Founder Securities(SH:601901) Huachuang Securities·2024-06-27 10:02Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [2][10]. Core Views - The company plans to sell its 49% stake in Credit Suisse Securities to Beijing State-owned Assets for 890 million yuan, which is expected to generate an investment income of 370 million yuan, accounting for 16.4% of the company's net profit for 2023 [2]. - The sale is anticipated to enhance the company's investment income and improve its return on equity (ROE) while reducing the profit drag caused by Credit Suisse Securities' continuous losses [2]. - The report projects the company's earnings per share (EPS) for 2024, 2025, and 2026 to be 0.31 yuan, 0.35 yuan, and 0.39 yuan, respectively, with a target price set at 9.3 yuan based on a 1.6 times price-to-book (PB) ratio for 2024 [2]. Financial Summary - The total revenue for 2023 is projected at 7,119 million yuan, with a year-on-year growth rate of 19%. However, a decline of 8% is expected for 2024 [3]. - The net profit attributable to the parent company for 2023 is estimated at 2,547 million yuan, with a projected increase of 18% in 2024 [3]. - The company's total assets are expected to grow from 222,442 million yuan in 2023 to 274,215 million yuan by 2026 [3].