Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 12.7, compared to the current price of HKD 8.37 [1]. Core Views - The company's total revenue for the first half of 2024 was HKD 8.9 billion, a year-on-year decrease of 28.3%, but a quarter-on-quarter increase of HKD 1.17 billion [1]. - The net profit attributable to shareholders was HKD 2.23 billion, a year-on-year decrease of 37.4%, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's return on equity (ROE) for the reporting period was 2.1%, a decrease of 1.4 percentage points year-on-year, with a quarterly ROE of 0.9%, down 0.2 percentage points [1]. - The report highlights a decrease in financial leverage and asset turnover, with the financial leverage ratio at 4.6 times, down 0.34 times year-on-year [1]. - The report anticipates earnings per share (EPS) for 2024, 2025, and 2026 to be HKD 1.51, HKD 1.85, and HKD 2.16 respectively, with corresponding price-to-book ratios (PB) of 0.39, 0.37, and 0.34 for the Hong Kong market [1][2]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was HKD 8.9 billion, down 28.3% year-on-year, with a quarterly revenue of HKD 5 billion, up 11.7% [1]. - Net profit attributable to shareholders was HKD 2.23 billion, down 37.4% year-on-year, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's financial leverage ratio was 4.6 times, down 0.34 times year-on-year, and the asset turnover rate was 1.8%, down 0.6 percentage points year-on-year [1]. Business Segments - The report indicates that the company's heavy capital business net income was HKD 3.44 billion, with a quarterly income of HKD 2.18 billion, up HKD 0.913 billion [1]. - Brokerage business revenue showed a significant quarter-on-quarter increase of 13.1%, reaching HKD 1.77 billion [1]. - Investment banking revenue remained stable at HKD 1.28 billion, with a quarterly revenue of HKD 0.83 billion, up HKD 0.38 billion [1]. Future Outlook - The report projects total revenue for 2024, 2025, and 2026 to be HKD 22.99 billion, HKD 27.18 billion, and HKD 33.79 billion respectively, with year-on-year growth rates of 18.2% and 24.3% [2]. - The anticipated net profit for the same years is HKD 6.16 billion, HKD 7.28 billion, and HKD 8.93 billion, with corresponding growth rates of 18.3% and 22.6% [2].
中金公司：2024年半年报点评：业绩环比有所下滑，业务杠杆有所降低