自营业务拖累业绩，与民生证券整合迈入实质性阶段

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company reported a significant decline in Q1 2024 revenue, down 74.44% year-on-year, with a net loss of 2.19 billion yuan, primarily due to losses in proprietary trading [5][6] - The integration with Minsheng Securities has entered a substantial phase, which is expected to enhance the company's competitive position in the market [6][7] - The company is projected to improve its profitability over the next three years, with expected net profits of 8.39 billion yuan, 9.87 billion yuan, and 10.42 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 25.01%, 17.64%, and 5.63% [7][8] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.73 billion yuan, with a significant year-on-year decline [5] - The company's total assets increased by 7% to 932.32 billion yuan by the end of Q1 2024, attributed to a leverage increase to 4.70x [6] - The financial investment scale reached 539.65 billion yuan, an increase of 8.56% compared to the end of 2023 [6] Business Segments - The net income from brokerage, investment banking, and asset management for Q1 2024 was 1.08 billion yuan, 0.78 billion yuan, and 1.43 billion yuan respectively, with asset management showing a significant increase of 346.88% due to the acquisition of Guolian Fund [6] - Proprietary trading and interest income both turned negative, with losses of 1.50 billion yuan and 0.27 billion yuan respectively [6] Future Outlook - The report anticipates that the integration with Minsheng Securities will enhance the company's scale and competitive metrics, potentially improving its ranking in the industry by over 10 positions [6][7] - The company is expected to maintain a price-to-book ratio of 1.9-2.1, with a target price range of 12.48 yuan to 13.80 yuan [7]