华泰证券：公募业务表现亮眼，自营驱动业绩环比改善

Investment Rating - The investment rating for Huatai Securities (601688) is "Buy" (maintained) [7]. Core Views - The public fund business performed well, and proprietary trading drove a quarter-on-quarter improvement in performance [11]. - In H1 2024, the company achieved total operating revenue of 17.44 billion, a year-on-year decrease of 5%, and a net profit attributable to shareholders of 5.31 billion, a year-on-year decrease of 19% [11][12]. - The company expects to maintain its leading position in wealth management, with performance likely to recover as the market improves [13]. Financial Performance Summary - In Q2 2024, the company reported revenue of 11.34 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 86%, with a net profit of 3.02 billion, a year-on-year decrease of 9% and a quarter-on-quarter increase of 32% [11][12]. - The brokerage business generated revenue of 2.72 billion in H1 2024, a year-on-year decrease of 14%, while asset management revenue was 2.22 billion, a year-on-year increase of 6% [11][12]. - Investment net income (including exchange gains) was 4.43 billion in H1 2024, a year-on-year decrease of 40%, primarily due to market fluctuations [12]. Business Segment Analysis - The public fund business showed strong performance, with significant growth in assets under management (AUM) for non-monetary funds and mixed equity funds, reaching 375.3 billion and 314.3 billion respectively, with year-on-year increases of 61% and 74% [11][12]. - The investment business faced significant pressure, with a decrease in investment net income and a slight contraction in investment leverage [12]. - The company ranked first in IPO sponsorship projects in H1 2024, with an underwriting scale of 5 billion, although the overall investment banking revenue decreased by 42% year-on-year [11][12]. Earnings Forecast and Valuation - The company is expected to generate revenues of 37.1 billion, 36.7 billion, and 37.8 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 14.1 billion, 11.5 billion, and 13.5 billion [13]. - Earnings per share (EPS) are projected to be 1.56, 1.27, and 1.49 yuan for the same years [13].