东方财富24Q3业绩点评：业绩中枢平稳，重点关注经纪与两融后续弹性释放

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained rating) [1] Core Views - The company's performance in Q3 2024 is stable, with a focus on the resilience of brokerage and margin financing businesses [1] - The company reported Q3 2024 revenue of 2.36 billion and net profit of 1.99 billion, with year-on-year changes of -13.9% and +0.1% respectively [1] - The investment business has shown significant growth, contributing to revenue increases, with Q3 2024 investment income rising by 67.2% year-on-year [1][2] Summary by Relevant Sections Brokerage Business - Q3 2024 brokerage net income was 1.16 billion, down 8.0% year-on-year, but the decline was less than the market's trading volume drop [1] - The company's market share in Q3 2024 was approximately 4.87%, an increase of 0.12 percentage points from the same period last year [1] Margin Financing Business - Q3 2024 net interest income from margin financing was 480 million, down 13.3% year-on-year, but the market share increased to 3.0% [1] Investment Business - The annualized return on investment in Q3 2024 increased to 3.7%, up 1.1 percentage points from the same period last year, driving revenue growth [1] - The scale of trading financial assets reached 84.5 billion, an increase of 19.5% year-on-year [1] Fund Business and Others - Q3 2024 fund business revenue was 720 million, down 22.2% year-on-year, attributed to industry fee reductions and decreased redemption activity [1] Costs and Expenses - Q3 2024 operating costs were 1.02 billion, down 8.0% year-on-year, indicating a relatively stable expense structure [2] - The overall expense ratio showed a slight increase, reflecting the rigidity of costs and expenses [2] Investment Suggestions - With the market recovering, the company is expected to benefit from increased trading volumes, particularly in wealth management services [2]