经纪两融市占率持续提升，自营有望开辟第二增长极

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a Q1 2024 revenue of 2.456 billion RMB, a year-on-year decrease of 12.60%, and a net profit attributable to shareholders of 1.954 billion RMB, down 3.70% year-on-year [1] - The securities business saw a revenue increase of 13.2% year-on-year, driven primarily by proprietary trading [1][2] - The company is expected to benefit from the ongoing reforms in the capital market, which will enhance wealth management opportunities [2] Summary by Sections Financial Performance - In Q1 2024, the company's securities business generated a revenue of 2.516 billion RMB, with commission income at 1.182 billion RMB, net interest income at 522 million RMB, and proprietary trading income at 811 million RMB, showing year-on-year changes of +0.3%, -5.4%, and +64.9% respectively [1][2] - The company's self-operated investment income increased significantly by 64.9% year-on-year to 811 million RMB [2] - The total revenue for 2024 is projected to be 12.825 billion RMB, with a year-on-year growth rate of 15.73% [4] Market Position - The company has seen a slight increase in market share in brokerage and margin financing businesses, with a brokerage market share of 4.06% and a margin financing market share of 2.91% as of Q1 2024 [2] - The total market turnover for stock funds in Q1 2024 was 59.26 trillion RMB, reflecting a year-on-year increase of 1.3% [2] Profit Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is 9.386 billion RMB, 10.678 billion RMB, and 12.351 billion RMB respectively, with corresponding P/E ratios of 20.94x, 18.40x, and 15.91x [2][4]