Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company is implementing a technology-driven strategy to create new competitive advantages, with multiple business segments leading the industry. The reasonable value range is estimated at 16.98-19.10 yuan, maintaining the "Outperform the Market" rating [5][6] Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 31.42 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to the parent company was 12.52 billion yuan, up 30.6% year-on-year, with an EPS of 1.33 yuan and a ROE of 7.6%, an increase of 1.4 percentage points year-on-year [6][7] - In Q3 2024, the company reported operating revenue of 13.98 billion yuan, a year-on-year increase of 57.8% and a quarter-on-quarter increase of 23.4%. The net profit attributable to the parent company was 7.21 billion yuan, up 138.0% year-on-year and 138.8% quarter-on-quarter [6] Business Segments - The brokerage business revenue for the first three quarters was 3.97 billion yuan, down 14.3% year-on-year, accounting for 16.5% of total revenue. The average daily trading volume in the market was 897.6 billion yuan, down 7.8% year-on-year [6][8] - The investment banking business revenue was 1.36 billion yuan, down 40.8% year-on-year, with equity underwriting down 77.1% and bond underwriting down 2.2% [6][8] - Asset management business revenue was 3.03 billion yuan, down 3.7% year-on-year, with total assets under management reaching 506 billion yuan, up 6.4% year-on-year [6][8] Investment Income - Investment income (including fair value) for the first three quarters was 12.04 billion yuan, up 56.9% year-on-year, with Q3 investment income reaching 7.82 billion yuan, up 321.4% year-on-year [6][8] Valuation - The company is expected to have an EPS of 1.72, 1.89, and 2.03 yuan for 2024-2026E, with BVPS of 21.22, 22.59, and 24.04 yuan respectively. The valuation is considered low, with a P/B ratio of 0.8-0.9x for 2024, corresponding to a reasonable value range of 16.98-19.10 yuan [6][9]

证券时报网讯，华泰证券研报指出，10月非农"爆冷"，但主要由一次性因素驱动，美国劳动力市场仍 在"再平衡"过程中。 预计联储不会对这一数据做出过度反应，11—12月或仍各降息一次，但后续降息路径存在不确定性。 即将揭晓的大选结果对市场和联储政策的影响更大。 往前看，由于飓风的影响难以定量测算，潜在的非农就业水平存在较大的不确定性。 考虑到短期经济动能指标维持高景气、三季度GDP指示美国经济内生动能仍在、近期首申人数持续回 落，潜在非农就业水平仍维持相对高位，但仍有待后续数据验证。 此外，本次较差的非农数据很大程度受飓风、罢工等因素扰动，因此预计联储不会对这一数据做出过度 反应，或将按照此前指引，11—12月各降息一次。 但后续降息路径仍待就业扰动消退与大选形势明朗后再决定。 校对：李凌锋 ...

Investment Rating - The investment rating for Huatai Securities is "Buy" (maintained) [1] Core Views - The report highlights that Huatai Securities' Q1-Q3 2024 revenue increased by 15.41% year-on-year to 31.424 billion yuan, and net profit attributable to shareholders rose by 30.63% to 12.521 billion yuan. However, the net profit excluding non-recurring items decreased by 35.29% to 6.319 billion yuan [1] - The sale of AssetMark significantly boosted investment income, with the transaction generating a total of 6.229 billion yuan in the third quarter, leading to a 261% year-on-year increase in investment income to 9.431 billion yuan [1] - The report notes a decline in proprietary business income, while net interest income saw substantial growth, increasing by 52% year-on-year to 1.3 billion yuan in Q1-Q3 2024 [1] - The investment banking business faced challenges due to tightened regulations, resulting in a 41% year-on-year decline in investment banking revenue to 1.357 billion yuan [1] - The asset management business revenue decreased by 4% year-on-year to 3.03 billion yuan in Q1-Q3 2024, with a 24% decline in Q3 alone [1] Summary by Sections Revenue and Profit Forecast - The report projects Huatai Securities' net profit attributable to shareholders for 2024-2026 to be 16.153 billion, 13.488 billion, and 14.400 billion yuan respectively, with corresponding growth rates of 26.68%, -16.50%, and 6.76% [1] - The expected EPS for the same period is 1.79, 1.49, and 1.60 yuan, with the current market capitalization corresponding to PB valuations of 0.94, 0.89, and 0.84 times [1] Business Segments - Proprietary business revenue for Q1-Q3 2024 was 5.810 billion yuan, down 24% year-on-year, while net interest income for the same period was 1.3 billion yuan, reflecting a significant increase [1] - The brokerage business saw a 14% year-on-year decline in revenue to 3.97 billion yuan, with a notable drop in market trading volume [1] - The asset management business reported a revenue decrease of 4% year-on-year to 3.03 billion yuan, attributed to fee reductions [1]

