The overall performance improved significantly, slightly exceeding market expectations. The company disclosed that the revenue in the first three quarters was 4.955 billion yuan, + 39.8% compared with the same period last year; the net profit was 1.501 billion yuan, + 39.1%; and the weighted ROE was 4.48%, + 0.87pct. Q3 revenue year-on-year + 12.2%, home net profit + 4.0% year-on-year. The total assets of Q3 company are 119.8 billion yuan, 8.6% compared with the same period last year; the leverage ratio of removing agent money is 3.02 times, which is 0.22% higher than the same period last year.

Heavy and heavy assets business rebounded against the trend. 1. Investment + fair change profit and loss Q3 was 290 million yuan, + 28.5% year-on-year, and + 214% year-on-year in the first three quarters. Q3 derivative financial assets were 688 million yuan, + 319% higher than at the beginning of the year, reflecting an increase in over-the-counter options business. two。 The brokerage business highlights resilience: Q3 has a net income of 320 million yuan in a single quarter, + 4.5% year-on-year, and 901 million yuan in the first three quarters,-1.2% in the same period last year. Q3 the average daily trading volume of the whole market is-13% compared with the same period last year. 3. The net income of Q3 assets management is 480 million yuan, + 24% year-on-year, the growth rate is expanded, and the asset management advantage is highlighted. The net income of asset management in the first three quarters is + 11.8% compared with the same period last year. According to wind, the non-goods scale of Q3 joint venture fund Q3 is + 3.3% compared with the same period last year. 4. Investment banking business increased year-on-year: net income in a single quarter was 230 million yuan, + 49.4% year-on-year; net income in the first three quarters was 549 million yuan, + 62% year-on-year. According to wind release date data, 23Q3 market equity financing of 276.1 billion yuan, year-on-year-45%, the company's equity underwriting 1.9 billion yuan, + 139% year-on-year. 5.Q3 's net interest income was 140 million yuan,-30% year-on-year, and 399 million yuan in the first three quarters,-31% year-on-year. At the end of September, the balance of the two funds in the market was 1.5909 trillion yuan, which was + 3% compared with the same period last year.

Profit forecast and investment suggestions: as a securities firm in Zhejiang Province, it has fully implemented five major strategies such as "ploughing Zhejiang". The advantages of pan-wealth management have been highlighted and the recovery of investment banking business has been accelerated. With reference to the PB fluctuation range of the company in the past five years, it is estimated that the company's net assets per share will be 7.31,7.62 yuan per share in 2023-2024. taking into account the recovery at the bottom of the market, the company, as a regional high-quality securities firm with developed economy and good quality customer base, has strong performance flexibility, giving the company a 2023 1.5xPB valuation and a "buy" rating corresponding to a reasonable value of 10.97 yuan per share.

Risk tips: the economy is not as expected, the market fluctuates sharply, stock quality management credit risk, interest rate risk and so on.