Huaan Securities(600909) Haitong Securities·2024-09-02 11:41Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][5]. Core Views - The report highlights that the company's self-operated income has significantly increased, leading to a positive growth in net profit attributable to the parent company [5][6]. - The company is accelerating its transformation from a single stock-focused model to a dual-track model of "stocks + wealth management" [5]. - The estimated reasonable value range for the company's stock is between 5.19 and 5.66 yuan per share, based on a comparable company valuation method [6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 1.96 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 710 million yuan, up 8.6% year-on-year [5]. - The second quarter saw operating revenue of 1.13 billion yuan, a year-on-year increase of 29.7%, and a net profit of 430 million yuan, up 48.3% year-on-year [5][6]. Business Transformation - The brokerage business revenue decreased by 13.4% year-on-year to 440 million yuan, accounting for 27.2% of total operating revenue [5]. - The investment banking business revenue fell by 15.6% year-on-year to 33.18 million yuan, with a bond underwriting scale of 6.5 billion yuan, ranking 58th [5][6]. Asset Management - The asset management business revenue increased by 25.0% year-on-year to 280 million yuan, with total assets under management exceeding 80 billion yuan [5][6]. Investment Income - The investment income (including fair value) for the first half of 2024 was 640 million yuan, a year-on-year increase of 31.5% [6]. - The second quarter's investment income was 380 million yuan, a year-on-year increase of 101.3% [6]. Earnings Forecast - The estimated net profits for 2024, 2025, and 2026 are projected to be 1.245 billion yuan, 1.353 billion yuan, and 1.476 billion yuan, respectively [6][7].