自营投资表现较好，支撑业绩韧性

Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Views - The company's self-operated investment performance has shown significant growth, supporting the resilience of its overall performance. In Q1 2024, self-operated income increased by 65% year-on-year, contributing to a narrower decline in profits [4][7]. - The company continues to face pressure in its main business, with total revenue for Q1 2024 reported at 2.456 billion yuan, a year-on-year decrease of 12.6%. The net profit attributable to the parent company was 1.954 billion yuan, down 3.7% year-on-year [4][5]. - The company is investing heavily in research and development, with R&D expenses rising by 16% year-on-year to 280 million yuan in Q1 2024, reflecting a commitment to innovation and long-term growth [4][5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 2.456 billion yuan, with a year-on-year decline of 12.6%. The net profit attributable to the parent company was 1.954 billion yuan, down 3.7% year-on-year. The total assets stood at 257.301 billion yuan, and the net assets attributable to the parent company were 73.484 billion yuan [4][5]. - The annualized ROE for Q1 2024 was reported at 10.75%, a decrease of 1.5 percentage points year-on-year [4]. Business Segments - The company's net income from fees and commissions increased by 0.3% year-on-year, while interest income decreased by 5%, and total operating income fell by 30% [4][5]. - The brokerage business showed signs of recovery, with the average daily trading volume in the A-share market increasing by 7% year-on-year in Q1 2024. The company's net income from fees and commissions was 1.18 billion yuan, reflecting a slight increase [5]. Future Outlook - The report projects the company's net profit attributable to the parent company for 2024, 2025, and 2026 to be 9.07 billion yuan, 10.00 billion yuan, and 11.12 billion yuan, respectively, indicating a year-on-year growth of 10.7%, 10.3%, and 11.2% [7][11]. - The company is expected to benefit from the recovery in the A-share market and its leading position in user traffic and internet wealth management, alongside the internal testing of its self-developed financial model [7].