GF SECURITIES·2024-04-28 01:32Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a current price of 19.16 CNY and 12.32 HKD, respectively, and a target value of 25 CNY and 16.08 HKD [4]. Core Insights - The company's Q1 2024 performance was relatively stable, with revenue of 13.755 billion CNY, down 10.38% year-on-year, and a net profit attributable to shareholders of 4.959 billion CNY, down 8.47% year-on-year. The Q1 weighted ROE was 1.88% [2]. - The investment banking business is awaiting recovery, with total market equity financing in Q1 2024 at 110.666 billion CNY, a decrease of 68.87% year-on-year. The company's investment banking net income for Q1 was 0.869 billion CNY, down 56.1% [2]. - Wealth management and asset management businesses showed slight declines, with net income from brokerage services at 2.442 billion CNY, down 5.78% year-on-year, and asset management net income at 2.358 billion CNY, down 5.59% [2]. - The company's investment net income and fair value changes for Q1 were 5.52 billion CNY, down 17.96% year-on-year, influenced by market fluctuations [2]. - The report forecasts the company's EPS for 2024 and 2025 to be 1.37 CNY and 1.59 CNY, respectively, with a projected P/B ratio of 1.3 for 2024 [2]. Financial Summary - The company reported a total revenue of 60.068 billion CNY for 2023, with a projected increase to 62.890 billion CNY in 2024, reflecting a growth rate of 4.7% [3]. - The net profit attributable to shareholders for 2023 was 19.721 billion CNY, with an expected increase to 20.254 billion CNY in 2024, indicating a growth rate of 2.7% [3]. - The total assets of the company reached 1.453 trillion CNY in 2023, with an expected increase to 1.630 trillion CNY in 2024, representing a year-on-year growth of 12% [3].