两融市占率提升，投资收入创历史新高

Investment Rating - The report maintains a "Buy" rating for Dongfang Wealth, indicating a positive outlook for the company's stock performance in the near term [5]. Core Views - The recent "National Nine Articles" reflect a strong regulatory framework aimed at risk prevention and promoting high-quality development, which is expected to gradually improve market risk appetite. This is anticipated to benefit the company's brokerage and margin financing businesses [5]. - The company is projected to achieve net profits of 8.5 billion, 8.7 billion, and 9.2 billion RMB for the years 2024 to 2026, representing year-on-year growth rates of 3%, 3%, and 6% respectively [5]. Financial Data and Profit Forecast - As of Q1 2024, Dongfang Wealth reported revenues of 2.46 billion RMB, a year-on-year decrease of 12.6%, and a net profit of 1.95 billion RMB, down 3.7% year-on-year [6]. - The company's revenue breakdown for Q1 2024 includes brokerage fees (11.8 billion RMB), net interest income (5.2 billion RMB), and other business income (7.5 billion RMB), with respective year-on-year changes of +0.3%, -5.4%, and -30.3% [6]. - The company’s financial investment assets reached 70.3 billion RMB, with a year-on-year increase of 8% [7]. Market Position and Business Segments - The brokerage business has shown resilience with a revenue growth rate of +0.3%, aligning with the market's stock trading volume growth of +0.8% [6]. - The margin financing business has seen a slight decrease in the amount of funds lent out, totaling 44.8 billion RMB, which is a 3% decline from the beginning of the year [6]. - The company’s market share in margin financing has improved to 2.99%, an increase of 0.06 percentage points since the beginning of the year [6]. Revenue and Profit Projections - The projected total revenue for Dongfang Wealth is expected to be 11.61 billion RMB in 2024, with a year-on-year growth rate of 5% [8]. - The net profit forecast for 2024 is 8.46 billion RMB, with a net profit margin of 0.54% [8]. - The company’s earnings per share (EPS) is projected to be 11.2 RMB in 2024, with a price-to-earnings (PE) ratio of 23 [8].