Investment Rating - The report maintains a "Recommended" rating for Huatai Securities [10] Core Views - In 2024, Huatai Securities achieved a record high in both operating revenue and net profit attributable to shareholders, with revenues of 41.5 billion yuan, up 13.4% year-on-year, and net profit of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in credit net income significantly improved, with a year-on-year increase of 184%, while brokerage income turned positive with an 8% increase [2][10] - The company is expected to continue benefiting from a recovering capital market, with projected revenues of 45 billion yuan in 2025 and net profits of 16.6 billion yuan [10] Summary by Sections Financial Performance - In 2024, Huatai Securities reported total operating revenue of 41.5 billion yuan, a 13.4% increase year-on-year, and a net profit of 15.4 billion yuan, a 20.4% increase year-on-year, both setting historical records [1] - The fourth quarter of 2024 saw a revenue of 10 billion yuan, a 28.2% decrease quarter-on-quarter but a 7.4% increase year-on-year [1] Business Segments - The revenue breakdown for 2024 was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The brokerage business saw a significant increase in net income, with a 99.7% increase quarter-on-quarter and an 86.1% increase year-on-year in Q4 2024 [4] Asset Management - The asset management business net income in Q4 2024 was 1.1 billion yuan, a 36.9% increase quarter-on-quarter and a 0.5% increase year-on-year [5] - The total asset management scale reached 556.3 billion yuan by the end of 2024, a 17% year-on-year increase [6] Credit Business - The net interest income for Q4 2024 was 1.4 billion yuan, marking a 13.55-fold increase year-on-year [7] - The financing and securities lending balance reached 130.1 billion yuan, the highest since 2021, with a year-on-year increase of 6.2% [7] Investment Banking - The investment banking revenue for Q4 2024 was 0.7 billion yuan, a 73.5% increase quarter-on-quarter but a slight decrease of 0.8% year-on-year [8] - The total bond underwriting amount for 2024 was 680.3 billion yuan, maintaining growth [8] Profitability Metrics - The return on equity (ROE) increased to 9.2%, and the net profit margin reached 37%, the highest since 2017 [9] - The company expects to achieve revenues of 45 billion yuan in 2025, with a projected PE ratio of 9 [10]

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [9]. Core Insights - Huatai Securities reported significant performance improvement in 2024, primarily driven by investment gains from the sale of AssetMark. The company's securities brokerage business showed steady performance, with a notable improvement in platform activity. The leading position in asset management is evident, with rapid growth in both the scale and profits of its public fund subsidiary. The market share in equity IPOs has significantly increased, and asset management scale has stabilized. The long-term leading layout in wealth management and financial technology is expected to continue generating positive effects [2][6]. Summary by Sections Financial Performance - In 2024, Huatai Securities achieved operating revenue of 41.47 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 15.35 billion yuan, up 20.4%. The weighted average return on equity increased by 1.12 percentage points to 9.24% [6]. Business Segments - The company reported that, excluding the gains from AssetMark, the net profit attributable to shareholders was 9.02 billion yuan, a decrease of 29.3%. The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 6.45 billion, 2.10 billion, 4.15 billion, 2.70 billion, and 7.31 billion yuan, respectively, with year-on-year changes of +8.2%, -31.0%, -2.6%, +184.0%, and -48.7% [6]. Brokerage Business - The brokerage business performed steadily, with a market average daily trading volume of 1.06 trillion yuan, an increase of 21.2% year-on-year. The net income from agency trading and seat leasing rose by 15.5% to 5.48 billion yuan. The monthly active users of the company's securities app, Zhangle Wealth, reached 11.5 million, a year-on-year increase of 22.6% [6]. Asset Management - As of the end of 2024, Huatai Securities held equity and bond fund sizes of 120.2 billion and 166.6 billion yuan, respectively, with year-on-year changes of -10.6% and +4.3%. The company’s subsidiaries, Southern Fund and Huatai Baichuan Fund, had non-monetary management scales of 648.5 billion and 565.7 billion yuan, respectively, with year-on-year growth rates of +32.7% and +98.7% [6]. IPO Market Share - In a tightening equity financing environment, the company’s equity IPO, refinancing, and bond underwriting scales were 85.4 billion, 463.6 billion, and 1,289.6 billion yuan, with year-on-year changes of -50.8%, -37.3%, and +4.6%. The corresponding market shares were 12.9%, 20.8%, and 9.1%, with increases of 8.0 percentage points, 10.8 percentage points, and 0.002 percentage points, respectively [6]. Financial Assets and Investment Returns - By the end of 2024, the company reduced its financial asset scale to 359.8 billion yuan, a decrease of 25.0% year-on-year. The estimated static self-operated investment return rate was 2.9%, down 0.79 percentage points year-on-year [6]. Future Outlook - Huatai Securities is positioned as a pioneer in technology-enabled brokerage, successfully developing leading technology platforms such as "Zhangle Wealth" and "Xingzhi". The leading layout in wealth management and financial technology is expected to continue generating positive effects. The projected net profits attributable to shareholders for 2025 and 2026 are 11.81 billion and 13.40 billion yuan, respectively, corresponding to price-to-book ratios of 0.91 and 0.84 [6].

