Zhongyuan Securities·2024-09-30 14:39Investment Rating - The investment rating for the company is "Add" (maintained) [2][30]. Core Views - The company's investment income (including fair value changes) and other income have increased, while the proportion of brokerage, investment banking, asset management, and interest net income has decreased [5][8]. - The company has experienced significant growth in debt financing, nearly doubling its scale, which partially offsets the stagnation in equity financing [5][12]. - The company's self-operated high-dividend strategy has performed well, contributing to a significant increase in investment income in the second quarter, which stabilizes overall operating performance [5][18]. - The company is expected to achieve EPS of 0.32 yuan and 0.35 yuan for 2024 and 2025, respectively, with corresponding P/B ratios of 1.13 and 1.09 based on the closing price of 10.10 yuan on September 27 [5][25]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating income of 8.571 billion yuan, a year-on-year decrease of 1.42%, and a net profit attributable to shareholders of 2.111 billion yuan, an increase of 11.04% [5][7]. - The basic earnings per share (EPS) was 0.24 yuan, up 14.29% year-on-year, with a weighted average return on equity (ROE) of 2.66%, an increase of 0.22 percentage points [5][7]. Business Segments - The proportion of investment income (including fair value changes) increased significantly, while brokerage and investment banking revenues saw declines of 28.75% and 25.48%, respectively [5][10]. - The asset management business faced pressure, with net income from asset management fees down 38.06% [5][15]. - The company’s debt financing business saw a substantial increase, with underwriting amounts for various bonds reaching 216.16 billion yuan, a year-on-year increase of 97.82% [5][12]. Market Position - The company’s margin financing and securities lending balance increased by 9.04% to 22.647 billion yuan, with a market share of 1.53%, up 0.27 percentage points [5][21]. - The company has maintained a strong position in the market despite challenges in its core brokerage and asset management businesses [5][25].