller outflow of ¥69,088,073.78 in 2023[21] - Cash flow from financing activities resulted in a net outflow of ¥53,616,595,745.58, worsening from a net outflow of ¥19,745,569,269.83 in the previous year[21] - The net increase in cash and cash equivalents for the first three quarters of 2024 was ¥11,736,695,311.41, contrasting with a decrease of ¥6,813,588,963.11 in 2023[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 666,760,600,878.02, a decrease of 4.18% from the end of the previous year[4] - Total liabilities decreased to RMB 540,707,507,497.15 from RMB 573,816,058,013.50, a reduction of 5.77%[14] - The company's total equity increased to RMB 126,053,093,380.87 from RMB 122,036,932,267.12, marking an increase of 3.29%[15] - The company's total assets as of September 30, 2024, amounted to RMB 595.05 billion, a decrease of 2.2% from RMB 607.41 billion at the end of 2023[24] - The total equity as of September 30, 2024, was RMB 113.13 billion, an increase of 2.1% from RMB 109.99 billion at the end of 2023[24] Income and Expenses - Investment income rose to RMB 5,055,610,151.57, compared to RMB 4,748,151,453.42 in the previous year, an increase of 6.86%[16] - The net income from commission and fees decreased to RMB 5,054,918,879.24 from RMB 6,133,834,117.18, a decline of 17.6%[16] - The company's total expenses for the first three quarters of 2024 were RMB 5.75 billion, slightly up from RMB 5.71 billion in the same period of 2023[25] Other Financial Metrics - The risk coverage ratio improved to 211.36%, up from 177.28% at the end of the previous year[5] - Non-recurring gains and losses totaled CNY 6,325,200.26 for the quarter, with government subsidies contributing to this figure[6] - The weighted average return on net assets increased by 0.55 percentage points to 2.04%[7] - The company reported a significant increase in fair value changes income to ¥3,232,238,458.39 from ¥1,114,364,011.50, driven by fluctuations in financial instruments[9] - The company’s other comprehensive income after tax increased to RMB 484.03 million, compared to RMB 22.78 million in the same period of 2023[27]

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]

招商证券股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 证券代码：600999 证券简称： 招商证券 编号： 2024－048 四、 投资者参加方式 副总裁（财务负责人）、董事会秘书：刘杰先生 独立董事：叶荧志先生、张瑞君女士、陈欣女士、曹啸先生、丰金华先生 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 1 会议召开时间：2024 年 11 月 8 日(星期五) 下午 15:30-16:30 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 1 日(星期五) 至 11 月 7 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cmschin ...