Guolian Sec(SH:601456) KAIYUAN SECURITIES·2024-09-02 13:07Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's brokerage and asset management performance is strong, while proprietary investment has negatively impacted overall performance. The company has adjusted its net profit forecasts for 2024-2026 downwards due to a persistently weak market environment [3][4] - The company has seen a significant increase in brokerage business net income, with a year-on-year growth of 6.9%, despite a decline in some areas. The asset management business has also shown impressive growth, with net income increasing by 111% year-on-year [4][5] Financial Performance Summary - For H1 2024, the company reported total operating revenue of 1.1 billion and net profit attributable to the parent company of 90 million, representing year-on-year declines of 40% and 85% respectively. The Q2 2024 net profit was 300 million, showing a quarter-on-quarter recovery but a year-on-year decline of 22% [3][4] - The company's brokerage business net income was 280 million, with a year-on-year increase of 6.9%. The asset management business net income was 310 million, up 111% year-on-year. However, proprietary investment income was down 61% year-on-year [4][5] - The company has adjusted its net profit forecasts for 2024-2026 to 540 million, 760 million, and 1.02 billion respectively, reflecting a year-on-year change of -20%, +41%, and +35% [3][4] Market Position and Strategy - The company has successfully transformed its wealth management brand from a buy-side perspective, resulting in a 10.06% year-on-year increase in total customer numbers to 1.8558 million [4] - The company completed two equity projects in H1 2024, including one IPO and one refinancing project, and has several projects in the pipeline [4][5] - The company is optimistic about the synergies from the acquisition of Minsheng Securities, which is expected to enhance its market position [3][4]