Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has demonstrated steady growth in performance, with projected revenue of 35.81 billion yuan in 2025, representing a year-on-year increase of 6.83%. The net profit attributable to shareholders is expected to reach 16.38 billion yuan, up 6.72% year-on-year, maintaining its position in the industry's top tier [1] - The wealth management business has been a key driver of revenue, achieving 15.86 billion yuan in 2025, and the company has enhanced its customer service system and digital capabilities through AI applications [2] - The investment banking and institutional services have shown strong synergy, with the company leading in domestic equity underwriting and bond issuance, supported by AI-driven platforms [3] - The company is committed to an "All in AI" transformation strategy, which has led to significant advancements in its international business, generating 5.92 billion yuan in international revenue in 2025 [3] Summary by Sections Financial Performance - In 2025, the company is expected to achieve total assets of 1,077.35 billion yuan, a 32.31% increase from the beginning of the year, marking its entry into the trillion-yuan asset tier [1] - The core profit indicator, net profit after deducting non-recurring items, is projected to reach 16.27 billion yuan, reflecting an impressive year-on-year growth of 80.08% [1] Wealth Management - The wealth management segment is projected to be the largest revenue source, with a revenue forecast of 15.86 billion yuan in 2025, driven by a refined customer service system and increased asset management [2] - The company has launched the "AI Zhangle" app, enhancing its digital service capabilities and customer engagement [2] Institutional Services and Investment Banking - The company is expected to maintain its leading position in the investment banking sector, with an estimated domestic equity underwriting scale of approximately 66.7 billion yuan in 2025 [3] - The total bond underwriting scale is projected to reach 1,411.5 billion yuan, solidifying its status in the industry [3] AI and International Expansion - The company is advancing its AI strategy across all business lines, with a focus on enhancing research, trading, risk control, and customer service [3] - The international business has shown resilience, with significant revenue contributions and new qualifications obtained in key markets [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company achieved a revenue of 35.81 billion yuan in 2025, representing a year-on-year growth of 6.8%, while the net profit attributable to shareholders was 16.38 billion yuan, also up by 6.7%. The non-recurring net profit increased significantly by 80.1% year-on-year [5] - The report emphasizes the company's increasing market share in margin financing and its strong performance in international business development following its refinancing efforts [1][7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: 2026E at 43.69 billion yuan, 2027E at 46.95 billion yuan, and 2028E at 50.36 billion yuan, with respective year-on-year growth rates of 22.0%, 7.47%, and 7.25% [6][8] - The net profit attributable to shareholders is forecasted to be 19.42 billion yuan in 2026E, 22.06 billion yuan in 2027E, and 23.76 billion yuan in 2028E, with year-on-year growth rates of 18.53%, 13.60%, and 7.69% respectively [6][8] - The report indicates an increase in the company's return on equity (ROE) to 10.22% in 2026E, 10.54% in 2027E, and 10.38% in 2028E [6] Business Segments - The company has seen a significant increase in its wealth management and margin financing business, with a margin financing market share of 7.37%, up by 0.22 percentage points year-on-year [7] - In the investment banking sector, the company maintained a stable IPO market share of 12.4% in 2025, with a total underwriting amount of 16.3 billion yuan, reflecting a 90% increase year-on-year [7] - The asset management segment also showed growth, with total assets under management (AUM) reaching 708.5 billion yuan, a 27.4% increase from the beginning of the year [7]

2025 年年报点评：扣非净利润同比增长 证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 买入（维持） 80%，国际业务收入仍较高 | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33,519 | 35,810 | 41,303 | 44,854 | 46,245 | | 同比（%） | -8.36% | 6.83% | 15.34% | 8.60% | 3.10% | | 归母净利润（百万元） | 15,351 | 16,383 | 19,796 | 21,421 | 22,074 | | 同比（%） | 20.40% | 6.72% | 20.83% | 8.21% | 3.05% | | EPS-最新摊薄（元/股） | 1.62 | 1.73 | 2.19 | 2.37 | 2.45 | | P/E（现价&最新摊薄） | 11.24 | 10.53 | 8.30 | 7.67 | 7.45 | [Table ...

