Guolian Sec(601456) Caixin Securities·2024-11-08 05:55Investment Rating - The report maintains an "Overweight" rating for the company [1][6][10] Core Views - The company has shown improvement in proprietary business yield, and the integration with Minsheng Securities is progressing steadily, which is expected to enhance market competitiveness and overall performance [4][5][6] - The company reported a revenue of 2.005 billion yuan for the first three quarters of 2024, a year-on-year decline of 20%, with a net profit attributable to shareholders of 396 million yuan, down 45.5% year-on-year [4][6] - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 663 million yuan, 776 million yuan, and 878 million yuan respectively, with corresponding growth rates of -1.24%, +17.11%, and +13.09% [6][8] Summary by Relevant Sections Financial Performance - The company achieved a total revenue of 2.005 billion yuan in the first three quarters of 2024, with a net profit of 396 million yuan, reflecting a significant decline compared to the previous year [4][6] - The third quarter alone saw a revenue of 919 million yuan, with a year-on-year increase of 31.3% and a net profit of 308 million yuan, marking a year-on-year increase of 142.5% [4][6] Business Segments - Proprietary business revenue was 929 million yuan, down 18.1%, while asset management business revenue grew by 65.2% to 484 million yuan [4][5] - The investment banking segment experienced a decline of 37.9%, with a revenue of 264 million yuan [4][5] Future Outlook - The integration with Minsheng Securities is expected to enhance the company's asset base and profitability, with a projected increase in total assets, net assets, and operating income [6] - The company anticipates a recovery in proprietary business performance in the fourth quarter, driven by improved market conditions [4][6]