Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 12.25 CNY [1]. Core Views - The company's return on equity (ROE) decreased year-on-year to 5.5%, with a notable decline in leverage [1]. - The total revenue for the reporting period was 6.4 billion CNY, reflecting a year-on-year increase of 12.3% [6]. - The net profit attributable to the parent company was 1.93 billion CNY, up 10.2% year-on-year [6]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.51 times, down 1.1 times year-on-year [1]. - The asset turnover ratio was 5.2%, an increase of 0.6 percentage points year-on-year [1]. - The net profit margin for the reporting period was 30.2%, a decrease of 0.6 percentage points year-on-year [1]. Business Segment Performance - Proprietary business revenue totaled 1.74 billion CNY, with a quarterly revenue of 710 million CNY, reflecting a quarter-on-quarter increase of 250 million CNY [2]. - Interest income from credit business was 2.51 billion CNY, with a quarterly income of 710 million CNY, up 110 million CNY quarter-on-quarter [2]. - Brokerage business revenue increased significantly by 105.2% quarter-on-quarter to 2.35 billion CNY [8]. Future Earnings Projections - The company is expected to achieve earnings per share (EPS) of 0.52, 0.58, and 0.65 CNY for the years 2025, 2026, and 2027 respectively [9]. - The projected net profit for the years 2025, 2026, and 2027 is 2.38 billion, 2.66 billion, and 2.98 billion CNY respectively [9].

Core Viewpoint - Zhejiang Securities predicts that under a relatively stable domestic demand environment, the revenue and profit growth of major brand apparel leaders are expected to improve on a quarter-on-quarter basis in Q1 2025, despite fluctuations in external demand [1][2] Group 1: Brand Apparel - Retail performance for apparel, footwear, and textiles showed a cumulative growth of 0.3% in 2024 and 3.3% in January-February 2025, driven by consumer confidence boosted by consumption promotion policies [2] - Haier's revenue is expected to grow positively in Q1 2025 due to benefits from FCC and JD Outlet projects, while Semir Apparel is anticipated to see slower profit growth due to ongoing channel investments [2] - In the sports fashion segment, BiYin is expected to lead revenue growth in Q1 2025, although new brand KC's profit growth is projected to lag behind revenue [2] Group 2: Textile Manufacturing - Despite a high base for Q1 2025 manufacturing orders, leading manufacturers are expected to maintain positive order growth, with most manufacturers having a stable demand outlook [4] - Companies like Huali Group, Kairun Co., and Taihua New Materials are expected to achieve double-digit revenue growth in Q1 2025, while others like Weixing Co. and Jiasheng Group are projected to maintain single-digit revenue growth [4] - Profit performance may vary, with some companies experiencing a decline in net profit margins due to new factory launches, while most are expected to maintain stable or slightly improved margins [4] Group 3: Investment Recommendations - Focus on industry leaders with positive operational changes or attractive valuations, such as Haier, Weiguan Medical, Semir Apparel, and others [3] - Hong Kong-listed sports and functional apparel companies are expected to show resilience, with recommendations for Anta Sports, Bosideng, and Li Ning [3] - High-dividend home textile leaders supported by clear subsidy policies include Luolai Life and Mercury Home Textiles [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [8]. Core Insights - The company's performance in 2024 was driven by proprietary trading, with total revenue of 15.82 billion yuan, a year-on-year decrease of 10.3%, while net profit attributable to shareholders increased by 10.2% to 1.93 billion yuan [8]. - The report highlights significant growth in agency trading income, with a net income of 1.20 billion yuan, reflecting a year-on-year increase of 22% [8]. - The investment banking segment faced challenges, with revenues declining by 17.9% to 720 million yuan, primarily due to a tightening equity financing market [8]. - Asset management revenue saw a slight decline of 6.2%, but the total asset management scale increased by 4.6% to 953 billion yuan [8]. - The company achieved substantial growth in investment income, which rose by 69.3% to 1.74 billion yuan, benefiting from effective asset allocation strategies [8]. Financial Forecast - The report projects net profits for 2025, 2026, and 2027 to be 2.17 billion yuan, 2.30 billion yuan, and 2.54 billion yuan respectively, with corresponding year-on-year growth rates of 12.05%, 6.16%, and 10.56% [8]. - Earnings per share (EPS) are expected to be 0.47 yuan, 0.59 yuan, and 0.66 yuan for the years 2025, 2026, and 2027 respectively [8]. - The current market capitalization corresponds to a price-to-book (PB) ratio of approximately 1.11x, 1.07x, and 1.02x for the years 2025, 2026, and 2027 [8].

