2024-11-01 00:44Investment Rating - The report upgrades the investment rating to "Buy" for the company [5]. Core Views - The company reported a revenue of 29 billion yuan for the first nine months of 2024, representing a year-on-year increase of 7.3%, and a net profit attributable to the parent company of 9.52 billion yuan, up 10.4% year-on-year [5]. - The company's self-operated investment business showed significant growth, with net investment income increasing by 38.5% year-on-year [5]. - The report highlights the company's plan to merge with Haitong Securities, which is expected to impact the company's valuation positively [5]. Financial Summary - Revenue and Profit Forecasts: - 2022: Revenue 35,471 million yuan, Net Profit 11,507 million yuan - 2023: Revenue 36,141 million yuan, Net Profit 9,374 million yuan - 2024E: Revenue 42,143 million yuan, Net Profit 12,093 million yuan (29% growth YoY) [4][7]. - Key Financial Ratios: - P/E ratio for 2024E is projected at 14.51, with a P/B ratio of 1.07 [4]. - The company's return on equity (ROE) is expected to improve to 7.57% in 2024E [4]. - Market Data: - The closing price of the stock is 18.66 yuan, with a market capitalization of 139,583 million yuan for circulating A shares [2].