东方财富：2024年半年报点评报告：代销降幅较大，自营固收亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a total revenue of 4.95 billion yuan for the first half of 2024, a year-on-year decrease of 14.0%, while the net profit attributable to shareholders was 4.06 billion yuan, down 4.0% year-on-year. The second quarter showed a quarter-on-quarter growth of 7.6% [1] - The decline in fund distribution revenue was significant, with a 30% year-on-year drop to 1.41 billion yuan, attributed to changes in product structure and fund fee reforms [2] - The company saw an increase in market share for its securities business, with revenue of 3.42 billion yuan, a decrease of 5.2% year-on-year, despite a decline in average daily stock trading volume [3] - The proprietary fixed income business performed well, achieving an investment income of 1.64 billion yuan, a year-on-year increase of 42% [3] - The forecast for net profit growth from 2024 to 2026 is expected to be flat, 6%, and 7% respectively, with corresponding EPS of 0.51, 0.55, and 0.59 yuan [4] Summary by Sections Data Overview - In the first half of 2024, the company achieved total revenue of 4.95 billion yuan, a 14.0% decrease year-on-year, and a net profit of 4.06 billion yuan, down 4.0% year-on-year, with a weighted average return on equity of 5.52% [1] Fund Distribution Revenue - The company experienced a significant decline in fund distribution revenue, which fell to 1.41 billion yuan, a 30% year-on-year decrease, despite a 4.4% increase in fund distribution volume [2] Securities Business Performance - The securities business generated revenue of 3.42 billion yuan, down 5.2% year-on-year, while the market share for margin trading increased [3] Proprietary Fixed Income Business - The proprietary fixed income business showed strong performance with an investment income of 1.64 billion yuan, reflecting a 42% year-on-year increase [3] Profit Forecast and Valuation - The company is expected to have net profit growth of 0%, 6%, and 7% from 2024 to 2026, with corresponding EPS of 0.51, 0.55, and 0.59 yuan, and a target price of 12.35 yuan based on a 24x PE ratio [4]