CGWS(SZ:002939)2024-11-05 02:13Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company has shown strong performance in proprietary trading, with a stable growth in asset management scale. The self-operated investment net income for the first nine months of 2024 reached 1.67 billion yuan, a year-on-year increase of 7.7%, accounting for 58.9% of the company's main revenue [6][8]. - The company is actively promoting a non-directional transformation and has slightly increased its investment leverage since the beginning of the year. The investment leverage ratio is now 2.07 times, up by 0.08 times [6]. - The company’s joint ventures, including Invesco Great Wall and Great Wall Fund, have shown steady growth, with the total scale of non-monetary, equity, and bond funds reaching 4,018.7 billion yuan, 1,935.0 billion yuan, and 1,964.0 billion yuan respectively, reflecting increases of 19.3%, 4.7%, and 33.0% year-to-date [7]. - The brokerage income has been affected by a decline in market trading activity, with a 12.5% year-on-year decrease in brokerage business income for the first nine months of 2024 [8]. Summary by Sections Market Data - Closing price as of November 1, 2024, is 8.59 yuan, with a one-year high/low of 10.11/6.34 yuan. The price-to-book ratio is 1.2, and the dividend yield is 1.34% [3][4]. Financial Performance - For the first nine months of 2024, the company achieved revenue of 2.85 billion yuan, a year-on-year decrease of 9.4%, and a net profit of 1.1 billion yuan, also down by 9.5%. The weighted average ROE for the same period was 3.8%, a decrease of 0.56 percentage points from the previous year [5][6]. Future Projections - The report projects net profits for 2024-2026 to be 1.5 billion yuan, 1.7 billion yuan, and 1.9 billion yuan respectively, with year-on-year growth rates of 5%, 10%, and 16% [8][11].