国联证券：业务整合正启动，投顾业务渐完善

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 1.086 billion yuan, down 39.91% year-on-year, and net profit at 88 million yuan, down 85.39% year-on-year [1]. - The company is enhancing its wealth management capabilities, focusing on fund advisory services, and has seen a 13.35% increase in the number of signed fund advisory clients [1]. - A major acquisition of Minsheng Securities is expected to significantly enhance the company's overall strength, with projected increases in total assets by 84.05% and net assets by 160.76% post-merger [1]. - The company has shifted its investment strategy, increasing its bond investments while reducing exposure to stocks and funds [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 1.086 billion yuan, a year-on-year decrease of 39.91%, and a net profit of 88 million yuan, down 85.39% [1]. - The second quarter of 2024 showed a revenue of 912 million yuan, a year-on-year decrease of 19.16%, but a significant quarter-on-quarter increase of 426.15% [1]. - The company’s brokerage business revenue increased by 6.88%, while investment income saw a decline of 60.98% [1]. - The projected net profit for 2024 is adjusted to 475 million yuan, reflecting a decrease of 45.8% compared to previous estimates [9]. Business Segments Overview - The company’s revenue breakdown shows brokerage at 25.73%, investment banking at 15.88%, asset management at 28.77%, and investment at 34.57% [1]. - The asset management segment has seen a remarkable growth of 273.81%, indicating a strong performance in this area [1]. - The company has established a solid client base, with a total of 1.8558 million clients, reflecting a year-on-year growth of 10.06% [1]. Future Outlook - The company is expected to improve its market share in wealth management and other core business areas following the merger with Minsheng Securities [9]. - The financial asset allocation is shifting towards more stable bond investments, which is anticipated to enhance the company's risk profile [9].