自营表现出色，优势地位稳固

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company maintains its business advantages and benefits from regulatory policies that favor strong performers while limiting weaker ones. It is expected that the company will continue to hold its leading position in the market. The reasonable value range is estimated to be between 23.41 and 25.36 yuan per share, with the "Outperform the Market" rating upheld [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 13.76 billion yuan, a year-on-year decrease of 10.4%. The net profit attributable to the parent company was 4.96 billion yuan, down 8.5% year-on-year, with an EPS of 0.32 yuan and ROE of 1.88%, a decrease of 0.29 percentage points year-on-year [5][6]. - The average daily trading volume of stock funds in the market was 1 trillion yuan, an increase of 4.8% year-on-year, while the margin financing balance was 1.5379 trillion yuan, down 4.3% from the beginning of the year [5]. Business Segments - Brokerage business saw a slight decline, with revenue of 2.44 billion yuan, down 5.8% year-on-year. Net interest income was 325 million yuan, a significant drop of 44.2% due to increased interest expenses on short-term financing bonds and repurchase agreements [5]. - Investment banking revenue was 1.04 billion yuan, down 56.6% year-on-year, with equity underwriting volume decreasing by 80.2%. However, the company maintained its top ranking in equity underwriting with a total of 18.9 billion yuan raised from IPOs and refinancing [5][6]. - Asset management revenue was 2.36 billion yuan, down 5.6% year-on-year, with a total asset management scale of 1.3885 trillion yuan at the end of 2023, maintaining the highest market share in the industry at 13.71% [5]. Investment Income - The company reported investment income (including fair value changes) of 5.46 billion yuan, a decrease of 17.4% year-on-year. The self-operated asset scale reached 480.4 billion yuan at the end of 2023, an increase of 15.6% year-on-year, with equity assets growing by 46.8% [6]. Earnings Forecast - The company is expected to have EPS of 1.47, 1.59, and 1.67 yuan for the years 2024, 2025, and 2026 respectively, with BVPS of 19.51, 20.80, and 22.19 yuan for the same years [6][7].