招商证券：业绩略超预期，自营业绩弹性明显

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company's performance in Q3 2024 met expectations, with a revenue of 14.68 billion yuan, a year-on-year increase of 14.9%, and a net profit of 2.40 billion yuan, reflecting a year-on-year increase of 43.4% [4]. - The brokerage business experienced a slight decline due to reduced trading activity, with a revenue of 3.67 billion yuan for the first nine months of 2024, down 14.2% year-on-year [4]. - The investment banking business showed resilience, with a ranking improvement despite a revenue drop of 43.8% year-on-year [4]. - The asset management business continued to provide stable income, with total assets under management for the company's funds showing a solid performance [4]. - The proprietary trading segment performed well, with a net investment income of 7.26 billion yuan for the first nine months of 2024, up 53.1% year-on-year [4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 14.28 billion yuan, a decrease of 4.0% year-on-year, and a net profit of 7.15 billion yuan, an increase of 11.7% year-on-year [4]. - The company’s earnings per share for 2024E is projected at 1.00 yuan, with a net profit of 9.51 billion yuan, reflecting an 8.5% year-on-year growth [5][6]. Business Segments - Brokerage revenue for Q3 2024 was 1.10 billion yuan, down 18.6% year-on-year, while investment banking revenue was 1.30 billion yuan, down 55.2% year-on-year [4]. - The asset management segment reported a revenue of 5.0 billion yuan for the first nine months of 2024, a decrease of 8.6% year-on-year [4]. Market Position - The company’s market share in IPOs, refinancing, and bond underwriting was 3.9%, 7.8%, and 2.9% respectively, with significant ranking improvements in the industry [4]. - The company’s financial leverage ratio is reported at 4.20 times, a decrease of 0.55 times from the beginning of the year [4].