东方财富：基金代销收入承压，自营固收支撑业绩

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3]. Core Views - The company's total revenue for H1 2024 reached 4.94 billion yuan, a year-on-year increase of 14.0%, while the net profit attributable to shareholders was 4.06 billion yuan, a decrease of 4.0% [1]. - The company's fund distribution revenue is under pressure due to fee adjustments, with a significant drop in financial e-commerce service revenue by 30% year-on-year to 1.41 billion yuan [1]. - The self-operated investment segment saw a substantial increase in income, with investment and fair value change income rising by 42% year-on-year to 1.64 billion yuan, benefiting from improved fixed income returns [1]. - The company is increasing its R&D investment, particularly in AI, with a 10% rise in R&D expenses in H1 2024 [1]. - The company is expected to leverage its user base and digital transformation to enhance performance as market conditions improve, with projected EPS of 0.55 yuan, 0.61 yuan, and 0.68 yuan for 2024-2026 [1]. Summary by Sections Financial Performance - Total revenue for H1 2024 was 4.94 billion yuan, up 14.0% year-on-year; net profit was 4.06 billion yuan, down 4.0% [1]. - The average return on equity was 5.52%, a decrease of 0.78 percentage points year-on-year [1]. Business Segments - Fund distribution transactions totaled 86.03 million, a decrease of 14% year-on-year, with non-money market fund transactions down 30% [1]. - Brokerage business net income decreased by 10% to 2.00 billion yuan, while margin financing income fell by 8% to 1.03 billion yuan [1]. - The self-operated investment segment's income increased significantly, driven by fixed income business performance [1]. R&D and Future Outlook - R&D expenses increased by 10% year-on-year to support advancements in AI and financial modeling [1]. - The company is expected to benefit from market recovery, with a target price of 12.8 yuan based on a 23x P/E ratio for 2024 [1].