兴业证券：投资拖累业绩，业务转型推进

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3] Core Views - The company's performance has been impacted by investment losses and ongoing business transformation efforts. In the first half of 2024, the company reported a revenue of 5.391 billion yuan, a year-on-year decline of 22.3%, and a net profit attributable to shareholders of 942 million yuan, down 47.57% year-on-year [3] - The company is focusing on wealth management transformation and digitalization to enhance its advisory capabilities, despite facing challenges in brokerage performance due to a sluggish capital market [3] - The investment income has decreased, but the scale of financial assets has increased significantly, with a year-on-year growth of 18.81% to 140.1 billion yuan [3] Financial Forecast and Key Metrics - Revenue projections for 2024, 2025, and 2026 are 11.401 billion yuan, 12.527 billion yuan, and 13.855 billion yuan, respectively, reflecting growth rates of 7.3%, 9.9%, and 10.6% [2][11] - Net profit attributable to shareholders is forecasted to be 2.079 billion yuan, 2.370 billion yuan, and 2.668 billion yuan for 2024, 2025, and 2026, with growth rates of 5.9%, 14.0%, and 12.6% respectively [2][11] - The company’s price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21.5, 18.8, and 16.7, while the price-to-book (P/B) ratios are expected to be 0.8, 0.7, and 0.7 [2][11]