证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 2025 年年报点评：扣非净利润同比增长 80%，国际业务收入仍较高 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33,519 | 35,810 | 41,303 | 44,854 | 46,245 | | 同比（%） | -8.36% | 6.83% | 15.34% | 8.60% | 3.10% | | 归母净利润（百万元） | 15,351 | 16,383 | 19,796 | 21,421 | 22,074 | | 同比（%） | 20.40% | 6.72% | 20.83% | 8.21% | 3.05% | | EPS-最新摊薄（元/股） | 1.62 | 1.73 | 2.19 | 2.37 | 2.45 | | P/E（现价&最新摊薄） | 11.24 | 10.53 | 8.30 | 7.67 | 7.45 | [Table ...

Investment Rating - The investment rating for Huatai Securities is "Buy" (maintained) [1] Core Insights - The company reported a non-net profit increase of 80% year-on-year, with strong performance in wealth management and overseas business [1] - The forecast for net profit attributable to shareholders for 2026-2028 is adjusted to 199 billion, 218 billion, and 243 billion respectively, reflecting year-on-year growth of 22%, 9%, and 11% [1] - The current price corresponds to a PE ratio of 8.2, 7.5, and 6.8 for the years 2026, 2027, and 2028, respectively, indicating a low PB valuation below 1.0, which provides a margin of safety [1] Financial Performance Summary - In 2025, the company achieved a net profit of 16.4 billion, a year-on-year increase of 6.7%, with a non-net profit margin of 51.3% [5][9] - The brokerage net income for 2025 was 9.1 billion, up 41% year-on-year, with significant contributions from various segments including agency buying and wealth management [2] - Investment income from proprietary trading was 12.8 billion, a decrease of 16% year-on-year, but an increase of 43% when excluding non-recurring impacts [3] Business Segment Highlights - The brokerage business showed strong growth, with net income from agency buying increasing by 45% and wealth management growing by 34% year-on-year [2] - The investment banking segment saw a net income of 3.1 billion in 2025, up 48% year-on-year, with a notable increase in IPO underwriting activities [2] - The asset management segment reported a net income of 1.8 billion, despite a 57% year-on-year decline due to base effects, with total AUM reaching 708.5 billion, a 27% increase [3] Valuation Metrics - The projected revenue for 2026 is 40.25 billion, reflecting a year-on-year growth of 12.4% [5] - The projected net profit for 2026 is 19.95 billion, with an expected ROE of 9.3% [5] - The company maintains a strong EBITDA margin, with projections of 22.65 billion for 2026 [9]

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of Huatai Securities, with a target price of 25.32 CNY for A-shares and 21.35 HKD for H-shares [5][46]. Core Insights - The business model is being reshaped by AI, enhancing competitive advantages in retail institutions. The company reported a total revenue of 35.81 billion CNY for 2025, with a year-on-year growth of 6.83%. The net profit attributable to shareholders was 16.38 billion CNY, reflecting a 6.72% increase year-on-year [9][14]. - The company is focusing on international business expansion, with a 23.8% increase in international revenue to 5.9 billion CNY, accounting for 17% of total revenue [25][9]. - The wealth management business is undergoing a transformation, with brokerage income rising by 41.5% to 9.1 billion CNY, and product sales income increasing by 54% to 0.0756 billion CNY [30][28]. Summary by Sections 1. Stable Increase in Net Profit - Revenue increased by 7% year-on-year, and net profit attributable to shareholders also grew by 7% [14][17]. - The leverage ratio, excluding agency funds, rose to 4.04, and the adjusted ROE increased to 9.13% [17][9]. - International business revenue accounted for 17% of total revenue [25]. 2. Balanced Development of Light and Heavy Asset Businesses - Retail business showed significant recovery, driven by AI innovations in trading services [28]. - Investment banking maintained a leading position, with net income from investment banking rising by 47.8% to 3.1 billion CNY [35]. - Asset management income decreased by 83% to 0.052 billion CNY due to asset sales, while public fund performance varied [37][9]. 3. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 21.2 billion CNY in 2026 and 24.6 billion CNY in 2027. The valuation is set at 1.2x PB for A-shares, corresponding to a reasonable value of 25.32 CNY per share [46][9].

