证券时报网讯，华泰证券研报指出，10月非农"爆冷"，但主要由一次性因素驱动，美国劳动力市场仍 在"再平衡"过程中。 预计联储不会对这一数据做出过度反应，11—12月或仍各降息一次，但后续降息路径存在不确定性。 即将揭晓的大选结果对市场和联储政策的影响更大。 往前看，由于飓风的影响难以定量测算，潜在的非农就业水平存在较大的不确定性。 考虑到短期经济动能指标维持高景气、三季度GDP指示美国经济内生动能仍在、近期首申人数持续回 落，潜在非农就业水平仍维持相对高位，但仍有待后续数据验证。 此外，本次较差的非农数据很大程度受飓风、罢工等因素扰动，因此预计联储不会对这一数据做出过度 反应，或将按照此前指引，11—12月各降息一次。 但后续降息路径仍待就业扰动消退与大选形势明朗后再决定。 校对：李凌锋 ...

证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 2024 年三季报点评：出售 AssetMark 大幅增 厚投资收益，轻资产业务随市场波动 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|------------------------------------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | | | 32,032 36,578 43,620 42,116 45,015 | | | 同比（ % ） | -15.50% | 14.19% | 19.25% | -3.45% | 6.88% | | 归母净利润（百万元） | | | | 11,054 12,751 16,153 13,488 14,400 | | | 同比（ % ） | -17.17% | 15.3 ...

证券研究报告 金融公司|公司点评|华泰证券（601688） 出售 AssetMark 收益增厚公司单季业 绩，投资规模有所收缩 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 华泰证券发布 2024 年三季报，2024 前三季度公司累计实现营业收入 314 亿，yoy+15%；归母 净利润 125 亿，yoy+31%；加权平均 ROE7.59%，较去年同期增加 1.44pct。其中 2024Q3 实现 营收 140 亿元，yoy+58%/qoq+23%;归母净利润 72 亿元，yoy+138%/qoq+139%。 |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年11月01日 glzqdatemark2 华泰证券(601688) 出售 AssetMark 收益增厚公司单季业绩，投 资规模有所收缩 | --- | --- | --- | |------------|--------------------------|-- ...

Investment Rating - The report maintains a "Buy" rating for Huatai Securities (601688 SH) [7] Core Views - Huatai Securities' Q3 2024 performance improved significantly, primarily due to the sale of AssetMark [1][2] - The company's wealth management and fintech leadership is expected to continue generating positive effects [1][5] - Huatai Securities is forecasted to achieve net profits of 16 64 billion yuan in 2024 and 15 52 billion yuan in 2025 [5] Business Performance Brokerage Business - Brokerage revenue declined by 14 3% YoY in the first three quarters, with Q3 revenue down 15 6% YoY [2] - The company's securities app, Zhang Le Wealth, saw monthly active users reach 10 64 million in Q3, up 16 6% YoY and 17 1% QoQ [3] Credit Business - The company's margin financing balance stood at 105 4 billion yuan at the end of Q3, with market share increasing by 0 40 percentage points YoY to 7 36% [3] Asset Management - Southern Fund and Huatai-PineBridge's non-monetary management scale reached 663 6 billion yuan and 581 3 billion yuan respectively, up 28 2% and 106 7% YoY [3] Investment Banking - Equity IPO market share increased significantly to 13 0%, up 8 3 percentage points YoY [4] - Bond underwriting market share remained stable at 9 0% [4] Investment Business - Financial assets decreased by 16 5% from the beginning of the year to 400 9 billion yuan at the end of Q3 [4] - The static investment return rate was 2 2%, down 0 44 percentage points YoY [4] Financial Performance - Q3 2024 revenue reached 31 42 billion yuan, up 15 4% YoY [2] - Net profit attributable to parent company was 12 52 billion yuan, up 30 6% YoY [2] - Weighted average ROE increased by 1 44 percentage points YoY to 7 6% [2] - Excluding the AssetMark sale, adjusted net profit was 6 32 billion yuan, down 35 3% YoY [2]

公 司 研 究 / 公 司 点 评 上 市 公 司 证 券 研 究 报 告 | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 17.71 | | 资产负债率 % | 78.07 | | 总股本 /流通 A 股( 百万 ) | 9,027/7,294 | | 流通 B 股/H 股（百万） | -/1,719 | 非银金融 开疆拓土 报告原因：有业绩公布需要点评 ——AssetMark 股权出售大幅增厚业绩，国际业务加速 | --- | --- | --- | |------------------------------------|-----------------------|-------------------------------| | 市场数据： | | 2024 年 10 月 30 日 | | 收盘价（元） | | 17.41 | | | 一年内最高/最低（元） | 19.90/11.83 | | 市净 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.10.31 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------|---------------------------|-------|-------|-------|-------| | | | | | | | | | ) | 研究助理 | 吴浩东 ( 分析师 | ) | | | | | | | 010-83939780 | | | | | | | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | | | | | | | S0880524070001 | | | | | 本报告导读： 2024Q3 ...

