国元证券：净利逆势增长，投资表现亮眼

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4]. Core Views - The company has demonstrated resilience in its wealth management business despite a slight decline in revenue, with net profit increasing against market trends [3]. - The investment business has shown significant growth, particularly in asset management and investment income, which increased by 91.70% year-on-year [3]. - The company is focused on enhancing its core competitiveness as a leading industrial investment bank, with expectations for revenue and net profit growth in the coming years [4]. Company Performance Overview - As of June 30, 2024, the company reported basic earnings per share of 0.23 yuan and diluted earnings per share of 0.23 yuan, with a net asset return rate of 2.81% [1]. - For the first half of 2024, the company achieved operating revenue of 30.84 billion yuan, a decrease of 0.85% year-on-year, while the net profit attributable to shareholders increased by 9.44% to 10.00 billion yuan [2]. Financial Highlights - The company’s investment income reached 10.63 billion yuan, marking a year-on-year increase of 91.70%, while asset management income grew by 64.59% to 0.71 billion yuan [3]. - The company’s equity financing scale for the first half of 2024 was 1.004 billion yuan, down 52.55% year-on-year, but it improved its industry ranking [3]. - The forecast for operating revenue from 2024 to 2026 is 60.24 billion yuan, 65.08 billion yuan, and 70.82 billion yuan, respectively, with net profit projections of 20.71 billion yuan, 22.88 billion yuan, and 24.85 billion yuan [4].