2024-11-01 00:44Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in Q3 2024 was boosted significantly by the sale of its stake in AssetMark, which is expected to enhance its financial results [5] - The company is focusing on expanding its international business, particularly in Southeast Asia, to create new profit growth points [5] - The company has adjusted its 2024 earnings forecast downwards due to increased management expenses but remains optimistic about market share growth and ROE improvement [5] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved revenue of 31.42 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 12.52 billion yuan, up 31% year-on-year [5] - Q3 2024 net profit attributable to the parent company was 7.21 billion yuan, showing a year-on-year increase of 138% and a quarter-on-quarter increase of 139% [5] - The company expects to realize approximately 7.9573 billion yuan from the AssetMark transaction, which significantly contributed to Q3 2024 performance [5] Revenue Breakdown - The company's main revenue sources include brokerage, investment banking, and asset management, with brokerage revenue at 3.97 billion yuan, down 14% year-on-year [5] - Interest income and investment income showed double-digit growth, with net interest income increasing by 52% year-on-year [5] Market Position - The company maintained its second position in the IPO market with a market share of 13.0%, despite a significant decline in underwriting volume [5] - The company is expanding its international operations, having received approval to trade on major exchanges in Vietnam and the US [5] Future Outlook - The company has revised its 2024 earnings forecast to 15.459 billion yuan, reflecting an 18% year-on-year increase [6] - The company is expected to benefit from policies aimed at strengthening the financial sector, which may enhance its market share and drive valuation recovery [5]