中信证券2024年三季报点评：单季盈利创近三年新高，龙头韧性持续验证

Investment Rating - The report maintains a "Buy" rating and raises the target price to 30.56 CNY per share, corresponding to a 1.7x PB for 2024 [3][4]. Core Views - The company's performance in the first three quarters continues to validate its resilience as a market leader, with long-term supply-side reform remaining a key industry theme. The company is expected to accelerate its transformation during this industry opportunity period and enhance its investment banking capabilities [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 461.4 billion CNY and 168.0 billion CNY, respectively, representing year-on-year increases of 0.73% and 2.35%. In Q3 alone, the net profit reached 62.3 billion CNY, marking a year-on-year increase of 21.94% and a quarter-on-quarter increase of 11.01%, achieving the highest profit in nearly three years [3][4]. - The weighted average ROE increased by 0.11 percentage points to 6.30%, slightly exceeding expectations. The investment income significantly improved, with total investment income (including investment gains and fair value changes) rising by 34% to 218.3 billion CNY in the first three quarters [3][4]. - The company’s investment assets expanded by 123.3 billion CNY in Q3, a quarter-on-quarter increase of 15% and a year-on-year increase of 25%, which enhanced the overall operating leverage to 4.73x [3][4]. Long-term Outlook - The construction of a first-class investment bank is entering a historical opportunity period, with the company’s leading advantages in the industry continuously solidifying. The company is expected to benefit from the accelerated advancement of supply-side reforms in the industry, achieving better-than-expected development [3][4].