Investment Rating - The report maintains a "Buy" rating for Huatai Securities (601688.SH) with a current price of 18.21 CNY [3]. Core Insights - In 2025, Huatai Securities achieved an operating income of 35.81 billion CNY, a year-on-year increase of 6.8%. The net profit attributable to shareholders was 16.38 billion CNY, up 6.7% year-on-year. The adjusted net profit was 16.27 billion CNY, reflecting a significant increase of 80.1% year-on-year [9]. - The company has solidified its position in wealth management and experienced a notable recovery in investment banking. The brokerage business generated 9.12 billion CNY in revenue, a 41.5% increase year-on-year, while investment banking revenue reached 3.10 billion CNY, up 47.8% year-on-year [9]. - The international business generated 5.92 billion CNY in revenue, a decrease of 46.7% year-on-year, but if adjusted for one-time gains from the previous year, it would represent a 23.8% increase [9]. Financial Forecasts - The projected operating revenues for 2026, 2027, and 2028 are 42.35 billion CNY, 45.47 billion CNY, and 48.69 billion CNY, respectively, with growth rates of 18.3%, 7.4%, and 7.1% [3][10]. - The net profit attributable to shareholders is expected to be 19.47 billion CNY, 21.04 billion CNY, and 22.62 billion CNY for the years 2026, 2027, and 2028, reflecting growth rates of 18.8%, 8.1%, and 7.5% [3][10]. - Earnings per share (EPS) are forecasted to be 2.16 CNY, 2.33 CNY, and 2.51 CNY for the years 2026, 2027, and 2028 [3][10]. Business Segments - The brokerage business saw a significant increase in revenue, with a total of 91.2 billion CNY for 2025, while the asset management business faced a decline, generating only 1.80 billion CNY, down 56.6% year-on-year [9]. - The company’s financial investment scale stabilized, with a total of 494.6 billion CNY by the end of 2025, marking a 34% year-on-year increase [9]. - The weighted average return on equity (ROE) was reported at 9.2%, slightly down by 0.04 percentage points compared to the previous year [9].

Core Viewpoint - The company emphasizes the need to adapt to rapid changes driven by AI and global integration, asserting that the financial services landscape is being redefined by technological advancements and a shift in China's industrial capabilities [1][2]. Group 1: Business Performance and Financials - By the end of 2025, the company's total assets reached RMB 10,773.48 million, with net assets attributable to shareholders amounting to RMB 2,069.39 million. The company achieved a revenue of RMB 358.10 million and a net profit of RMB 163.83 million for the year [2]. - The company maintains an MSCI ESG rating of AAA, the highest level in the global investment banking industry [2]. Group 2: AI and Innovation - The company is redefining investment banking through AI, enhancing its ability to price risk assets by integrating diverse data and insights across various business lines and geographies [3][4]. - In 2025, the company established an AI-driven intelligent research and investment system, focusing on sectors like new energy and smart driving, to create a comprehensive data foundation for dynamic industry tracking and analysis [4]. Group 3: Global Integration - Chinese enterprises are undergoing a transformation from merely expanding abroad to becoming globally integrated entities, necessitating investment banks with international capital operation capabilities to support this transition [6]. - The company has built a global value chain system since its H-share listing in 2015, progressively establishing a presence in Asian and Western markets while focusing on cross-border transactions [6][7]. Group 4: Organizational Culture - The company recognizes the importance of evolving its organizational culture to support its growth, emphasizing the creation of professional value for clients and the significance of expertise and innovation [10][11]. - The company aims to shift from a tool-centric approach to one that empowers individuals to leverage tools for value creation, focusing on independent judgment and deep understanding of client needs [11][12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ， 中 文 公 司 名 稱 為華 泰 證 券 股 份 有 限 公 司 ， 在 香 港 以HTSC名 義 開 展 業 務 ） （股份代號：6886） 中國江蘇，2026年3月30日 於本公告日期，董事會成員包括執行董事王會清先生、周易先生及王瑩女士；非執行董 事丁鋒先生、于蘭英女士、柯翔先生、晉永甫先生及陳建偉先生；以及獨立非執行董事 王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《华泰证券股份有限公司第七屆董事會第三次 會議決議公告》《华泰证券股份有限公司關於續聘會計師事務所的公告》《华泰证券股份有限 公司2025年度利潤分配方案公告》《华泰证券股份有限公司關於預計2026年度日常關聯交易 的公告》《华泰证券股份有限 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ， 中 文 公 司 名 稱 為華 泰 證 券 股 份 有 限 公 司 ， 在 香 港 以HTSC名 義 開 展 業 務 ） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《华泰证券股份有限公司2025年度財務報表及 審計報告》《华泰证券股份有限公司2025年度內部控制審計報告》《华泰证券股份有限公司 2025年度非經營性資金佔用及其他關聯資金往來情況的專項說明》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊成立 的股份有限公司，於2007年12月7日由前身華泰證券有限責任公 司改制而成，在香港以「HTSC」名義開展業務，根據公司條例第 16部以中文獲准名稱「 ...