证券业务高增，财富管理版图持续完善

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Insights - In Q1 2024, the company achieved total revenue of 294 million yuan, a year-on-year decrease of 13.17%. The net profit attributable to shareholders was 17 million yuan, down 70.74% year-on-year, while the net profit excluding non-recurring items was 16 million yuan, a decline of 71.42% [4]. - The financial information business was impacted by a delayed marketing schedule, while the securities business saw significant growth. Commission income from securities reached 39.99 million yuan, an increase of 178.61% year-on-year, and net interest income was 12.69 million yuan, up 132.87% [4]. - The company's expense ratio increased year-on-year, with share-based payment expenses rising due to equity incentives implemented in 2022 and 2023. The gross margin was 90.19%, a decrease of 0.73 percentage points [4]. - The government is encouraging securities firms to strengthen and optimize their operations. The company acquired a 34.21% stake in Pioneer Fund for 110 million yuan, potentially becoming the largest shareholder [4]. Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 199 million, 408 million, and 586 million yuan, respectively, with a maintained "Accumulate" rating [5]. - Key financial metrics for 2024E include total revenue of 1.279 billion yuan, a year-on-year growth of 14.9%, and a net profit of 199 million yuan, reflecting a growth of 174.0% [6]. - The gross margin is expected to be 90.9% in 2024, with a return on equity (ROE) of 9.5% [6].