EASTMONEY(300059) 太平洋·2024-11-11 03:31Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Views - The company's Q3 2024 report shows strong resilience in brokerage business and significant growth in proprietary income, with total revenue of 7.304 billion yuan, a year-on-year decrease of 13.96%, and a net profit attributable to shareholders of 6.042 billion yuan, down 2.69% year-on-year [1]. - The brokerage business demonstrated strong resilience, with commission and fee income of 3.555 billion yuan, a decline of 5.32% year-on-year, which is less than the overall market decline [1]. - The proprietary business saw a substantial increase, with proprietary income reaching 2.402 billion yuan, a year-on-year growth of 49.73%, driven by a significant rise in fair value changes [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 7.20 billion yuan, a decrease of 22.20% year-on-year, while the total revenue for the first three quarters was 22.43 billion yuan, down 26.84% year-on-year [1]. - The company’s securities investment business reached a scale of 108.74 billion yuan, an increase of 32.48% year-on-year, with a net interest income of 1.506 billion yuan, down 9.72% year-on-year [1]. Future Outlook - The report projects total revenues of 10.903 billion yuan, 12.620 billion yuan, and 13.964 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 8.495 billion yuan, 9.882 billion yuan, and 10.970 billion yuan for the same years [3]. - The expected diluted EPS for the next three years is 0.54 yuan, 0.63 yuan, and 0.69 yuan, with corresponding PE ratios of 49.13, 42.24, and 38.05 [3].