2024Q3业绩分析：整体盈利能力和质量继续回落，金融取得业绩相对优势

Profitability Trends - In Q3 2024, the net profit growth rate for all A-shares excluding financials was -10.1%, a decline of 4.4 percentage points from Q2 2024[2] - The net profit growth rates for the ChiNext, Sci-Tech Innovation Board, and North Exchange were -11.4%, -43.9%, and -29.5%, respectively, with declines of 4.4, 8.8, and 6.9 percentage points compared to Q2 2024[11] - The financial sector showed a significant profit growth of 23.3%, an increase of 22.4 percentage points from the previous quarter[30] Gross Margin Analysis - The overall gross margin for all A-shares excluding financials decreased to 17.6%, down 0.4 percentage points from Q2 2024[18] - The gross margins for the ChiNext, Sci-Tech Innovation Board, and North Exchange were 22.6%, 27.8%, and 23.2%, reflecting declines of 1.5, 0.3, and 0.7 percentage points, respectively[20] Return on Equity (ROE) Insights - The overall ROE for all A-shares remained stable at 2.28% compared to Q3 2023, with improvements in sales profit margin offsetting declines in asset turnover[23] - The ROE for the ChiNext and Sci-Tech Innovation Board dropped to 1.75% and 0.59%, respectively, due to significant declines in sales profit margin and asset turnover[26] Sector Performance Highlights - The agricultural sector experienced a remarkable profit growth of 811.6% in Q3 2024, while the non-bank financial sector saw a profit growth of 232.8%[2] - The retail trade sector showed a substantial improvement in profit growth at 141.1%, a rise of 156.2 percentage points from the previous quarter[35]