2024-10-31 04:14Investment Rating - The report maintains a "Buy" rating for CITIC Securities [4] Core Views - The company's Q3 2024 performance slightly exceeded expectations, with a revenue of 46.14 billion yuan for the first nine months, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 16.80 billion yuan, up 2.4% year-on-year [4] - The self-operated business showed strong performance, with net investment income of 21.94 billion yuan for the first nine months, a year-on-year increase of 23.2% [4] - The asset management business remains strong, with revenue of 7.48 billion yuan for the first nine months, a year-on-year increase of 1.1% [4] - The brokerage business saw a slight decline, with revenue of 7.15 billion yuan for the first nine months, down 8.7% year-on-year [4] - Investment banking performance improved sequentially, with revenue of 2.82 billion yuan for the first nine months, down 46.4% year-on-year [4] - Interest income faced pressure due to reduced income from margin financing and increased interest expenses [4] - The report projects net profits for 2024-2026 to be 21.6 billion, 22.9 billion, and 24.1 billion yuan respectively, reflecting a year-on-year growth of 10%, 6%, and 5% [4] Summary by Sections Market Data - Closing price: 27.23 yuan - One-year high/low: 32.89/17.26 yuan - Market capitalization: 331.567 billion yuan [1] Financial Data - Net asset per share: 17.59 yuan - Asset-liability ratio: 83.14% [2] Performance Comparison - The stock price performance compared to the CSI 300 index shows a positive trend over the past year [3] Revenue and Profit Forecast - Projected operating revenue for 2024E: 61.758 billion yuan, with a year-on-year growth rate of 2.81% [5] - Projected net profit for 2024E: 21.635 billion yuan, with a year-on-year growth rate of 9.71% [5]