Guosen Securities(SZ:002736) EBSCN·2024-10-30 02:11Investment Rating - The report maintains a rating of "Buy" for Guosen Securities (002736.SZ) [1] Core Views - The company's revenue and profit have shown signs of recovery year-on-year, supported by self-operated income contributions [4] - The company is positioned to leverage opportunities in the Greater Bay Area and enhance its investment banking services through a "banking+" ecosystem [5] - The diversified income sources and steady performance of the company are highlighted, with a focus on innovative financial services and business models [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Guosen Securities achieved a revenue of 12.27 billion yuan, a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 4.88 billion yuan, a slight increase of 0.1% [3] - The weighted average ROE for the first three quarters was 4.74%, down 0.26 percentage points from the previous year [3] Revenue Breakdown - The revenue contributions from self-operated, brokerage, investment banking, asset management, and credit businesses were 48.8%, 24.8%, 5.3%, 5.2%, and 6.6% respectively, with significant changes compared to the previous year [4] - The investment banking business saw a net income decrease of 41% year-on-year, while the asset management business experienced a recovery with an 81.6% increase in net income [5] Future Outlook - The company forecasts net profits for 2024-2026 to be 6.518 billion, 6.814 billion, and 7.206 billion yuan respectively, with corresponding EPS of 0.68, 0.71, and 0.75 yuan [5] - The current stock price corresponds to PE ratios of 16.97, 16.24, and 15.35 for the years 2024, 2025, and 2026 respectively [5]