Guotou Securities·2024-04-30 15:30Investment Rating - The report maintains a "Buy - A" investment rating for the company [3] Core Views - The company's overall performance is relatively stable, with Q1 2024 revenue of 13.75 billion yuan (YoY +10.4%) and net profit of 4.96 billion yuan (YoY -8.5%), despite a significant decline in investment banking and proprietary trading businesses [1] - The company is expected to benefit from its leading position in the market and the recent regulatory environment, which favors compliant leading brokerages [1][3] Financial Performance Summary - Q1 2024 revenue breakdown: - Brokerage: Net income of 2.44 billion yuan (YoY -6%) - Investment Banking: Net income of 870 million yuan (YoY -56%) - Asset Management: Net income of 2.36 billion yuan (YoY -6%) [1] - Interest expenses negatively impacted credit business, with net income of 330 million yuan (YoY -44%) [1] - Proprietary trading revenue was 5.46 billion yuan (YoY -17%), affected by a high base from the previous year [1] Earnings Forecast - Expected EPS for 2024-2026: - 2024: 1.46 yuan - 2025: 1.62 yuan - 2026: 1.79 yuan [2] - The report assigns a 1.25x P/B ratio for 2024, leading to a 6-month target price of 23.97 yuan [1][3]