广发证券（000776）：2024年年报点评：自营业绩优异，投行逆市增长

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved an operating income of 27.199 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1][6] - The company plans to distribute a cash dividend of 4.00 yuan per share (before tax) for the year [1] - The company’s investment income (including fair value changes) increased significantly by 99.11% year-on-year, contributing positively to overall performance [2][22] Summary by Relevant Sections Financial Performance - In 2024, the company reported a net profit of 9.637 billion yuan, with a basic earnings per share (EPS) of 1.15 yuan, reflecting a year-on-year increase of 38.55% [1][6] - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1][6] Business Segments - The proportion of net income from investment banking and investment income increased, while the share from brokerage and asset management decreased [2][7] - The company’s brokerage business net income increased by 14.46% year-on-year, with a market share of 3.86% [2][10] - The investment banking segment saw a net income increase of 37.46% year-on-year, despite a decline in equity financing [2][12] Future Projections - The company expects EPS of 1.18 yuan and 1.24 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 16.96 yuan and 17.91 yuan [3][28] - The price-to-book (P/B) ratios are projected to be 0.90 and 0.86 for 2025 and 2026, respectively [3][28] Market Position - The company maintained its position as the third-largest in the industry for non-monetary public fund holdings and ranked in the top ten for both domestic equity and debt underwriting [3][28] - The company’s asset management business showed a total asset management scale of 253.5 billion yuan, a year-on-year increase of 23.87% [18][19]