Investment Rating - The report maintains a "Recommended" investment rating for the securities industry [1]. Core Insights - The performance of listed securities firms showed a significant recovery in Q3 2024, with total revenue reaching 136.4 billion yuan, a year-on-year increase of 21.0% and a quarter-on-quarter increase of 5.6%. Net profit attributable to shareholders was 39.5 billion yuan, up 40.8% year-on-year [1][13]. - The self-operated business has become the core contributor to the performance of the securities sector, with a notable increase in profitability [1][26]. - The report anticipates a positive outlook for Q4 2024, driven by a low base effect from 2023 and increased market activity [1][26]. Summary by Sections 1. Performance Overview - In the first three quarters of 2024, 43 listed securities firms achieved total operating revenue of 371.4 billion yuan, a decrease of 2.75% year-on-year. Net profit attributable to shareholders was 103.4 billion yuan, down 5.9% year-on-year [1][13]. 2. Business Structure 2.1 Securities Sector Business Structure - The report details the revenue contributions from various business segments, highlighting the self-operated business as the largest contributor [1][26]. 2.2 Listed Securities Firms' Segment Performance - The revenue from brokerage, investment banking, asset management, investment, net interest income, and other businesses for the 43 firms was 66.4 billion, 21.7 billion, 33.9 billion, 131.6 billion, 24.7 billion, and 93.2 billion yuan respectively, with year-on-year growth rates of -14%, -38%, -2%, 21%, -28%, and 1% [1][26]. 3. Heavy Asset Business 3.1 Self-Operated Business - The self-operated business has shown a significant increase in profitability, becoming a key growth driver for the sector [1][26]. 3.2 Interest Business - The report indicates a decline in interest income, reflecting the overall trend in the securities industry [1][26]. 4. Light Asset Business 4.1 Brokerage Business - The brokerage business has faced challenges, with a year-on-year decline in revenue [1][26]. 4.2 Asset Management Business - The asset management segment has shown resilience, with a slight decrease in revenue compared to the previous year [1][26]. 5. Investment Recommendations - The report suggests focusing on leading firms that are expected to benefit from increased industry concentration, such as Huatai Securities and CITIC Securities, as well as firms likely to benefit from merger and acquisition expectations, including Guotai Junan and Zhejiang Securities [1][26].
证券行业2024年三季报综述：自营收益率回升，市场+政策望拉动券商业绩估值双增
华龙证券·2024-11-18 12:28