国泰君安：综合实力领先，剑指国际一流投行

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][2]. Core Insights - The company has a strong shareholder background and comprehensive strength, positioning it as a potential candidate for building an international first-class investment bank. It ranks second in total assets and net assets, and third in operating income and net profit among industry peers as of Q1 2024 [1][9]. - The company has demonstrated excellent profitability, with an average ROE over the past five years exceeding that of listed brokers by 0.86 and 1.74 percentage points [1][12]. - The strategic path is clear, with a focus on enhancing strengths and addressing weaknesses through a phased approach [1][16]. Company Overview - The company is backed by strong state-owned shareholders, with its actual controller being the Shanghai State-owned Assets Supervision and Administration Commission [9][10]. - It has consistently ranked among the top three in total assets, net assets, operating income, and net profit since its listing [12][13]. Business Highlights - Wealth Management: The company maintains a leading position in brokerage services, with a significant increase in market share for its advisory services and digital transformation initiatives [1][24]. - Investment Banking: The company has successfully increased its market share in IPO underwriting from 2.9% in 2019 to 8.9% in 2023, while also maintaining a strong position in bond underwriting [1][27]. - Asset Management: The company has seen a 148.5% year-on-year increase in asset management revenue in 2023, largely due to the integration of Huazhang Fund [1][30]. - Institutional and Trading: The company has optimized its structure and significantly increased its institutional client base, with a notable rise in trading volumes [1][34]. Financial Forecast and Valuation - The company is expected to achieve net profits of 9.79 billion, 11.65 billion, and 12.45 billion RMB for the years 2024 to 2026, representing year-on-year growth rates of 4.4%, 19.0%, and 6.9% respectively [2][46]. - The report sets a target price of 17.27 RMB for 2024, corresponding to a price-to-book ratio of 1.0 [2][46].