CMS(600999) 海通证券·2024-11-03 07:21Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The company's proprietary trading business has shown significant improvement, driving overall performance growth, while brokerage, asset management, and investment banking businesses have experienced year-on-year declines. The report maintains a positive outlook on the company's collaboration with China Merchants Group and China Merchants Bank, with a reasonable valuation range of 15.68-16.99 CNY [3]. - For the first three quarters of 2024, the company achieved operating revenue of 14.28 billion CNY, a year-on-year decrease of 4.0%, and a net profit attributable to the parent company of 7.15 billion CNY, a year-on-year increase of 11.7% [3][5]. - The report highlights a transformation in wealth management and institutional business, with brokerage revenue for the first three quarters of 2024 at 3.67 billion CNY, down 14.1% year-on-year, accounting for 25.9% of total revenue [3][5]. Summary by Sections Financial Performance - The company reported a net profit of 2.40 billion CNY in Q3 2024, a year-on-year increase of 43.4% [3]. - The investment income (including fair value) for the first three quarters was 7.17 billion CNY, up 51.9% year-on-year, with Q3 investment income reaching 2.41 billion CNY, up 201.6% year-on-year [3][5]. - The projected EPS for 2024-2026 is 1.15, 1.30, and 1.40 CNY respectively, with BVPS of 13.07, 14.05, and 15.13 CNY [3][7]. Business Segments - The proprietary trading segment contributed 50% to the revenue structure in the first three quarters of 2024, while brokerage, underwriting, and asset management contributed 26%, 3%, and 4% respectively [6]. - The investment banking revenue for the first three quarters was 420 million CNY, down 43.8% year-on-year, with equity underwriting down 33.7% [3][5]. Market Position - The company ranked 6th in equity underwriting with a total of 12.70 billion CNY, including 3 IPOs raising 3.70 billion CNY [3][5]. - The asset management scale reached 302.2 billion CNY by the end of Q2 2024, a year-on-year increase of 2.5% [3][5].