Haitong Securities·2024-09-04 00:41Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][16] Core Views - The report highlights significant growth in the company's proprietary trading business in the first half of 2024, while the asset management business has faced considerable pressure [5][6] - The reasonable value range for the company's stock is estimated to be between 9.64 and 11.39 yuan, maintaining the "Outperform the Market" rating [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 8.57 billion yuan, a year-on-year decrease of 1.4%, while net profit attributable to shareholders was 2.11 billion yuan, an increase of 11.0% [5] - The second quarter saw operating revenue of 4.96 billion yuan, up 16.5% year-on-year and 37.4% quarter-on-quarter, with net profit of 1.23 billion yuan, reflecting a year-on-year increase of 158.8% and a quarter-on-quarter increase of 38.2% [5] Business Segments - Brokerage business revenue decreased by 28.7% year-on-year to 1.05 billion yuan, accounting for 12% of total revenue, amid a declining market [5] - The company’s investment income (including fair value changes) reached 2.27 billion yuan in the first half, a year-on-year increase of 49.2% [6] Asset Management - Asset management revenue fell by 38.1% year-on-year to 710 million yuan, primarily due to a decline in the scale and management fee rates of actively managed equity products [6] - The total asset management scale was 224.9 billion yuan, down 4.6% from the beginning of the year [6] Market Position - The company ranked 6th in bond underwriting with a scale of 211.2 billion yuan, while equity underwriting saw a significant decline of 60.7% year-on-year [5][6] - The company has a strong pipeline with 10 IPO projects in reserve, ranking 12th in the market [5] Future Projections - The expected EPS for 2024-2026 is projected to be 0.42, 0.47, and 0.51 yuan respectively, with BVPS of 8.76, 9.02, and 9.31 yuan [6][11]