EBSCN·2024-10-31 07:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown a recovery in performance, with self-operated business contributing to revenue growth [1][5] - For the first three quarters of 2024, the company achieved revenue of 19.14 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 6.76 billion yuan, up 16.4% year-on-year [3][5] Summary by Sections Revenue and Profitability - In Q1-Q3 2024, the company reported revenue of 19.14 billion yuan, with Q3 alone showing a year-on-year increase of 54.1% and a quarter-on-quarter increase of 7.8%, totaling 7.36 billion yuan [5] - The net profit attributable to shareholders for Q1-Q3 2024 was 6.76 billion yuan, reflecting an increase of 16.4% year-on-year, with Q3 showing a significant year-on-year increase of 88.9% [5] Business Segments - Revenue contributions from various business segments for Q1-Q3 2024 were as follows: self-operated business 34.1%, brokerage 20.8%, investment banking 2.8%, asset management 26.6%, and credit business 7.2% [5] - The self-operated business saw a year-on-year revenue increase of 15.6%, while brokerage revenue decreased by 4.0% [5] Market Conditions - The average daily trading volume in the A-share market was 921 billion yuan, down 8.6% year-on-year, impacting the brokerage business negatively [5] - The company’s credit business net interest income decreased by 44.6% year-on-year, totaling 1.37 billion yuan for Q1-Q3 2024 [5] Investment Banking and Asset Management - The investment banking segment showed signs of recovery, with net income increasing by 33.1% year-on-year to 530 million yuan for Q1-Q3 2024 [5] - The asset management business faced challenges, with net income down 15.7% year-on-year to 5.08 billion yuan for Q1-Q3 2024 [5] Future Outlook - The company is expected to benefit from capital market reforms, with projected net profits for 2024-2026 being 9.04 billion, 9.53 billion, and 9.93 billion yuan respectively [5][7]