公司报告 | 公司定期报告点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------------------------| | 华泰证券（ 601688 ） | 投资评级 | 2024 年 10 月 31 日 | | 出售 Asse ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company achieved a revenue of 31.424 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.41%. The net profit attributable to shareholders was 12.521 billion yuan, up 30.63% year-on-year. However, the net profit after deducting non-recurring gains and losses decreased by 35.29% to 6.319 billion yuan [1][3] - The increase in performance is attributed to market recovery driven by policy support and a decrease in interest expenses on interest-bearing liabilities, leading to significant growth in investment income and interest income [1][3] - The company continues to deepen its "dual-driven" strategy of wealth management and institutional services, optimizing its wealth management business structure to enhance customer stickiness [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported investment business income (including fair value changes) of 12.039 billion yuan, a year-on-year increase of 56.85%. Net interest income was 1.301 billion yuan, up 52.05% year-on-year [1][3] - Brokerage business revenue was 3.966 billion yuan, down 14.27% year-on-year due to a decrease in fee rates. The asset management business net income was 3.033 billion yuan, down 3.67% year-on-year [1][3] - The company’s total monetary funds reached 215.38 billion yuan, a year-on-year increase of 43.28%, primarily due to an increase in client funds [1][3] Investment Banking Performance - The company’s investment banking revenue was 1.357 billion yuan, down 40.76% year-on-year, with equity underwriting amounting to 20.663 billion yuan, a decrease of 71% year-on-year. The bond underwriting amount was 909.2 billion yuan, down 2% year-on-year [1][3] - The company ranks third in the industry for equity underwriting and bond underwriting, with a current IPO reserve of 8 projects, indicating potential for future mergers and acquisitions [1][3] Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 has been raised by 6.92%, 6.07%, and 5.65% respectively. The projected net profit attributable to shareholders for these years is 14.417 billion yuan, 15.415 billion yuan, and 16.534 billion yuan, representing year-on-year growth of 13.07%, 6.92%, and 7.26% respectively [1][3][8] - The current price-to-earnings (PE) ratios are projected to be 11.05, 10.36, and 9.66 for 2024, 2025, and 2026, while the price-to-book (PB) ratios are projected to be 0.84, 0.79, and 0.75 [1][3][8]

2024 年 10 月 31 日 公司研究 A 股：增持（维持） 当前价：17.41 元 H 股：买入（维持） 当前价：12.82 港元 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 联系人：李爱娅 liaiya@ebscn.com 业绩显著回暖，自营贡献营收提升 ——华泰证券（601688.SH/6886.HK）2024 年三季报点评 收益表现 股价相对走势 | --- | --- | --- | --- | |-------------------|-------------|-------|-------| | | | | | | % | 1M | 3M | 1Y | | | | | | | 相对 | 3.0 | 23.6 | 4.5 | | 绝对 资料来源： | -0.2 Wind | 36.6 | 13.3 | 敬请参阅最后一页特别声明 -1- 证券研究报告 作者 | --- | --- | |---------------------|-------------| | | | | | | | 市场数据 | | | | | | ...

公 司 报 告 公 司 季 报 点 评 华泰证券(601688.SH) 非银行金融 2024 年 10 月 31 日 AssetMark股权出售大幅增厚Q3业绩 推荐（维持） 事项： 股价：17.41 元 华泰证券发布 2024 年三季报，实现营业总收入 314.24 亿元（YoY+15.41%）， 归母净利润 125.21 亿元（YoY+30.63%）；总资产 8475 亿元（较上年末-6%）， 归母净资产 1856 亿元（较上年末+4%），EPS（摊薄）1.39 元，BVPS17.71 元。 平安观点： 子 公 司出售驱动公司业绩大幅增长。24Q3 单季度营业收入 140 亿元 （YoY+58%，QoQ+23%），归母净利 72 亿元（YoY+138%，QoQ+139%）， 其中处置子公司损益 62.26 亿元，主要是公司出售美国子公司 AssetMark。 去除该非经常性损益后，Q3 单季度营业收入 77 亿元（YoY-12%,QoQ32%）。24Q1-Q3 华泰经纪/投行/资管/信用/自营/其他收入分别同比-14%/- 41%/-4%/+52%/+57%/+13%，收入占比 13%/4%/10%/4% ...