Founder Securities(601901) 华创证券·2024-06-27 10:01Investment Rating - The report assigns a "Recommended" rating to the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [9]. Core Views - The company plans to sell its stake in Credit Suisse, which is expected to generate a net investment income of 370 million yuan, representing 16.4% of the company's net profit for 2023 [1]. - The sale is anticipated to enhance the company's investment income and reduce the profit drag from its subsidiary, focusing on core business operations [1]. - The report highlights that the sale price is lower than previous transactions but is considered within expectations due to the ongoing operational pressures faced by Credit Suisse [1]. - The company is projected to see improvements in return on assets (ROA) and return on equity (ROE) as a result of this strategic move [1]. Financial Summary - The total revenue for 2023 is projected at 7,119 million yuan, with an expected growth rate of -8% [2]. - The net profit attributable to the parent company for 2023 is forecasted to be 2,152 million yuan, with a growth rate of 0% [2]. - Earnings per share (EPS) is expected to increase from 0.26 yuan in 2023 to 0.39 yuan by 2026 [2]. - The company's total assets are projected to grow from 222,442 million yuan in 2023 to 274,215 million yuan by 2026 [2].