指南针：加大品牌推广力度，麦高证券保持高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a total revenue of 780 million yuan for the first three quarters of 2024, representing a year-on-year growth of 13.6%. However, the net profit attributable to the parent company was -110 million yuan, a decline of 131.4% year-on-year, primarily due to a decrease in financial information service revenue and increased marketing expenses [2]. - In Q3 alone, the company achieved revenue of 230 million yuan, a year-on-year increase of 34.5%, while the net profit attributable to the parent company was -60 million yuan, down 3.9% year-on-year [2]. - Despite a challenging capital market environment, the company has been expanding its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [3]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved total revenue of 780 million yuan, up 13.6% year-on-year, but reported a net loss of 110 million yuan, down 131.4% year-on-year [2]. - In Q3, the company recorded revenue of 230 million yuan, a 34.5% increase year-on-year, with a net loss of 60 million yuan, a decrease of 3.9% year-on-year [2]. Business Analysis - The company's various business segments showed high growth, with Q3 net interest income reaching 18.37 million yuan, up 73.7% year-on-year, and commission income of 52.92 million yuan, up 109.3% year-on-year, driven by increased brokerage business [3]. - Investment income for Q3 was 35.31 million yuan, a significant increase of 168.6% year-on-year, mainly from proprietary trading activities [3]. - The company's financial information service revenue decreased due to a 15.1% year-on-year drop in the average daily trading volume of A-shares in Q3. However, with the market's recovery in late September, a strong growth in this segment is anticipated in Q4 [3]. Profit Forecast - Based on the Q3 report and expectations of a recovering capital market, the revenue forecasts for 2024-2026 have been adjusted to 1.37 billion, 1.86 billion, and 2.51 billion yuan, reflecting year-on-year growth rates of 23.5%, 35.1%, and 34.9% respectively. The net profit forecasts have been adjusted to 60 million, 160 million, and 310 million yuan, with corresponding year-on-year growth rates of -12.1%, 148.6%, and 95.2% [4].