财通证券：成本压降提振利润，自营业绩波动较小

Investment Rating - The report maintains a "Buy-A" rating for the company [2][3] Core Views - The company has experienced a decline in net income from its securities trading business, with a net income of 8.33 billion yuan for the first three quarters, down 7.52% year-on-year. The third quarter alone saw a decrease of 18.70% [2] - The asset management product scale remained stable at 1239.43 billion yuan, with asset management revenue of 11.80 billion yuan, roughly unchanged from the previous year [2] - The investment banking revenue dropped significantly by 28.82% year-on-year, totaling 3.91 billion yuan for the first three quarters due to a slowdown in the primary market issuance [2] - The company is focusing on internet customer acquisition and enhancing its wealth management services for residents, aiming for a new development cycle [2] - Projected revenues for 2024-2026 are 61.00 billion yuan, 65.76 billion yuan, and 73.42 billion yuan, with net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan, reflecting growth rates of 6.20%, 10.86%, and 13.59% respectively [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 44.41 billion yuan, a decrease of 10.36% year-on-year, and a net profit of 14.72 billion yuan, down 1.93% year-on-year [3] - The weighted average return on equity (ROE) was 4.19%, a decline of 0.29 percentage points year-on-year [3] - The third quarter net profit improved to 5.45 billion yuan, showing a year-on-year increase of 17.37% and a quarter-on-quarter increase of 15.79% [4] - The company’s management expenses significantly decreased by 17.94% year-on-year to 7.58 billion yuan in the third quarter, contributing to profit enhancement [4] - The self-operated investment business saw a revenue increase of 123.23% year-on-year in the third quarter, totaling 3.76 billion yuan, benefiting from improved market conditions [4] Financial Projections - Revenue projections for the upcoming years are as follows: 61.00 billion yuan in 2024, 65.76 billion yuan in 2025, and 73.42 billion yuan in 2026, with corresponding net profits of 23.92 billion yuan, 26.52 billion yuan, and 30.12 billion yuan [7] - The projected price-to-book (PB) ratios are 1.07 for 2024, 1.03 for 2025, and 1.01 for 2026 [7] - The expected earnings per share (EPS) are 0.52 yuan in 2024, 0.57 yuan in 2025, and 0.65 yuan in 2026 [7]