国联证券：进程及对价符合预期，期待整合效果

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights the potential for significant growth through the merger with Minsheng Securities, which is expected to enhance the company's market position and operational capabilities [2][3] - The merger transaction is valued at 29.49 billion yuan, with a price-to-book (PB) ratio of 1.86x, indicating a premium over the current market price [2] - The company is projected to achieve net profits of 599.43 million yuan, 791.58 million yuan, and 1.03 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a growth trajectory post-merger [3] Financial Summary - The company’s revenue is expected to grow from 29.55 billion yuan in 2023 to 39.69 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.94% [4] - The net profit is projected to decline by 10.71% in 2024 before recovering with growth rates of 32.06% and 29.82% in 2025 and 2026 respectively [4] - The price-to-earnings (PE) ratio is expected to decrease from 41.88 in 2023 to 27.69 in 2026, indicating an improving valuation as earnings grow [4][6]