东方财富：固收业务为业绩亮点，收费类业务有所下滑

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the fixed income business is a performance highlight, while fee-based businesses have seen a decline [4][6] - The company reported a total revenue of 4.945 billion yuan for H1 2024, a year-on-year decrease of 14%, and a net profit attributable to shareholders of 4.056 billion yuan, down 4% year-on-year [6][7] - The report anticipates a recovery in the securities market, benefiting the company as a leading internet brokerage [9] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 4.945 billion yuan, down 14% year-on-year, and a net profit of 4.056 billion yuan, down 4% year-on-year [6] - The return on equity (ROE) was 5.52%, a decrease of 0.78 percentage points compared to the same period last year [6] - For Q2 2024, the company reported a total revenue of 2.489 billion yuan, an increase of 15.3% year-on-year and a net profit of 2.102 billion yuan, down 4.28% year-on-year [6] Business Segments - Fee-based income decreased by 4% year-on-year to 2.395 billion yuan in H1 2024, with a Q2 2024 income of 1.213 billion yuan, down 7.7% year-on-year [7] - Interest income for H1 2024 was 1.027 billion yuan, down 8% year-on-year, while investment income and fair value changes increased by 42% year-on-year to 1.639 billion yuan [7] - The company's fund sales revenue in H1 2024 was 1.523 billion yuan, a decline of 28.8% year-on-year, impacted by a cooling fund market [8] Forecast and Valuation - The company is expected to generate revenues of 11.1 billion yuan, 12.1 billion yuan, and 13.7 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.434 billion yuan, 9.365 billion yuan, and 10.773 billion yuan [9][12] - The report sets a target price of 13.25 yuan based on a 25 times PE ratio for 2024 [9]