Investment Rating - The investment rating for Huatai Securities is "Buy" with a target price not specified [7] Core Views - The overall performance of Huatai Securities is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1] - The wealth management business is expected to benefit from the recovery in market sentiment and increased trading volume, leading to a "dual-wheel drive" of wealth management and institutional services [5] Summary by Sections Financial Performance - In Q4 2024, Huatai Securities achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year [1] - The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6% year-on-year, while the full-year net profit was 154 billion yuan, up 20.4% year-on-year [1] - The return on equity (ROE) was 9.2%, an increase of 1.1 percentage points compared to the same period last year [1] Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenue of 24.8 billion yuan, up 86.1% year-on-year, and full-year revenue of 64.5 billion yuan, up 8.2% year-on-year [2] - The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, a year-on-year increase of 119.3% [2] Investment Banking - The investment banking business reported revenue of 7.4 billion yuan in Q4, down 0.8% year-on-year, and 21.0 billion yuan for the full year, down 31.0% year-on-year [2] - The decline in revenue was attributed to stricter regulatory policies and a significant drop in underwriting scale for IPOs and refinancing [2] Asset Management - Asset management revenue for Q4 was 11.1 billion yuan, up 0.5% year-on-year, while the full-year revenue was 41.5 billion yuan, down 2.6% year-on-year [3] - The decline in revenue was mainly due to reduced fees in public funds, despite a significant increase in non-monetary public fund management scale [3] Credit Business - The credit business experienced substantial growth, with Q4 revenue of 14.0 billion yuan, up 1355.4% year-on-year, and full-year revenue of 27.1 billion yuan, up 184.0% year-on-year [4] - The increase was driven by active capital market trading and a rise in margin financing balances [4] Self-operated Business - The self-operated business reported a revenue of 83.0 billion yuan for the full year, down 28.9% year-on-year after excluding the sale of AssetMark [4] - The financial asset scale for self-operated business decreased by 25.5% year-on-year [4] Profit Forecast - The profit forecast for 2025 and 2026 has been adjusted to 158 billion yuan and 179 billion yuan respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5]

华泰证券认为，红利策略仍是重点。2024年上市保险公司继续增配红利特征明显的FVOCI股票。现金收 益率下行是险资配置红利股的最根本动力，我们估计2024年上市保险公司平均现金投资收益率为 3.4%（2023 3.6%），进一步靠拢险资的刚性成本线。上市公司当中阳光保险、中国平安和中国财险的 FVOCI股票配置比例较高，我们认为其他公司仍有增配空间。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数。自由现金流是企业生存发展的命脉，也是上 市公司维持稳定现金分红能力的来源。自由现金流策略和红利策略作为价值投资的两大分支，存在一定 互补性又各有所长。自由现金流ETF的管理费年费率为0.15%、托管费年费率为0.05%，均为全市场最低 水平。 4月1日，A股缩量拉升，午后大盘冲高回落，长期投资新范式自由现金流ETF（159201）盘中震荡涨约 0.4%，成交额率先突破3.3亿元，换手率、成交额均位居同类ETF第一，交投活跃。指数成分股中，万 辰集团、乐心医疗、东北制药等领涨。 （文章来源：每日经济新闻） 规模方面，截至2025年3月31日，自由现金流ETF（159201）最新流通规模为27.89亿元，流 ...

