东方财富：代理买卖证券款快速增长，关注后续业绩修复

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The report highlights rapid growth in securities trading agency fees, indicating a potential for performance recovery in the future [1][4] - The company has shown resilience in self-operated investments, which have alleviated pressure on its main business [4] - The report anticipates an improvement in performance in Q4 due to a rebound in the A-share market and increased trading activity [4] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 7.304 billion yuan, a year-over-year decrease of 13.96% [4] - The net profit attributable to shareholders was 6.042 billion yuan, down 2.69% year-over-year [4] - Total assets increased by 36% year-over-year to 326.5 billion yuan, while net assets attributable to shareholders rose by 7% to 76.9 billion yuan [4] - The annualized ROE for the first three quarters was 10.82%, a decrease of 1.4 percentage points year-over-year [4] Revenue Breakdown - The net income from commission and fees for the first three quarters was 3.55 billion yuan, down 5% year-over-year, primarily driven by brokerage income [4] - Interest income was 1.51 billion yuan, down 10% year-over-year, while operating income fell to 2.24 billion yuan, a decrease of 27% [4] - Self-operated income surged to 2.4 billion yuan, reflecting a 50% year-over-year increase, with the self-operated investment scale reaching 108.8 billion yuan, up 29% from the end of the previous year [4] Market Outlook - The report notes that the average daily trading volume of A-share market equity funds decreased by 12% year-over-year in Q3 2024, but rebounded to 9.418 billion yuan by the end of September [4] - The company’s securities trading agency funds reached 112.8 billion yuan, marking a 74% increase year-over-year and a 64% increase from the end of Q2 2024 [4] - The report suggests that the company’s early layout in internet wealth management and stable user traffic positions it well for future growth [4] Profit Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 8.45 billion yuan, 9.15 billion yuan, and 10 billion yuan respectively, reflecting year-over-year growth rates of 3.2%, 8.3%, and 9.3% [4]