Soochow Securities·2024-10-30 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in total revenue of 0.7% to 46.1 billion yuan and a net profit attributable to shareholders of 2.3% to 16.8 billion yuan for Q3 2024 [1] - The self-operated business showed strong performance, while the capital intermediary business faced challenges [1] - The company is expected to benefit from supportive industry policies and a gradual recovery in the macroeconomic environment [1] Summary by Relevant Sections Financial Performance - Total revenue for 2024 is projected to be 63.99 billion yuan, with a year-on-year growth of 6.53% [1] - Net profit attributable to shareholders is forecasted at 21.72 billion yuan for 2024, reflecting a growth of 10.16% [1] - The latest diluted EPS is expected to be 1.47 yuan per share for 2024 [1] Business Segments - Light asset business performed better than the industry average, with asset management and brokerage services showing resilience [1] - The asset management business reported a net income of 7.2 billion yuan for the first three quarters of 2024, while brokerage services saw a net income of 7.5 billion yuan [1] - The investment banking segment maintained its leading position in the market, despite a decline in overall market activity [1] Market Outlook - Recent policy measures are expected to inject new capital into the market, enhancing trading and investment activity [1] - The introduction of long-term funds is anticipated to benefit leading brokerage firms like the company, increasing client demand for brokerage and asset management services [1] - The company is positioned to leverage its strong risk management capabilities to capitalize on policy benefits [1]