Haitong Securities·2024-09-04 00:41Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company is solidifying its light capital business while optimizing its heavy capital business, continuously enhancing its ability to provide financial services to the real economy. The reasonable value range is set at 17.96-19.46 CNY per share, maintaining the "Outperform the Market" rating [6][7] Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 4.18 billion CNY, a year-on-year decrease of 32.3% - The net profit attributable to the parent company was 1.39 billion CNY, down 41.9% year-on-year, with an EPS of 0.26 CNY and ROE of 2.1%, a decrease of 1.9 percentage points year-on-year [6][8] - In Q2 2024, operating revenue was 1.98 billion CNY, down 42.3% year-on-year and 10.2% quarter-on-quarter; net profit was 710 million CNY, down 50.6% year-on-year but up 3.8% quarter-on-quarter [6] Business Segments - The brokerage business generated revenue of 1.24 billion CNY, down 16.0% year-on-year, accounting for 30% of total operating revenue. The average daily trading volume in the market was 961.6 billion CNY, down 6.4% year-on-year [6][7] - Investment banking revenue was 430 million CNY, down 30.0% year-on-year, with equity underwriting down 80.0% and bond underwriting down 3.4% [6] - Asset management revenue was 380 million CNY, down 19.8% year-on-year, with total assets under management at 368 billion CNY, up 22.5% year-on-year [7] Future Projections - The company expects EPS for 2024, 2025, and 2026 to be 0.49 CNY, 0.61 CNY, and 0.64 CNY respectively, with corresponding net assets per share of 14.97 CNY, 15.50 CNY, and 16.20 CNY [8][11] - The report anticipates a price-to-book ratio of 1.2-1.3x for 2024, aligning with the previously mentioned reasonable value range [6][7]