EBSCN·2024-11-01 00:07Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's performance in the first three quarters of 2024 was below expectations, with significant declines in both revenue and profit [4][6]. - The company is expected to benefit from capital market reforms in the future, although the recovery of performance remains uncertain in the short term [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.45 billion yuan, a year-on-year decrease of 23.0%. The net profit attributable to shareholders was 2.86 billion yuan, down 38.0% year-on-year [4][6]. - The weighted average ROE for the first three quarters of 2024 was 2.64%, a decrease of 2.2 percentage points compared to the same period last year [4]. Revenue Breakdown - The revenue contributions from various business segments for the first three quarters of 2024 were as follows: proprietary trading (55.5%), brokerage (19.0%), investment banking (15.3%), asset management (6.2%), and other businesses (12.7%) [6]. - The proprietary trading business showed a year-on-year increase of 15.5%, while brokerage revenue decreased by 27.1% [6]. Brokerage and Investment Banking - The brokerage business faced continuous pressure, with net income of 2.56 billion yuan, a decline of 27.1% year-on-year [6]. - The investment banking segment also struggled, with a significant drop in IPO fundraising, down 88.4% year-on-year, and a net income decrease of 21.4% to 2.06 billion yuan [6]. Future Outlook - The company is expected to continue leveraging opportunities in key industry mergers and acquisitions to enhance market share and performance recovery [6]. - Profit forecasts for 2024-2026 are adjusted to 4.91 billion yuan, 5.27 billion yuan, and 5.69 billion yuan respectively, with corresponding EPS of 1.02, 1.09, and 1.18 yuan [6][8].