Investment Rating - The investment rating for Huatai Securities is "Buy" (maintained) [3]. Core Views - Huatai Securities reported a significant increase in revenue and net profit for the third quarter of 2024, driven by the sale of AssetMark, which contributed 5.649 billion yuan to the company's earnings [6][5]. - The company achieved a total revenue of 31.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15%, and a net profit of 12.5 billion yuan, up 31% year-on-year [2][5]. - The report indicates that the company's financial performance is expected to improve as market conditions recover, maintaining its leading position in wealth management [6]. Summary by Sections Financial Performance - For Q3 2024, Huatai Securities achieved revenue of 14 billion yuan, a year-on-year increase of 58% and a quarter-on-quarter increase of 23%. The net profit for the same period was 7.2 billion yuan, reflecting a year-on-year increase of 138% and a quarter-on-quarter increase of 139% [5][6]. - Excluding the gains from the sale of AssetMark, the company's revenue for Q3 2024 would have decreased by 5.9% year-on-year, and net profit would have dropped by 48.5% year-on-year [6]. Business Segments - The brokerage business generated revenue of 3.97 billion yuan in the first three quarters of 2024, down 14.3% year-on-year, while asset management revenue was 3.03 billion yuan, down 3.7% year-on-year [6]. - Investment income for the first three quarters of 2024 was 11.86 billion yuan, up 19.7% year-on-year, with a significant increase in Q3 due to the sale of AssetMark [6]. Future Outlook - Revenue projections for Huatai Securities for 2024-2026 are estimated at 37.14 billion yuan, 36.68 billion yuan, and 37.77 billion yuan, respectively, with expected net profits of 14.13 billion yuan, 11.49 billion yuan, and 13.48 billion yuan [7]. - The company is expected to maintain its competitive edge in the wealth management sector, with performance anticipated to improve as market conditions stabilize [6].

Investment Rating - The report maintains a "Buy" rating for Huatai Securities (601688 SH) [7] Core Views - Huatai Securities' Q3 2024 performance improved significantly, primarily due to the sale of AssetMark [1][2] - The company's wealth management and fintech leadership is expected to continue generating positive effects [1][5] - Huatai Securities is forecasted to achieve net profits of 16 64 billion yuan in 2024 and 15 52 billion yuan in 2025 [5] Business Performance Brokerage Business - Brokerage revenue declined by 14 3% YoY in the first three quarters, with Q3 revenue down 15 6% YoY [2] - The company's securities app, Zhang Le Wealth, saw monthly active users reach 10 64 million in Q3, up 16 6% YoY and 17 1% QoQ [3] Credit Business - The company's margin financing balance stood at 105 4 billion yuan at the end of Q3, with market share increasing by 0 40 percentage points YoY to 7 36% [3] Asset Management - Southern Fund and Huatai-PineBridge's non-monetary management scale reached 663 6 billion yuan and 581 3 billion yuan respectively, up 28 2% and 106 7% YoY [3] Investment Banking - Equity IPO market share increased significantly to 13 0%, up 8 3 percentage points YoY [4] - Bond underwriting market share remained stable at 9 0% [4] Investment Business - Financial assets decreased by 16 5% from the beginning of the year to 400 9 billion yuan at the end of Q3 [4] - The static investment return rate was 2 2%, down 0 44 percentage points YoY [4] Financial Performance - Q3 2024 revenue reached 31 42 billion yuan, up 15 4% YoY [2] - Net profit attributable to parent company was 12 52 billion yuan, up 30 6% YoY [2] - Weighted average ROE increased by 1 44 percentage points YoY to 7 6% [2] - Excluding the AssetMark sale, adjusted net profit was 6 32 billion yuan, down 35 3% YoY [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in Q3 2024 was boosted significantly by the sale of its stake in AssetMark, which is expected to enhance its financial results [5] - The company is focusing on expanding its international business, particularly in Southeast Asia, to create new profit growth points [5] - The company has adjusted its 2024 earnings forecast downwards due to increased management expenses but remains optimistic about market share growth and ROE improvement [5] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved revenue of 31.42 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 12.52 billion yuan, up 31% year-on-year [5] - Q3 2024 net profit attributable to the parent company was 7.21 billion yuan, showing a year-on-year increase of 138% and a quarter-on-quarter increase of 139% [5] - The company expects to realize approximately 7.9573 billion yuan from the AssetMark transaction, which significantly contributed to Q3 2024 performance [5] Revenue Breakdown - The company's main revenue sources include brokerage, investment banking, and asset management, with brokerage