Core Viewpoint - Huatai Securities reported its 2024 annual results, which were slightly below expectations, with a revenue of 41.47 billion and a net profit of 15.35 billion, reflecting year-on-year increases of 13.4% and 20.4% respectively [1] Group 1: Financial Performance - In 2024, Huatai Securities achieved total operating revenue of 41.47 billion, a year-on-year increase of 13.4% [1] - The company reported a net profit attributable to shareholders of 15.35 billion, up 20.4% year-on-year [1] - The weighted average ROE for 2024 was 9.24%, an increase of 1.12 percentage points year-on-year [1] - The main revenue from securities reached 33.26 billion, with a year-on-year growth of 6.8% [1] - Breakdown of main revenue sources: brokerage (6.45 billion, +8.2%), investment banking (2.10 billion, -31.0%), asset management (4.15 billion, -2.6%), net interest (2.70 billion, +184%), and net investment income (15.25 billion, +17.4%) [1] Group 2: Asset Management and Investment - By the end of 2024, total assets were 814.3 billion, a decrease of 10.1% from the beginning of the year, while net assets increased by 7.0% to 191.7 billion [2] - Investment assets shrank to 369.8 billion, down 25.5% year-on-year, with trading bonds at 171.6 billion (-12.4%) and trading stocks at 56.7 billion (-54.1%) [2] - The net investment income for 2024 was 15.25 billion, a year-on-year increase of 17.4%, but if excluding the one-time impact from the sale of AssetMark, it would have been 8.92 billion, down 31.4% year-on-year [2] Group 3: Brokerage and Market Position - In brokerage services, the company achieved net income from agency buying of 5.48 billion, a year-on-year increase of 15.5%, while agency selling income was 0.49 billion, down 23.8% [3] - By the end of 2024, the company held a non-cash asset scale of 166.6 billion, up 4.3% year-on-year, ranking second in the industry [3] - The company’s margin financing and securities lending balance was 130.1 billion, with a market share of 6.98% [3] - In terms of equity underwriting, the company’s A-share IPO underwriting scale was 8.54 billion, down 50.8%, but its market share increased by 8.05 percentage points to 12.9% [3] Group 4: Future Projections - Expected net profits for Huatai Securities for 2025, 2026, and 2027 are projected to be 13.15 billion, 13.84 billion, and 14.51 billion respectively, reflecting a year-on-year decrease of 14% in 2025, followed by increases of 5% in the subsequent years [4] - The projected dynamic price-to-book ratios for 2025, 2026, and 2027 are 0.87x, 0.83x, and 0.78x respectively [4]

| 序号 | 代码 | 名称 | 现价 | 涨跌 | | --- | --- | --- | --- | --- | | 1 | 601688 | 华泰证券 | 16.54 | -1.04 | | 2 | 002945 | 华林证券 | 14.96 | -0.87 | | 3 | 600958 | 东方证券 | 9.44 | -0.32 | | 4 | 601059 | 信达证券 | 16.20 | -0.54 | | 5 | 000166 | 申万宏源 | 4.93 | -0.16 | | 6 | 601878 | 浙商证券 | 11.37 | -0.36 | | 7 | 600918 | 中泰证券 | 6.42 | -0.20 | | 8 | 6881 | 中国银河 | 7.740 | -0.240 | | 9 | 600061 | 国投资本 | 7.07 | -0.21 | | 10 | 601236 | 红塔证券 | 7.80 | -0.21 | 图片系部分券商股3月31日涨跌幅 资料来源：Wind 非经常性收益撑起盈利新高 2024年，华泰证券实现营业收入414.66亿元，同比增长13.37%；归属 ...

证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 2024 年年报点评：头部券商优势稳固，出售 子公司股权增厚全年业绩 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 36,578 | 41,466 | 38,735 | 40,996 | 42,986 | | 同比（%） | 14.19% | 13.37% | -6.59% | 5.83% | 4.86% | | 归母净利润（百万元） | 12,751 | 15,351 | 14,016 | 15,126 | 16,075 | | 同比（%） | 15.36% | 20.40% | -8.70% | 7.92% | 6.28% | | EPS-最新摊薄（元/股） | 1.41 | 1.70 | 1.55 | 1.68 | 1.78 | | P/E（现价&最新摊薄） | 9.78 | 8.13 | 8.90 | 8.25 | 7.76 | [Table ...

