国联证券：整合推进，杠杆提升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][6] Core Views - The company reported a revenue of 2.005 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.04%, and a net profit attributable to shareholders of 396 million yuan, down 45.53% year-on-year. However, in Q3 2024, the revenue reached 919 million yuan, showing a year-on-year increase of 31.26% and a quarter-on-quarter increase of 0.72%. The net profit for Q3 was 308 million yuan, up 143.65% year-on-year and 0.55% quarter-on-quarter [1][6] - The company has seen significant growth in client funds, with cash and cash equivalents at 17.581 billion yuan at the end of Q3 2024, an increase of 79.10% from the beginning of the year, primarily due to an increase in client deposits [1][6] - The company is in the process of integrating Minsheng Securities, which is expected to significantly enhance its overall strength. As of the end of H1 2024, Minsheng Securities had total assets of 63.734 billion yuan and net assets of 16.127 billion yuan, comparable to the company [1][6] Financial Performance Summary - For 2024, the company has adjusted its net profit forecasts to 516 million yuan, 885 million yuan, and 1.005 billion yuan for the years 2024, 2025, and 2026, respectively, with increases of 8.64%, 7.07%, and 7.22% [1][6] - The company's leverage ratio at the end of Q3 2024 was 4.89 times, up from 4.43 times at the beginning of the year and 4.80 times at the end of the first half [1][6] - The company has seen a significant increase in trading volume, with the average daily trading volume in the A-share market reaching 2 trillion yuan since October, a substantial increase of 151.40% compared to the average of 795.5 billion yuan in the previous three quarters [1][6]