EASTMONEY(SZ:300059) Western Securities·2024-08-12 03:00Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 4.945 billion and a net profit attributable to shareholders of 4.056 billion for H1 2024, reflecting a year-on-year decrease of 14% and 4% respectively [1]. - The brokerage business market share is steadily increasing, supported by strong performance in proprietary trading [1]. - The fund business revenue has declined due to market conditions, but there was a quarter-on-quarter improvement in Q2 2024 [1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 4.945 billion and a net profit of 4.056 billion, with Q2 2024 figures at 2.489 billion and 2.102 billion respectively, showing a year-on-year decline of 15% and 4% [1]. - The revenue breakdown for H1 2024 shows fund business contributing 49%, brokerage business 20%, and credit business 31% [1]. Business Segments - Fund Business: Revenue for H1 2024 was 1.523 billion, down 29% year-on-year, with Q2 showing a revenue of 0.771 billion, indicating a quarter-on-quarter improvement [1]. - Brokerage Business: The net income from fees and commissions was 2.395 billion, a decrease of 4% year-on-year, with trading volume reaching 9.21 trillion [1]. - Proprietary Trading: The proprietary business revenue increased by 42% year-on-year to 1.634 billion, benefiting from fixed income operations [1]. Research and Development - R&D expenses increased by 10% year-on-year to 284 million, with ongoing advancements in AI capabilities [1].