Ping An Securities·2024-10-30 04:12Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9] Core Views - The company's performance has shown resilience with improved efficiency in capital utilization, driven by self-operated business growth and effective cost control [4][9] - The company is expected to benefit from a recovering A-share market, with an upward revision of net profit forecasts for 2024, 2025, and 2026 [9] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 46.142 billion yuan, a year-on-year increase of 0.73%, and a net profit attributable to shareholders of 16.799 billion yuan, up 2.35% year-on-year [4] - The total assets reached 1.7317 trillion yuan, reflecting a 19% increase from the end of the previous year, while the net assets attributable to shareholders grew by 7% to 286.5 billion yuan [4] - The third quarter of 2024 saw a single-quarter revenue of 16 billion yuan, a 12% increase year-on-year, and a net profit of 6.2 billion yuan, marking a 22% year-on-year growth [4][6] Business Segment Performance - The self-operated business showed significant growth, with a revenue increase of 37% year-on-year, while brokerage and investment banking revenues faced declines of 9% and 46% respectively [4][6] - The asset management business remained stable, with a net profit of 6.24 billion yuan in Q3, up 29% year-on-year, attributed to an expansion in asset management scale [6][9] Market Position and Outlook - The company is positioned as a leading brokerage firm, expected to benefit from increased market activity and improved competitive barriers due to enhanced service capabilities [9] - The report anticipates a continued upward trend in the company's market share in margin financing, despite a slight decline in the overall market size [8][9]