SINOLINK SECURITIES(600109) KAIYUAN SECURITIES·2024-11-04 08:30Investment Rating - Buy (maintained) [1] Core Views - The company's investment banking business is under pressure, while proprietary investment in Q3 showed significant year-on-year and quarter-on-quarter growth [1] - The company adheres to the strategic principle of "investment banking as the traction and research as the driving force" to build its differentiated advantages [4] - The current stock price corresponds to 2024-2026 PB of 1.0/1.0/0.9 times, maintaining a "Buy" rating [4] Business Performance Summary Investment Banking - Net revenue from investment banking in the first three quarters of 2024 was 660 million yuan, a year-on-year decrease of 40% [4] - Single Q3 net revenue was 200 million yuan, a year-on-year decrease of 64% and a quarter-on-quarter decrease of 15% [4] Brokerage - Net revenue from brokerage in the first three quarters of 2024 was 1.16 billion yuan, a year-on-year decrease of 5% [4] - Single Q3 net revenue was 390 million yuan, a year-on-year decrease of 5% and a quarter-on-quarter increase of 1% [4] - Daily average stock and fund trading volume in Q3 2024 was 807.3 billion yuan, a year-on-year decrease of 12% and a quarter-on-quarter decrease of 15% [4] Asset Management - Net revenue from asset management in the first three quarters of 2024 was 70 million yuan, a year-on-year increase of 4% [4] - Single Q3 net revenue was 30 million yuan, a year-on-year increase of 30% and a quarter-on-quarter increase of 54% [4] Proprietary Investment - Proprietary investment income in the first three quarters of 2024 was 1.13 billion yuan, a year-on-year decrease of 6% [4] - Single Q3 income was 440 million yuan, a year-on-year increase of 99% and a quarter-on-quarter increase of 67% [4] - The proprietary investment yield for the first three quarters of 2024 was 4.5%, a significant improvement from 3.5% in the first half of 2024 [4] Financial Indicators - Total revenue for the first three quarters of 2024 was 4.29 billion yuan, a year-on-year decrease of 15% [4] - Net profit attributable to the parent company was 890 million yuan, a year-on-year decrease of 28% [4] - Single Q3 net profit attributable to the parent company was 440 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 398% [4] - The annualized weighted average ROE for the first three quarters was 3.6%, a year-on-year decrease of 1.6 percentage points [4] - The leverage ratio (excluding customer deposits) at the end of the period was 2.3 times, a decrease of 0.5 times from the beginning of the year [4] Financial Forecast - Adjusted net profit attributable to the parent company for 2024-2026 is forecasted to be 1.5/2.1/2.4 billion yuan, with year-on-year changes of -15%/+41%/+14% [4] - EPS for 2024-2026 is forecasted to be 0.4/0.6/0.6 yuan [4] - The current stock price corresponds to 2024-2026 PB of 1.0/1.0/0.9 times [4]