Guolian Securities·2024-09-01 07:13Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's self-operated income significantly increased, driving performance improvement in Q2 2024 [11] - The company reported a total revenue of 11.8 billion yuan for H1 2024, a year-over-year decrease of 11%, with a net profit attributable to shareholders of 4.36 billion yuan, down 4% year-over-year [11] - In Q2 2024, the company achieved revenue of 6.83 billion yuan, a year-over-year increase of 1% and a quarter-over-quarter increase of 38%, with a net profit of 2.82 billion yuan, up 19% year-over-year and 84% quarter-over-quarter [11] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 11.8 billion yuan, down 11% year-over-year, and a net profit of 4.36 billion yuan, down 4% year-over-year [11] - The weighted average ROE was 3.39%, a decrease of 0.45 percentage points compared to the same period last year [11] Revenue Breakdown - Brokerage business generated a net income of 2.76 billion yuan in H1 2024, down 9% year-over-year, accounting for 24.3% of the main business revenue [12] - Asset management business generated a net income of 3.38 billion yuan in H1 2024, down 19% year-over-year, primarily due to a decrease in fees for actively managed equity public funds [12] - Investment business saw a significant improvement with a revenue of 3.67 billion yuan in H1 2024, up 46% year-over-year, accounting for 32.3% of the main business revenue [13] Future Outlook - The company is expected to achieve revenues of 23.8 billion yuan, 24.1 billion yuan, and 25.3 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 2%, 1.3%, and 5.2% [13] - Net profits are projected to be 7 billion yuan, 7.4 billion yuan, and 8.1 billion yuan for the same years, with growth rates of 0.6%, 4.8%, and 10.3% respectively [13]