Guolian Sec(SH:601456)2024-11-01 10:55Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported a slight earnings beat in Q3 2024, with a net profit of 310 million yuan, a year-on-year increase of 143% [6][9]. - The company is undergoing a merger with Minsheng Securities, which is expected to enhance its comprehensive strength and business synergies [11]. Financial Data and Earnings Forecast - As of September 30, 2024, the company had a net asset per share of 6.49 yuan and a debt-to-asset ratio of 81.80% [2]. - For the first nine months of 2024, the company achieved a revenue of 2.01 billion yuan, a year-on-year decrease of 20%, and a net profit of 400 million yuan, down 46% year-on-year [6][9]. - The company’s revenue is projected to recover in the coming years, with expected net profits of 734 million yuan in 2024, 1.08 billion yuan in 2025, and 1.19 billion yuan in 2026, reflecting year-on-year growth rates of 9%, 47%, and 11% respectively [10][12]. Market Data - The closing price of the company's stock was 12.02 yuan, with a price-to-book ratio of 1.9 [3]. - The company’s market capitalization for circulating A shares is approximately 28.72 billion yuan [3]. Investment Analysis - The report indicates an upward revision of profit forecasts due to improved investment returns and reduced funding costs [10]. - The company’s operating leverage is significantly higher than the industry average, with an operating leverage ratio of 4.89 times compared to 3.84 times for 44 listed securities firms [11].