国联证券：重大事件点评：整合落地，实力提升

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7][16][23] Core Views - The acquisition of Minsheng Securities is expected to significantly enhance the company's strength, with a projected increase in business scale and financial metrics post-merger [16][18][43] - The merger will lead to a substantial increase in revenue and net profit, with estimates showing over 110% growth in key indicators [16][18] - The combined company will benefit from complementary strengths, particularly in brokerage and investment banking, with net income from brokerage expected to be approximately 2.6 times that of the current company [4][19][43] Financial Summary - The company plans to issue 2.64 billion shares to raise approximately 29.49 billion yuan for the acquisition of Minsheng Securities, which will account for 48.25% of the total share capital post-issue [1][2] - The total assets and liabilities of the combined entity are projected to grow by about 60%, while net assets are expected to increase by approximately 90% [18][43] - Key financial metrics for 2024-2026 are forecasted with EPS of 0.18 yuan, 0.31 yuan, and 0.35 yuan respectively [16][18] Business Line Performance - The merger is anticipated to enhance the company's capabilities across various business lines, with significant growth expected in investment banking and asset management [4][19][43] - The investment income and interest income are projected to see substantial increases due to the expanded asset base post-merger [4][19]