2024-10-31 08:16Investment Rating - The report maintains an "Outperform" rating for the company [6][11]. Core Views - The company reported better-than-expected performance in Q3 2024, with revenue of 73.6 billion yuan, a year-on-year increase of 54.1%, and a net profit of 24.0 billion yuan, up 88.8% year-on-year [6][11]. - The company’s asset management business is expected to drive future revenue growth, with significant increases in fund sizes for both E Fund and GF Fund [10][11]. - The self-operated investment segment showed remarkable growth, with a net income of 59.8 billion yuan in the first nine months of 2024, a year-on-year increase of 114.7% [10][11]. Financial Data Summary - As of September 30, 2024, the company had a net asset per share of 15.52 yuan and a debt-to-asset ratio of 80.78% [2]. - The closing price on October 30, 2024, was 16.02 yuan, with a price-to-book ratio of 1.1 and a dividend yield of 1.87% [3]. - The company’s revenue for 2024 is projected to be 26.006 billion yuan, with a net profit forecast of 8.902 billion yuan, reflecting a year-on-year growth of 27.57% [8][14]. Business Segment Performance - Brokerage business revenue for the first nine months of 2024 was 39.9 billion yuan, down 10.7% year-on-year, while the investment banking segment saw a revenue increase of 33.1% year-on-year [9][12]. - The company’s investment leverage ratio increased to 2.89 times, indicating a slight increase in risk appetite [10][11]. Earnings Forecast - The company’s net profit estimates for 2024-2026 have been revised upwards to 89 billion yuan, 94 billion yuan, and 100 billion yuan respectively, indicating a growth trajectory [11].