事项： 兴业证券发布2024 年年报。剔除其他业务收入后营业总收入：98 亿元，同比+10.9%，单季度为32 亿 元，环比+6.9 亿元。 归母净利润：21.6 亿元，同比+10.2%，单季度为8.4 亿元，环比+4.7 亿元，同比+4.6 亿元。 点评： 单季度ROE 同比环比均有提升。公司报告期内ROE 为3.7%，同比+0.3pct。 单季度ROE 为1.5%，环比+0.8pct，同比+0.8pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.85 倍，同比+0.17倍，环比+0.2 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收入后）为4.4%，同比 +0.1pct，单季度资产周转率为1.4%，环比+0.2pct，同比+0.7pct。 3）公司报告期内净利润率为22.1%，同比-0.1pct，单季度净利润率为26.7%，环比+11.4pct，同比 +1.6pct。 杠杆倍数同比提升。资产负债表看，剔除客户资金后公司总资产为2224 亿元，同比+149.5 亿元，净资 产：578 亿元，同比+14.4 亿元。杠杆倍数为3.85 倍，同比+0.1 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 6.79 RMB [1][9]. Core Views - The company's return on equity (ROE) has shown improvement, with a reported ROE of 3.7%, up by 0.3 percentage points year-on-year [1]. - The company's total assets, excluding client funds, reached 222.4 billion RMB, an increase of 14.9 billion RMB year-on-year [1]. - The report highlights a significant increase in brokerage business revenue, which rose to 21.3 billion RMB, reflecting a year-on-year growth of 70% [8]. Financial Performance Summary - The company's total revenue, excluding other business income, was 9.8 billion RMB, representing a year-on-year increase of 10.9% [7]. - The net profit attributable to the parent company was 2.16 billion RMB, up 10.2% year-on-year [7]. - The company reported a net profit margin of 22.1%, with a quarterly net profit margin of 26.7%, showing a quarter-on-quarter increase of 11.4% [1]. Business Segment Performance - The self-operated business generated a total revenue of 4.24 billion RMB, with a quarterly revenue of 1.16 billion RMB, reflecting a decline of 1.6 billion RMB quarter-on-quarter [1]. - The credit business generated interest income of 5.01 billion RMB, with a quarterly income of 1.47 billion RMB, marking a quarter-on-quarter increase of 311 million RMB [2]. - The investment banking business saw a revenue of 700 million RMB, with a quarterly revenue of 260 million RMB, indicating a quarter-on-quarter increase of 80 million RMB [8].