东方财富：行业份额稳固，业绩保持韧性

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown resilience in its performance despite challenges in the fund distribution business, with total revenue and net profit for H1 2024 reported at 4.945 billion and 4.056 billion yuan, respectively, reflecting a year-on-year change of +14.0% and -4.0% [4] - The company's securities business has maintained a steady market share, with a notable increase in self-operated fixed income performance contributing positively to overall results [4] - The company is expected to benefit from the long-term growth potential in the wealth management market, with projected net profits for 2024-2026 at 8.714 billion, 9.547 billion, and 10.768 billion yuan, representing year-on-year growth rates of +6.35%, +9.56%, and +12.79% respectively [5] Summary by Relevant Sections Financial Performance - In H1 2024, the company's financial e-commerce services and securities business generated revenues of 1.412 billion and 3.422 billion yuan, showing year-on-year declines of -29.7% and -5.2% [4] - The net profit from the securities business increased by 11.2% to 3.074 billion yuan, while the net profit from traditional fund distribution dropped by 32.8% to 0.982 billion yuan [4] Market Position - The company has seen a slight increase in market share in brokerage services, with a market share of 4.00% in H1 2024, up by 0.05 percentage points year-on-year [4] - The margin in the margin financing business also improved, with the amount of funds lent increasing by 6.6% to 42.369 billion yuan, and market share rising by 0.4 percentage points to 2.9% [4] Cost Management and R&D - The company has effectively controlled costs, with sales and management expenses decreasing by 37.3% and 2.1% to 0.151 billion and 1.149 billion yuan, respectively [4] - R&D expenses increased by 9.9% to 0.556 billion yuan, with ongoing investments in AI development aimed at enhancing customer experience [4]