方正证券2024年三季报点评：盈利累计增速转正，基本面相对同业占优

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The report indicates that the company's profit has turned positive in the first three quarters, and it is expected to maintain superior profitability compared to peers as historical burdens are cleared and operational efficiency improves [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 5.43 billion and 1.97 billion yuan, respectively, showing a year-on-year change of -4.15% and +1.51%. The profit for Q3 alone was 610 million yuan, reflecting a year-on-year increase of 23.73% [4]. - The weighted average ROE decreased by 0.16 percentage points to 4.24%, which is slightly better than expected [4]. Business Segments - The investment business saw a year-on-year growth of 17.8%, which was the main driver for the positive performance. Additionally, the asset management business benefited from the expansion of fixed income and increased performance fees [4]. - The growth in the investment business is attributed to the expansion of fixed income investment assets, which increased by 8.2% year-on-year to 108.9 billion yuan, and a shift towards high-dividend equity investments, with other equity investments rising to 3.06 billion yuan from 1.16 billion yuan in the previous year [4]. Future Outlook - The company is positioned as a mid-sized broker focused on wealth management, aiming to enhance profitability and value. With support from Ping An Group, operational efficiency is expected to improve further [4]. - The report maintains profit forecasts for 2024-2026, with net profits projected at 2.28 billion, 2.49 billion, and 2.76 billion yuan, respectively [4]. Market Data - The target price remains at 9.49 yuan per share, corresponding to a P/E ratio of 34.2x and a P/B ratio of 1.65x for 2024 [4]. - The current price is 8.58 yuan, with a market capitalization of 70.631 billion yuan [5].