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 report highlights a significant increase in light capital business, indicating a positive trend in the company's operational efficiency and profitability [10]. Financial Performance Summary - The total revenue for the reporting period was 335 billion CNY, reflecting a year-on-year growth of 6.4%. The quarterly revenue was 94 billion CNY, down 24.1% quarter-on-quarter [7]. - The net profit attributable to the parent company was 153.5 billion CNY, up 20.4% year-on-year, with a quarterly net profit of 28.3 billion CNY, down 43.8% quarter-on-quarter [7]. - The company's total assets, excluding client funds, were 589.2 billion CNY, a decrease of 118.7 billion CNY year-on-year, while net assets increased by 12.5 billion CNY year-on-year to 191.7 billion CNY [8]. - The financial leverage ratio was reported at 3.07 times, down 0.88 times year-on-year [8]. Business Segment Performance - Proprietary business revenue totaled 14.5 billion CNY, with a quarterly revenue of 2.46 billion CNY, reflecting a significant decline [3]. - Interest income from credit business was 13.56 billion CNY, with a quarterly income of 3.63 billion CNY, showing a quarter-on-quarter increase [3]. - Brokerage business revenue was 6.45 billion CNY, with a quarterly revenue of 2.48 billion CNY, marking a substantial increase of 99.7% quarter-on-quarter and 86.1% year-on-year [9]. - Investment banking revenue was 2.1 billion CNY, with a quarterly revenue of 740 million CNY, showing a slight year-on-year decline [9]. - Asset management revenue was 4.15 billion CNY, with a quarterly revenue of 1.11 billion CNY, indicating stable growth [9]. Future Earnings Projections - 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]. - The expected growth rates for net profit are 20% for 2025, 12% for 2026, and 8% for 2027 [11].

Core Viewpoint - Huatai Securities reported its 2024 annual results, meeting expectations with a revenue of 41.47 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 15.35 billion yuan, up 20% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 41.47 billion yuan in 2024, representing a 13% increase year-on-year [1] - The net profit attributable to shareholders was 15.35 billion yuan, reflecting a 20% year-on-year growth [1] - The non-recurring net profit attributable to shareholders was 9.03 billion yuan, down 30% year-on-year, with a fourth-quarter non-recurring net profit of 2.72 billion yuan, down 13% year-on-year but up 156% quarter-on-quarter [1] - The weighted return on equity (ROE) for 2024 was 5.25%, a decrease of 2.96 percentage points year-on-year [1] Group 2: Revenue Composition - The main revenue from securities was 33.3 billion yuan, an increase of 7% year-on-year, with investment contributing 46% to the main revenue [2] - Brokerage, investment banking, and asset management revenues were 6.45 billion, 2.1 billion, and 4.15 billion yuan respectively, with year-on-year changes of +8%, -31%, and -3% [2] - Net interest income and net investment income saw significant growth, with net interest income at 2.7 billion yuan (+184% year-on-year) and net investment income at 15.3 billion yuan (+17% year-on-year) [2] - The company maintained a 7% market share in margin financing and securities lending, with a margin balance of 130.1 billion yuan, up 6% from the previous year [2] Group 3: Investment Banking and International Business - In investment banking, Huatai Securities ranked second after CITIC Securities, with an IPO underwriting scale of 8.5 billion yuan, down 51% year-on-year, and a market share of 12.9% [3] - The company completed a refinancing underwriting scale of 37.1 billion yuan, down 23% year-on-year, with a market share of 17.8% [3] - The bond underwriting scale was 1.26 trillion yuan, up 3% year-on-year, with a market share of 9.1% [3] - Huatai Securities led the market in mergers and acquisitions, serving as an independent financial advisor for four projects, including significant cross-border transactions [3] - The international business, primarily conducted through Huatai International, contributed 17% to the total assets of Huatai Securities in 2024 [3]

Core Viewpoint - Huatai Securities reported a decline in stock price and a mixed performance in financial results for 2024, with notable growth in net profit but a decrease in non-recurring profit [1][3][4]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased by 16,100 to 219,000, a reduction of 6.83% [2][6]. - The average number of shares held per shareholder increased from 31,100 to 33,400, with an average holding value of 583,300 yuan [2][6]. Performance Highlights - For the year 2024, Huatai Securities reported total revenue of 41.47 billion yuan, a year-on-year increase of 13.37% [3][4]. - The net profit attributable to shareholders was 15.35 billion yuan, up 20.4% year-on-year [3][4]. - The net profit excluding non-recurring items was 9.03 billion yuan, reflecting a decline of 29.9% [3][4]. - In Q4 2024, the company achieved a quarterly revenue of 10.04 billion yuan, a 7.42% increase year-on-year, but the quarterly net profit decreased by 10.59% to 2.83 billion yuan [3][4]. Company Announcements - The total assets of Huatai Securities amounted to approximately 814.27 billion yuan, a decrease of 10.08% from the previous year [4]. - The company announced a cash dividend of 0.37 yuan per share (before tax), with a total cash dividend distribution of approximately 3.34 billion yuan [5][6]. - The total cash dividends for the year, including interim distributions, reached approximately 4.69 billion yuan, representing 30.58% of the net profit attributable to shareholders [5][6].

Core Viewpoint - Huatai Securities reported significant growth in key financial metrics for 2024, with operating revenue reaching 41.47 billion yuan, a year-on-year increase of 13.37%, and net profit attributable to shareholders at 15.35 billion yuan, up 20.4% [1][2] Financial Performance - Operating revenue for 2024 was 41.47 billion yuan, compared to 36.58 billion yuan in 2023, reflecting a growth of 13.37% [2] - Net profit attributable to shareholders was 15.35 billion yuan, up from 12.75 billion yuan in the previous year, marking a 20.4% increase [2] - Basic earnings per share were 1.62 yuan, with total cash dividends of 5.24 billion yuan, maintaining a high payout ratio in the industry [1][2] Business Segments - International business revenue reached 14.34 billion yuan, showing a remarkable growth of 80.93%, with a gross margin of 48.44%, the highest among all business segments [4] - Wealth management revenue was 16.94 billion yuan, a 7.75% increase, accounting for 40.85% of total revenue, supported by a "platform + integrated" service model [5] - Investment management and institutional services saw declines of 50.36% and 28.29%, respectively, attributed to market conditions and valuation drops in private equity funds [5] Strategic Initiatives - The company emphasized "internationalization" and "technology empowerment" as key strategic focuses, with significant advancements in international business and technology platforms [3][4] - Huatai Securities has expanded its international presence, ranking third among Chinese brokers in Hong Kong IPO sponsorship and obtaining licenses in various international markets [3] Quarterly Performance - Quarterly revenue for 2024 was 61.05 million yuan, 113.36 million yuan, 139.83 million yuan, and 100.42 million yuan, with net profit attributable to shareholders of 22.91 million yuan, 30.20 million yuan, 72.11 million yuan, and 28.30 million yuan respectively [5]

按照企业内部控制规范体系的规定，建立健全和有效实施内部控 制，评价其有效性，并如实披露内部控制评价报告是公司董事会的责 任。监事会对董事会建立和实施内部控制进行监督。经营管理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监 事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连 带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进实现发展 战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或 对控制政策和程序遵循的程度降低，根据内部控制评价结果推测未来 内部控制的有效性具有一定的风险。 1 华泰证券股份有限公司 2024 年度 内部控制评价报告 华泰证券股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部 控制监管要求（以下简称"企业内部控制规范体系"），结合本公司 （以下简称"公司"）内部控制制度和评价办法，在内部控制日常监 督和专项监督的基础上，我们对 ...

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