国联证券：2024年半年报点评：资管经纪逆势上涨，关注整合重组进度

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report highlights that the asset management business has seen significant growth, with net income from asset management reaching 1.59 billion yuan, an increase of 36.5% year-on-year. The total scale of entrusted funds in asset management reached 12.57 billion yuan, up 15.8% [1]. - The brokerage business has also shown resilience, with net income from brokerage services increasing to 1.25 billion yuan, a growth of 8.5% year-on-year, despite a general decline in market trading volume [1][3]. - The investment banking sector has faced challenges, with a notable decline in A-share IPO scale, which dropped to 1.23 billion yuan, a decrease of 45.3% [1][3]. - The company is in the process of acquiring a stake in Minsheng Securities, which is expected to enhance its competitive position and operational synergy once completed [3]. Summary by Sections Financial Performance - In the first half of the year, the company reported total revenue of 4.56 billion yuan, down 12.3% year-on-year, and a net profit attributable to shareholders of 0.67 billion yuan, down 10.5% [1]. - The company's return on equity (ROE) for the first half of the year was 6.5%, a decrease from the previous year [1]. Business Segments - The asset management segment has shown a robust performance, with net income increasing significantly and total entrusted funds growing [1]. - The brokerage segment has expanded its client base, with a total of 1.25 million clients, reflecting a year-on-year growth of 12.3% [1]. - The investment banking segment has seen a decline in activity, with a significant drop in both IPO and refinancing volumes [1][3]. Future Outlook - The report projects that the company's basic earnings per share for the years 2023 to 2025 will be 0.36 yuan, 0.27 yuan, and 0.24 yuan respectively, with net assets per share expected to grow steadily [3][4]. - The ongoing acquisition of Minsheng Securities is anticipated to create synergies and enhance the company's market position, with the integration process currently in the final stages [3].