东方证券：自营保持弹性，资管财富蓄势待发

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][13] Core Views - The company reported a revenue of 14.079 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.81%, and a net profit attributable to shareholders of 3.302 billion yuan, up 15.57% year-on-year. The earnings per share (EPS) is 0.37, reflecting a 15.63% increase year-on-year [2] - The growth in revenue is primarily driven by the company's proprietary trading benefiting from policy impacts, with investment business income increasing by 69.10% year-on-year [2] - The company is expected to benefit from the recovery of the equity market and the growth of its fixed-income proprietary trading business [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.508 billion yuan, a year-on-year increase of 10.16%, and a net profit of 1.191 billion yuan, up 24.58% year-on-year [2] - The investment business income for the first three quarters reached 4.095 billion yuan, with a significant increase of 69.10% year-on-year, driven by favorable market conditions [2] - The company’s underwriting business for bonds performed well, with a total underwriting amount of 374.2 billion yuan, a year-on-year increase of 22.5% [2][11] Earnings Forecast and Valuation Metrics - The company’s net profit forecasts for 2024, 2025, and 2026 are 3.0 billion yuan, 3.2 billion yuan, and 3.36 billion yuan respectively, with year-on-year growth rates of 9.0%, 6.6%, and 4.9% [2][11] - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 29.4, 27.6, and 26.3 respectively, while the price-to-book (PB) ratios are expected to be 1.2, 1.2, and 1.1 [2][11]