revenue at 3.97 billion yuan, down 14% year-on-year [5] - Interest income and investment income showed double-digit growth, with net interest income increasing by 52% year-on-year [5] Market Position - The company maintained its second position in the IPO market with a market share of 13.0%, despite a significant decline in underwriting volume [5] - The company is expanding its international operations, having received approval to trade on major exchanges in Vietnam and the US [5] Future Outlook - The company has revised its 2024 earnings forecast to 15.459 billion yuan, reflecting an 18% year-on-year increase [6] - The company is expected to benefit from policies aimed at strengthening the financial sector, which may enhance its market share and drive valuation recovery [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][10]. Core Views - The sale of Assetmark significantly boosts earnings, and the company is expected to benefit from improving capital market policies and ongoing supply-side reforms in the industry [2][10]. - The company's investment business net income increased by 39.24% year-on-year to 136.5 billion yuan, contributing significantly to revenue growth [10]. - The report highlights the company's strong financial technology capabilities, enhancing its service offerings and competitive advantages in wealth management and institutional client services [10]. Financial Summary - The target price is set at 20.86 yuan, corresponding to a 2024 PE of 12.09x and a PB of 1.03x [4][10]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 314.24 billion yuan and 125.21 billion yuan, respectively, representing year-on-year growth of 15.41% and 30.63% [10]. - The report adjusts the 2024 earnings per share (EPS) forecast to 1.73 yuan, up from 1.23 yuan, while lowering the 2025-2026 EPS forecasts to 1.33 yuan and 1.43 yuan, respectively [10]. - The company’s net asset value per share is reported at 19.95 yuan, with a current price of 17.41 yuan, indicating a price-to-book ratio of 0.9 [6][10]. Market Data - The total market capitalization is 157,165 million yuan, with a 52-week stock price range of 11.88 to 19.36 yuan [5]. - The company’s average return on equity (ROE) for 2024 is projected to be 8.0%, up from 7.0% in 2023 [13].

Investment Rating - The investment rating for Huatai Securities is maintained at "Buy" with a target price of 17.41 CNY [1]. Core Views - The report highlights a significant decline in non-recurring net profit for Q3 2024, with overall performance falling short of expectations. Adjusted revenue for Q3 and the first three quarters of 2024 reached 117 billion CNY and 240 billion CNY, respectively, showing a year-on-year growth of 61.1% and a decline of 0.9% [1]. - The report emphasizes the resilience of the credit business, which saw revenue growth of 175.2% year-on-year in Q3 2024, despite a decline in other business lines [1]. - The brokerage and investment banking sectors faced challenges due to regulatory tightening, leading to a significant drop in underwriting revenue [1]. Summary by Sections Financial Performance - For Q3 2024, Huatai Securities reported adjusted revenue of 117 billion CNY, with a year-on-year growth of 61.1%. The net profit attributable to shareholders was 72 billion CNY, reflecting a year-on-year increase of 138.0% [1]. - The non-recurring net profit for Q3 2024 was 11 billion CNY, showing a year-on-year decline of 61.4% [1]. - The return on equity (ROE) was reported at 10.1%, an increase of 1.9 percentage points compared to the same period last year [1]. Business Segments - The credit business achieved revenue of 5.9 billion CNY in Q3 2024, marking a year-on-year increase of 175.2%. However, the self-operated business revenue declined by 12.7% year-on-year to 16.2 billion CNY in Q3 2024 [1]. - The brokerage business generated 39.7 billion CNY in revenue for the first three quarters of 2024, down 14.3% year-on-year, attributed to a decrease in market trading volume [1]. - Investment banking revenue fell by 40.8% year-on-year to 13.6 billion CNY, impacted by regulatory policies that tightened IPO and refinancing activities [1]. Future Outlook - The report anticipates that the current policy benefits will be fully realized, leading to increased trading volumes that will directly benefit the brokerage and margin financing businesses. The introduction of new swap convenience tools is expected to enhance net profit elasticity [1]. - The profit forecasts for 2024, 2025, and 2026 have been adjusted to 149 billion CNY, 195 billion CNY, and 218 billion CNY, respectively, with expected year-on-year growth rates of 16.5%, 31.6%, and 