GF SECURITIES(000776) 华创证券·2024-11-04 09:42Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 21.05 CNY, while the current price is 16.11 CNY [1]. Core Views - The company's performance in the third quarter of 2024 met expectations, with total operating revenue (excluding other business income) reaching 18.5 billion CNY, a year-on-year increase of 3.7%. The net profit attributable to the parent company was 6.76 billion CNY, up 16.4% year-on-year [1]. - The self-operated income rate significantly improved year-on-year, with the net income from capital-intensive businesses totaling 7.31 billion CNY, showing a year-on-year increase [1]. - The brokerage business performed slightly better than the industry average, with brokerage income of 3.99 billion CNY, although it saw a year-on-year decline of 15.1% [1]. - Investment banking revenue showed improvement, with total income of 530 million CNY, reflecting a year-on-year increase [1]. - Asset management income decreased, totaling 5.08 billion CNY, down 1.4% year-on-year [1]. Financial Performance Summary - Total operating revenue for 2024 is projected to be 25.743 billion CNY, with a year-on-year growth rate of 10% [2]. - The net profit for 2024 is expected to reach 8.275 billion CNY, representing a year-on-year increase of 19% [2]. - Earnings per share (EPS) for 2024 is forecasted at 1.09 CNY, with a price-to-earnings (P/E) ratio of 14.8 [2]. - The return on equity (ROE) for the reporting period was 4.7%, an increase of 0.4 percentage points year-on-year [1]. Business Segment Performance - The self-operated business showed a significant year-on-year increase in income, with a self-operated income rate of 0.8% [1]. - Interest income from credit business was 9.08 billion CNY, with a year-on-year increase in margin trading business scale [1]. - The company reported a total asset of 590.4 billion CNY, an increase of 755 million CNY year-on-year [1].