Zhongtai Securities(600918) 太平洋·2024-04-24 03:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][6] Core Insights - The company achieved significant profit growth, with total revenue reaching 12.762 billion yuan, a year-on-year increase of 36.86%. The total profit amounted to 2.557 billion yuan, reflecting a remarkable growth of 226.99%. The net profit attributable to shareholders was 1.8 billion yuan, up by 204.94% [3][4] - The investment banking business saw record revenue of 1.255 billion yuan, a year-on-year increase of 33.99%. The company completed 29 equity underwriting projects with a total underwriting scale of 19.215 billion yuan, including 11 IPOs and 14 private placements. Additionally, 204 bond underwriting projects were completed, totaling 129.53 billion yuan [3][4] - The wealth management business expanded significantly, serving over 8.5 million clients with total managed assets exceeding 1.2 trillion yuan. The company aims to create a high-end service system to meet diverse client needs [3][4] - The asset management business experienced a decline in total scale from 218.786 billion yuan in 2022 to 122.071 billion yuan, but the company is optimizing its product and service structure [3][4] - The report forecasts revenue growth of 11.82%, 9.00%, and 6.09% for 2024, 2025, and 2026, respectively, with net profit projections of 2.321 billion yuan, 2.604 billion yuan, and 2.776 billion yuan, indicating growth rates of 28.99%, 12.17%, and 6.60% [4]