HHTG(600095) 东吴证券·2024-10-29 20:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant improvement in profitability in Q3 2024, with a notable increase in net profit by 437.65% year-on-year to 72.28 million yuan, despite a revenue decline of 19.53% to 456 million yuan in the same quarter [1] - The introduction of state-owned capital from Zhejiang is expected to enhance the company's ability to provide financial services to the real economy, improving governance capabilities [3] - The company's net profit forecasts for 2024-2026 have been raised to 213 million, 293 million, and 370 million yuan respectively, reflecting expected growth rates of 78%, 38%, and 26% [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company's total revenue increased by 16.52% year-on-year to 1.549 billion yuan, while net profit decreased by 2.93% to 146 million yuan [1] - The Q3 2024 total revenue was 456 million yuan, down 19.53% year-on-year, with a net profit of 72.28 million yuan [1] Business Segments - The light asset business faced pressure with a 26% decline in net commission income to 410 million yuan, while the heavy asset business remained relatively stable with a 5% decrease in net interest income to 344 million yuan and a 65% increase in self-operated business income to 387 million yuan [2] - The industrial segment saw a revenue decline of 19% to 411 million yuan as the company continued to optimize its business structure and dispose of inefficient assets [2] Strategic Developments - The introduction of Zhejiang state-owned shareholders is expected to enhance the company's governance and operational capabilities, providing a competitive edge in the market [3] - The company is focusing on wealth management and financial technology as key growth areas following the strategic partnership with Zhejiang state-owned enterprises [3]