HTSC(601688) 长江证券·2024-11-01 06:14Investment Rating - The report maintains a "Buy" rating for Huatai Securities (601688 SH) [7] Core Views - Huatai Securities' Q3 2024 performance improved significantly, primarily due to the sale of AssetMark [1][2] - The company's wealth management and fintech leadership is expected to continue generating positive effects [1][5] - Huatai Securities is forecasted to achieve net profits of 16 64 billion yuan in 2024 and 15 52 billion yuan in 2025 [5] Business Performance Brokerage Business - Brokerage revenue declined by 14 3% YoY in the first three quarters, with Q3 revenue down 15 6% YoY [2] - The company's securities app, Zhang Le Wealth, saw monthly active users reach 10 64 million in Q3, up 16 6% YoY and 17 1% QoQ [3] Credit Business - The company's margin financing balance stood at 105 4 billion yuan at the end of Q3, with market share increasing by 0 40 percentage points YoY to 7 36% [3] Asset Management - Southern Fund and Huatai-PineBridge's non-monetary management scale reached 663 6 billion yuan and 581 3 billion yuan respectively, up 28 2% and 106 7% YoY [3] Investment Banking - Equity IPO market share increased significantly to 13 0%, up 8 3 percentage points YoY [4] - Bond underwriting market share remained stable at 9 0% [4] Investment Business - Financial assets decreased by 16 5% from the beginning of the year to 400 9 billion yuan at the end of Q3 [4] - The static investment return rate was 2 2%, down 0 44 percentage points YoY [4] Financial Performance - Q3 2024 revenue reached 31 42 billion yuan, up 15 4% YoY [2] - Net profit attributable to parent company was 12 52 billion yuan, up 30 6% YoY [2] - Weighted average ROE increased by 1 44 percentage points YoY to 7 6% [2] - Excluding the AssetMark sale, adjusted net profit was 6 32 billion yuan, down 35 3% YoY [2]