11.7% [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company achieved a revenue of 31.424 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.41%. The net profit attributable to shareholders was 12.521 billion yuan, up 30.63% year-on-year. However, the net profit after deducting non-recurring gains and losses decreased by 35.29% to 6.319 billion yuan [1][3] - The increase in performance is attributed to market recovery driven by policy support and a decrease in interest expenses on interest-bearing liabilities, leading to significant growth in investment income and interest income [1][3] - The company continues to deepen its "dual-driven" strategy of wealth management and institutional services, optimizing its wealth management business structure to enhance customer stickiness [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported investment business income (including fair value changes) of 12.039 billion yuan, a year-on-year increase of 56.85%. Net interest income was 1.301 billion yuan, up 52.05% year-on-year [1][3] - Brokerage business revenue was 3.966 billion yuan, down 14.27% year-on-year due to a decrease in fee rates. The asset management business net income was 3.033 billion yuan, down 3.67% year-on-year [1][3] - The company’s total monetary funds reached 215.38 billion yuan, a year-on-year increase of 43.28%, primarily due to an increase in client funds [1][3] Investment Banking Performance - The company’s investment banking revenue was 1.357 billion yuan, down 40.76% year-on-year, with equity underwriting amounting to 20.663 billion yuan, a decrease of 71% year-on-year. The bond underwriting amount was 909.2 billion yuan, down 2% year-on-year [1][3] - The company ranks third in the industry for equity underwriting and bond underwriting, with a current IPO reserve of 8 projects, indicating potential for future mergers and acquisitions [1][3] Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 has been raised by 6.92%, 6.07%, and 5.65% respectively. The projected net profit attributable to shareholders for these years is 14.417 billion yuan, 15.415 billion yuan, and 16.534 billion yuan, representing year-on-year growth of 13.07%, 6.92%, and 7.26% respectively [1][3][8] - The current price-to-earnings (PE) ratios are projected to be 11.05, 10.36, and 9.66 for 2024, 2025, and 2026, while the price-to-book (PB) ratios are projected to be 0.84, 0.79, and 0.75 [1][3][8]

Investment Rating - The report maintains an "Accumulate" rating for A-shares and a "Buy" rating for H-shares [1][7]. Core Views - The company has shown significant recovery in performance, with self-operated business contributing to revenue growth [3][4]. - The brokerage business continues to face pressure, while net interest income has increased significantly [4]. - Investment banking revenue has declined sharply, but there are signs of recovery in Q3 [5][6]. - The self-operated income has increased significantly, while asset management revenue remains under pressure [6]. Summary by Sections Revenue Performance - For the first three quarters of 2024, the company achieved revenue of 314.2 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 125.2 billion yuan, up 30.6% year-on-year [3]. - Q3 alone saw a revenue of 139.8 billion yuan, with a year-on-year growth of 57.8% and a quarter-on-quarter increase of 23.4% [3]. Brokerage and Credit Business - The average daily trading volume in the A-share market was 9,210 billion yuan, down 8.6% year-on-year. The company's brokerage net income was 39.7 billion yuan, a decrease of 14.3% year-on-year [4]. - The credit business saw net interest income increase by 52.0% year-on-year to 13.0 billion yuan [4]. Investment Banking - The number of IPOs and the amount raised in the A-share market dropped significantly, with the company’s investment banking net income down 40.8% year-on-year to 13.6 billion yuan [5]. - The company’s market share in IPO fundraising was 13.0%, an increase of 8.3 percentage points year-on-year [5]. Self-Operated and Asset Management - The self-operated business revenue increased by 39.2% year-on-year to 136.5 billion yuan, with Q3 showing a remarkable increase of 221.9% year-on-year [6]. - Asset management revenue decreased by 3.7% year-on-year to 30.3 billion yuan, impacted by public fund fee reforms [6]. Profit Forecast and Valuation - The company is expected to benefit from capital market reforms, with projected net profits for 2024-2026 being 146.0 billion yuan, 153.7 billion yuan, and 164.7 billion yuan respectively [7]. - The corresponding EPS for these years is forecasted to be 1.62 yuan, 1.70 yuan, and 1.82 yuan, with respective P/E ratios for A-shares being 10.76, 10.23, and 9.54 [7].