西部证券：2024年中报点评：业绩符合预期，持续看好外延扩张式增长

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.67 CNY, compared to the current price of 6.26 CNY [2]. Core Views - The company's performance aligns with expectations, showing a focus on external expansion for growth. The total operating revenue, excluding other business income, was 2 billion CNY, down 6.9% year-on-year, while the net profit attributable to shareholders was 650 million CNY, down 8.4% year-on-year [2]. - The report highlights a positive outlook for the company's diversified development strategy, emphasizing the synergy among its five major business lines [2]. Financial Performance Summary - Total operating revenue for the first half of 2024 was 2 billion CNY, with a quarterly revenue of 1.3 billion CNY, reflecting a quarter-on-quarter increase of 4.8% [2]. - The net profit attributable to shareholders was 650 million CNY, with a quarterly profit of 460 million CNY, showing a quarter-on-quarter increase of 2.6% [2]. - The return on equity (ROE) for the reporting period was 2.3%, down 0.3 percentage points year-on-year, while the quarterly ROE was 1.6%, up 0.9 percentage points quarter-on-quarter [2]. - The company's total assets, excluding client funds, reached 77.4 billion CNY, an increase of 6.3 billion CNY year-on-year, with net assets of 28.2 billion CNY, up 6.8 billion CNY year-on-year [2]. Business Segment Performance - Heavy capital business net income totaled 1.3 billion CNY, with a quarterly income of 870 million CNY, reflecting a quarter-on-quarter increase of 4.51 billion CNY [2]. - The self-operated business generated 1.4 billion CNY in revenue, with a quarterly income of 910 million CNY, showing a quarter-on-quarter increase of 4.2% [2]. - The brokerage business generated 380 million CNY in revenue, with a quarterly income of 190 million CNY, reflecting a quarter-on-quarter increase of 0.6% [2]. - The investment banking business generated 80 million CNY in revenue, with a quarterly income of 50 million CNY, showing a quarter-on-quarter increase of 0.1% [2]. Future Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.27 CNY, 0.28 CNY, and 0.31 CNY respectively, with corresponding book values per share (BPS) of 6.39 CNY, 6.52 CNY, and 6.67 CNY [2][6].