Guoxin Securities·2024-10-30 09:51Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][13] Core Views - The company's performance in Q3 2024 shows strong leadership advantages, with a 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 [2] - The growth in revenue is primarily driven by the strong performance of the equity market at the end of Q3, with significant increases in the fair value of financial instruments [2] - The company has increased its total assets by nearly 20%, reaching 1,731.716 billion yuan, with an effective leverage ratio of 4.64, up 0.37 percentage points from the end of 2023 [2] - Investment business revenue increased by 37.28% year-on-year to 21.664 billion yuan, benefiting from favorable equity market conditions [2] - The company has maintained its leading position in equity and bond underwriting, with a market share of 14.85% in equity underwriting and 14.56% in bond underwriting, both ranking first in the market [2] - The company is focusing on transforming traditional businesses and expanding wealth management and overseas business [2] Financial Forecasts - The company expects net profit attributable to shareholders to be 20.568 billion yuan, 22.620 billion yuan, and 24.344 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 4.3%, 10.0%, and 7.6% [2][11] - The projected PE ratios for 2024, 2025, and 2026 are 19.6, 17.8, and 16.6 respectively, while the PB ratios are 1.5 for 2024 and 1.4 for 2026 [2][11]