Western Securities(002673) 华创证券·2024-11-04 00:08Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's total operating revenue for Q3 2024 was 2.6 billion RMB, a year-on-year decrease of 12.4%, with a quarterly revenue of 600 million RMB, down 7 million RMB from the previous quarter [1]. - The net profit attributable to the parent company was 730 million RMB, a year-on-year decline of 16.8%, with a quarterly profit of 80 million RMB, down 3.8% from the previous quarter [1]. - Brokerage business revenue showed better performance compared to industry trading volume changes, with brokerage revenue at 550 million RMB, a quarterly revenue of 170 million RMB, down 10% [1]. - The company's heavy capital business net income totaled 1.46 billion RMB, with a quarterly income of 170 million RMB, down 700 million RMB [1]. - The self-operated business income was 1.61 billion RMB, with a quarterly income of 210 million RMB, down 700 million RMB [1]. - The company reported a return on equity (ROE) of 2.6%, a year-on-year decrease of 0.6 percentage points [1]. Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 0.27, 0.28, and 0.31 RMB for the years 2024, 2025, and 2026 respectively [2]. - The projected book value per share (BPS) for the same years is 6.39, 6.52, and 6.67 RMB [2]. - The current stock price corresponds to a price-to-book (PB) ratio of 1.26, 1.24, and 1.21 for 2024, 2025, and 2026 respectively [1][2]. Target Price - The target price for the company is set at 9.78 RMB, with the current price at 6.26 RMB [2].