招商证券：中报业绩略超预期，投资收益增长较快

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's mid-year performance for 2024 slightly exceeded expectations, with a revenue of 9.6 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 4.75 billion yuan, a year-on-year increase of 0.4% [2] - The investment income has shown rapid growth, with a notable increase in the second quarter of 2024, where the net profit attributable to shareholders reached 2.59 billion yuan, reflecting a quarter-on-quarter increase of 20% [2] - The company is actively expanding its wealth management services, with a steady growth in client numbers and an optimized advisory system [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue by business line showed the following year-on-year changes: brokerage at 2.58 billion yuan (-12%), investment banking at 280 million yuan (-36%), asset management at 340 million yuan (-9%), net interest income at 470 million yuan (-50%), and investment income at 4.75 billion yuan (+21%) [2] - The total number of normal trading clients reached 18.43 million, a year-on-year increase of 7.53%, while the total client assets under custody were 3.60 trillion yuan, a decrease of 3.23% from the end of 2023 [2] Investment Banking - The company has improved its ranking in equity underwriting, with the underwriting scale for IPOs, refinancing, and debt financing in the first half of 2024 being 1.64 billion yuan, 7.26 billion yuan, and 172.1 billion yuan respectively, with market shares of 5.4%, 10.2%, and 2.8% [2] Asset Management - The total asset management scale reached 302.2 billion yuan, a growth of 2.48% from the end of 2023, with collective asset management business scale at 130.2 billion yuan, a year-on-year increase of 13% [2] Investment Analysis - The report has adjusted the profit forecast upwards, maintaining the "Outperform" rating, with expected net profits for 2024-2026 being 9.4 billion yuan, 10.65 billion yuan, and 11.74 billion yuan respectively, reflecting year-on-year growth rates of 7%, 13%, and 10% [2][3]