HTSC(601688) 海通证券·2024-11-03 06:40Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company is implementing a technology-driven strategy to create new competitive advantages, with multiple business segments leading the industry. The reasonable value range is estimated at 16.98-19.10 yuan, maintaining the "Outperform the Market" rating [5][6] Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 31.42 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to the parent company was 12.52 billion yuan, up 30.6% year-on-year, with an EPS of 1.33 yuan and a ROE of 7.6%, an increase of 1.4 percentage points year-on-year [6][7] - In Q3 2024, the company reported operating revenue of 13.98 billion yuan, a year-on-year increase of 57.8% and a quarter-on-quarter increase of 23.4%. The net profit attributable to the parent company was 7.21 billion yuan, up 138.0% year-on-year and 138.8% quarter-on-quarter [6] Business Segments - The brokerage business revenue for the first three quarters was 3.97 billion yuan, down 14.3% year-on-year, accounting for 16.5% of total revenue. The average daily trading volume in the market was 897.6 billion yuan, down 7.8% year-on-year [6][8] - The investment banking business revenue was 1.36 billion yuan, down 40.8% year-on-year, with equity underwriting down 77.1% and bond underwriting down 2.2% [6][8] - Asset management business revenue was 3.03 billion yuan, down 3.7% year-on-year, with total assets under management reaching 506 billion yuan, up 6.4% year-on-year [6][8] Investment Income - Investment income (including fair value) for the first three quarters was 12.04 billion yuan, up 56.9% year-on-year, with Q3 investment income reaching 7.82 billion yuan, up 321.4% year-on-year [6][8] Valuation - The company is expected to have an EPS of 1.72, 1.89, and 2.03 yuan for 2024-2026E, with BVPS of 21.22, 22.59, and 24.04 yuan respectively. The valuation is considered low, with a P/B ratio of 0.8-0.9x for 2024, corresponding to a reasonable value range of 16.98-19.10 yuan [6][9]