SEMICON China 2025 展会的参会人数创历史新高，第一天较去年增加了 10%， 达到 8 万人，三天总参会人数接近 20 万。展会上有几个主要感受：首先是 AI 相关需求的显著增长。3M 主席居总在开幕式上提到，到 2030 年全球半导体市 场规模将达到 1 万亿美元，其中 75%以上的需求与 AI 相关。其次是国产化率的 快速上升，美国出口管制政策推动了中国工厂大规模使用国产设备和材料，从 • AI 驱动半导体增长：预计到 2030 年，全球半导体市场规模将达 1 万亿美 元，其中 75%以上需求与 AI 相关，涵盖算力芯片、端侧基带芯片及工业半 导体等，预示 AI 应用将显著推动技术进步和市场扩张。 • 国产化率提升影响：美国出口管制促使中国工厂大规模采用国产设备和材 料，从试用转向商用，尤其在先进封装和多次曝光等领域，中国设备商与 晶圆厂协同研发取得进展，提升了中国在全球市场的竞争力。 • 全球资本开支动态：2025 年全球资本开支预计增长 8%，中芯国际和台积电 上调资本开支，三星略微下调，中国市场基本持平。中国受益于外部依赖 减少和国产设备大规模采用，设备商收入显著增长。 • 美国实体 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][12][4] Core Views - The company achieved a revenue of 41.466 billion yuan in 2024, representing a year-on-year increase of 13.37%. The net profit attributable to shareholders was 15.351 billion yuan, up 20.4% year-on-year. However, the net profit after deducting non-recurring gains and losses decreased by 29.9% to 9.034 billion yuan [1][4] - The growth in performance is attributed to the recovery of the market driven by policy implementation, increased trading activity, and a decrease in interest expenses on interest-bearing liabilities. Investment income and interest income saw significant increases [1] - The company is focusing on internationalization and intelligence, exploring opportunities in "AI enhancement" and "technology empowerment platforms" to leverage business and technology [1] Summary by Sections Financial Performance - In 2024, the company reported investment business income of 14.501 billion yuan, a year-on-year increase of 24.25%, driven by the recovery in equity, derivatives, and the stock market. The net interest income surged by 184.09% to 2.705 billion yuan due to reduced interest expenses [1][3] - The brokerage business income was 6.447 billion yuan, up 8.19% year-on-year, with a year-end cash balance of 177.639 billion yuan, an increase of 18.17% [2] - Asset management business revenue fell by 2.58% to 4.146 billion yuan, while investment banking revenue decreased by 30.96% to 2.097 billion yuan [3] Future Earnings Forecast - The earnings forecasts for 2025 and 2026 have been raised by 3.92% and 6.2%, respectively. The projected net profits for 2025-2027 are 16.019 billion yuan, 17.559 billion yuan, and 18.937 billion yuan, reflecting year-on-year growth rates of 4.3%, 9.6%, and 7.8% [4][12] - The current price-to-earnings (PE) ratios are projected at 10, 9.1, and 8.4 for 2025, 2026, and 2027, respectively, while the price-to-book (PB) ratios are 0.79, 0.74, and 0.7 [4][12]

Investment Rating - The report maintains a "Recommended" rating for Huatai Securities with a target price of 22.99 CNY [2][10]. Core Views - The company's annual ROE increased year-on-year, while leverage decreased, leading to improvements in ROA and profit margins. The decline in quarterly performance is attributed to the previous sale of AssetMark, which had provided a boost to earnings [2]. - The total revenue for the reporting period was 33.5 billion CNY, reflecting a year-on-year increase of 6.4%. The net profit attributable to shareholders was 15.35 billion CNY, up 20.4% year-on-year [7][10]. - The report highlights a significant increase in light capital business, benefiting from improved market conditions and the company's strong fundamentals [10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.07 times, down 0.88 times year-on-year [2][8]. - The net profit margin for the reporting period was 45.9%, an increase of 5.3 percentage points year-on-year [2]. - The self-operated business revenue totaled 14.5 billion CNY, with a quarterly self-operated yield of 0.8% [3]. - Interest income from credit business reached 13.56 billion CNY, with a significant increase in margin trading business scale [3][9]. - Brokerage business revenue showed a notable increase, reaching 6.45 billion CNY, with a year-on-year growth of 86.1% [9]. Earnings Forecast - The report projects EPS for 2025, 2026, and 2027 to be 1.91, 2.07, and 2.26 CNY respectively, with corresponding BPS of 19.16, 20.42, and 21.78 CNY [10][11]. - The expected growth rates for net profit are 20% for 2025, 12% for 2026, and 8% for 2027 [11].