2024-10-31 12:20Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 14.4 billion yuan and a net profit of 4.3 billion yuan, reflecting a year-on-year decline of 24.5% [4][7]. - The brokerage business experienced a slight decline due to reduced trading activity, while the investment banking sector faced significant pressure, with a year-on-year revenue drop of 61.5% [5][6]. - The self-operated investment segment showed resilience, with a net income increase of 4.5% year-on-year, indicating potential for future growth [7]. Financial Data Summary - For the first nine months of 2024, the company reported total revenue of 143.2 billion yuan, down 22.1% year-on-year, and a net profit of 43.0 billion yuan, down 24.5% year-on-year [4][5]. - The company's average ROE for the first three quarters was 4.71%, a decrease of 2.34 percentage points compared to the previous year [4]. - The brokerage business generated 37.4 billion yuan in revenue for the first nine months, a decline of 13.4% year-on-year, while the investment banking revenue was 15.0 billion yuan, down 61.5% year-on-year [5][6]. Earnings Forecast - The company is projected to achieve net profits of 57 billion yuan, 63 billion yuan, and 68 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year changes of -18%, +9%, and +9% [7][9]. - Revenue is expected to decline slightly in 2024 to 22.1 billion yuan, followed by a recovery in 2025 and 2026 [9].