证券Ⅲ投行资管打造优势，自营投资盈利大幅改善

Investment Rating - The report maintains an "Overweight-A" rating for Zhongtai Securities (600918 SH) [1] Core Views - Investment banking and asset management have become competitive advantages for the company, with significant improvement in proprietary investment profitability [1] - The company achieved operating income of 12 762 billion yuan in 2023, a year-on-year increase of 36 86%, and net profit attributable to the parent company of 1 800 billion yuan, a year-on-year increase of 204 94% [1] - The weighted ROE was 4 25%, an increase of 2 76 percentage points from the previous year [1] Investment Banking Performance - Completed 29 equity underwriting projects with a total underwriting scale of 19 215 billion yuan, a year-on-year increase of 20 77% [1] - Completed 11 IPO projects, an increase of 3 from the same period last year, ranking in the top 10 in terms of the number of sponsorships and underwriting scale on the Beijing Stock Exchange [1] - Obtained the qualification for non-financial corporate debt financing tool underwriting, completed 204 bond underwriting projects with a scale of 129 530 billion yuan, a year-on-year increase of 39 48%, maintaining the first position in the Shandong market for three consecutive years [1] - Investment banking fee income reached 1 349 billion yuan, an increase of 32 57% [1] Proprietary Investment - Achieved investment net income of 1 373 billion yuan, a year-on-year increase of 34 42% [1] - Fair value change income turned from a loss of 1 372 billion yuan in the same period last year to a profit of 1 443 billion yuan, contributing to the company's performance improvement [1] Wealth Management and Futures Business - The monthly active users of Zhongtai Qifutong APP reached 5 0591 million, a year-on-year increase of 9 58%, ranking 10th among brokerage apps [1] - Zhongtai Futures' end-of-period equity totaled 26 677 billion yuan, an increase of 4 88% from the end of the previous year [1] - Zhongtai Futures' fee income market share was 1 51%, an increase of 0 05 percentage points year-on-year [1] - Institutional client assets grew by 7 25% to 75 305 billion yuan [1] Asset Management - Zhongtai Asset Management's scale was 122 071 billion yuan, a decrease of 967 15 billion yuan from the end of 2022, mainly due to a reduction in single product scale of 799 28 billion yuan [1] - Completed the acquisition of Wanjia Fund, becoming the controlling shareholder of Wanjia Fund, with a total of 140 products and a management scale of 394 194 billion yuan, an increase of 12 97% [1] - Money fund scale reached 236 293 billion yuan, an increase of 40 61% [1] - The acquisition of Wanjia Fund drove asset management business income to increase by 259 71% to 1 987 billion yuan [1] Financial Projections - Expected operating income for 2024-2026: 14 692 billion yuan, 16 575 billion yuan, and 17 759 billion yuan, with year-on-year growth of 15 12%, 12 82%, and 7 15% respectively [1] - Expected net profit attributable to the parent company for 2024-2026: 2 044 billion yuan, 2 491 billion yuan, and 2 947 billion yuan, with year-on-year growth of 13 56%, 21 88%, and 18 28% respectively [1] - PB ratios for 2024-2026: 1 12, 1 12, and 1 00 respectively [1]