高基数下盈利稳健，轻资产业务优势凸显

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's profitability demonstrates resilience in Q1 2024, with a revenue of 14.1 billion yuan, down 21% year-on-year, and a net profit of 4.56 billion yuan, down 7.68% year-on-year [1][9]. - The wealth management and asset management sectors show competitive advantages, with significant growth in brokerage and investment banking services expected [1][17]. - The company has a stable performance in proprietary investment, turning a profit of 1.375 billion yuan in 2023, compared to a loss in 2022 [1][19]. - The investment forecast suggests a reasonable value of 9.35 yuan per share for 2024, based on a price-to-book (PB) ratio of 1.2 [1][38]. Summary by Sections Q1 Performance - In Q1 2024, the company reported a revenue of 14.1 billion yuan, a decrease of 21% year-on-year, and a net profit of 4.56 billion yuan, down 7.68% year-on-year. The adjusted net profit was 4.21 billion yuan, down 2.81% year-on-year [1][9]. Wealth and Asset Management - The brokerage business generated a net income of 1.199 billion yuan in 2023, up 1% year-on-year, with significant contributions from trading commissions and financial product sales [1][21]. - The asset management business achieved a revenue of 1.553 billion yuan in 2023, up 1% year-on-year, with a total management scale of 276.5 billion yuan, a 12% increase [1][25]. Investment Banking - The investment banking sector saw a revenue increase of 68% in 2023, reaching 761 million yuan, with a market share in equity underwriting rising from 0.09% in 2017 to 0.61% in 2023 [1][30]. Proprietary Investment - The proprietary investment segment reported a profit of 1.375 billion yuan in 2023, a significant recovery from a loss in 2022, with a focus on risk control and strategic investments in key sectors [1][19]. Financial Projections - The company forecasts an EPS of 0.50 yuan for 2024, with a projected net profit of 2.314 billion yuan, reflecting a growth rate of 2.8% [2][37].