EASTMONEY(300059) 国联证券·2024-10-27 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a total operating revenue of 7.304 billion yuan for the first three quarters of 2024, a year-over-year decrease of 13.96%. The net profit attributable to shareholders was 6.042 billion yuan, down 2.69% year-over-year. The return on equity (ROE) was 8.14%, a decrease of 1.02 percentage points compared to the same period last year [2][5] - The company's self-operated business showed strong growth, while the commission-based business faced pressure due to fee reductions [3][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total commission income of 3.555 billion yuan, down 5.33% year-over-year. In Q3 2024, the commission income was 1.16 billion yuan, a decrease of 8.0% year-over-year and 4.4% quarter-over-quarter [6] - The net interest income for the first three quarters was 1.506 billion yuan, down 9.71% year-over-year, with Q3 2024 showing a net interest income of 479 million yuan, down 13.2% year-over-year [6] - Investment income and fair value changes amounted to 2.406 billion yuan, an increase of 49% year-over-year, with an annualized investment return rate of 2.9% in Q3 2024 [6] Business Segment Analysis - The company's revenue from fund sales was 2.243 billion yuan for the first three quarters, a decrease of 26.82% year-over-year. In Q3 2024, the revenue was 720 million yuan, down 22.2% year-over-year [7] - The market for new equity fund issuance was subdued, with a total of 59.7 billion units issued, down 12% year-over-year [7] Earnings Forecast and Valuation - The company is expected to generate revenues of 11.1 billion yuan, 12.1 billion yuan, and 13.7 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 0.2%, 9%, and 13% [8] - The net profit attributable to shareholders is projected to be 8.4 billion yuan, 9.4 billion yuan, and 10.8 billion yuan for the same years, with growth rates of 3%, 11%, and 15% [8]