Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company's performance has been impacted by a decline in fee-based businesses, while proprietary investments have shown improvement year-on-year [4][6]. - For the first three quarters of 2024, the company reported revenues of 13.45 billion and a net profit attributable to shareholders of 2.86 billion, representing year-on-year declines of 23.0% and 38.0% respectively [4]. - The company continues to enhance its cross-border business capabilities and has received recognition for its role in the internationalization of the Renminbi [5]. - The company's market share in credit business has improved, with a market share of 2.40% as of Q3, up by 0.11 percentage points year-on-year [5]. - The company has also seen an increase in its underwriting market share for both equity and debt, with equity underwriting reaching 31.98 billion, a year-on-year decrease of 68.4%, and a market share of 16.2%, up by 4.93 percentage points [5]. - The proprietary investment segment has shown significant growth, with Q3 2024 proprietary investments reaching 3.21 billion, reflecting increases of 25.0% year-on-year and 32.8% quarter-on-quarter [6]. - The report projects net profits for 2024 and 2025 to be 7.04 billion and 8.31 billion respectively, with corresponding H-share P/E ratios of 8.89 and 7.53 [6]. Summary by Sections Financial Performance - The company achieved operating revenue of 13.45 billion and net profit of 2.86 billion for the first three quarters of 2024, with declines of 23.0% and 38.0% year-on-year [4]. - The weighted average return on equity (ROE) decreased by 2.20 percentage points to 2.64% [4]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 2.56 billion, 2.06 billion, 0.84 billion, and 7.47 billion respectively, with year-on-year changes of -27.1%, -21.4%, -11.7%, and +6.8% [4]. Market Position - The company has been recognized as one of the most active market makers in the "HKD-RMB dual counter model," contributing to the internationalization of the Renminbi [5]. - The company is actively expanding its client base in emerging markets and countries involved in the Belt and Road Initiative [5]. Future Outlook - The report expresses a positive long-term outlook for the company, emphasizing its competitive advantages in brokerage, investment banking, asset management, and trading [6].
中金公司2024年三季报点评：收费类业务拖累业绩，自营投资同比改善