买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,638 | 15,816 | 17,032 | 17,808 | 18,620 | | 同比（%） | 4.90% | -10.33% | 7.69% | 4.55% | 4.56% | | 归母净利润（百万元） | 1,754 | 1,932 | 2,165 | 2,298 | 2,541 | | 同比（%） | 6.01% | 10.17% | 12.05% | 6.16% | 10.56% | | EPS-最新摊薄（元/股） | 0.46 | 0.49 | 0.47 | 0.59 | 0.66 | | P/E（现价&最新摊薄） | 23.13 | 21.71 | 22.48 | 17.96 | 16.24 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·证券Ⅱ 浙商证券（601878） 2024 年报点评 ...

非银金融 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 | 市场数据： 2025 年 04 月 10 日 | | | --- | --- | | 收盘价（元） | 10.64 | | 一年内最高/最低（元） | 15.87/9.72 | | 市净率 | 1.8 | | 息率（分红/股价） | 1.79 | | 流通 A 股市值（百万元） | 48,665 | | 3,223.64/9,754.64 上证指数/深证成指 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 7.69 | | 资产负债率% | 76.30 | | 总股本/流通 A 股(百万) | 4,574/4,574 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 2025 年 04 月 11 日 浙商证券 (601878) ——自营股债再平衡，收购国都再进一步 事件：4/10，浙商证券披露 2024 年年报，业绩与快报一致。2024 公司实现营收 158.2 亿元，同比-10.3% ...

并购国都证券后，浙商证券股份有限公司（下称"浙商证券"，601878）发布首份年报。 4月10日晚间，浙商证券披露2024年年报，报告期内，公司实现营业收入158.16亿元，同比下降10.33%；净利润19.32亿元，同比增长10.17%。浙商 证券表示，营收减少的主要原因是受期货业务规模下降影响。 截至2024年12月31日，浙商证券总资产为1540.86亿元，同比增长5.88%；归属于母公司股东的权益为351.93亿元，同比增长30.26%；公司拟每10股 派发现金红利1元（含税）。 2024年，浙商证券投资银行业务实现收入6.77亿元，同比下降20.93%。其中，浙商证券完成股权、债券主承销项目共292单，融资总规模达到1071 亿元，实现投行收入6.77亿元。其中，IPO阶段性收紧背景下，仅完成一单北交所IPO，2023年则是完成了3单IPO。 2024年，浙商证券证券经纪业务实现收入36.36亿元，同比增加3.53%。浙商证券表示，国家增量政策利好下，第四季度证券市场交投较为活跃，对 证券公司全年佣金收入带来有利条件。 2024年，浙商证券投资业务实现收入11.49亿元，同比增长35.93%。公司通 ...

按申万行业统计，浙商证券所属的非银金融行业共有39家公司公布了2024年度分配方案，派现金额最多 的是中国平安，派现金额为293.34亿元，其次是中国人寿、中国太保，派现金额分别为127.19亿元、 103.90亿元。（数据宝） 2024年度非银金融行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601318 | 中国平 | 0.00 | 16.2 | 2933438.00 | 23.17 | 3.42 | | --- | --- | --- | --- | --- | --- | --- | | | 安 | | | | | | | 601628 | 中国人 | 0.00 | 4.5 | 1271900.00 | 11.89 | 1.30 | | | 寿 | | | | | | | 601601 | 中国太 | 0.00 | 10.8 | 1038996.88 | 23.1 ...

践行社会责任擘画发展蓝图 多业务协同发力核心指标稳中有进 2024年，浙商证券以服务实体经济为根本，推动各业务板块提质增效，实现高质量发展。 经纪与财富管理双轮驱动。经纪业务方面，公司聚焦私募机构服务与居民财富管理，全年私募服务规模 突破千亿大关，达1007亿元。通过"股道行""私募沙龙"等系列活动提升客户覆盖，并依托"鑫管家"金融 科技平台打造私募综合服务品牌。财富管理业务持续创新，深化"以客户利益为中心"的服务体系，全年 荣获"成长财富管理示范机构""最佳成长财富管理奖"等多项行业权威奖项，品牌影响力显著提升。信用 业务方面，截至2024年末，公司融资融券余额为238.33亿元，较2023年末增加43.15亿元，增长幅度为 22.11%，高于市场平均水平。 投行与投资业务逆势突破。投行业务全年完成股权、债券主承销项目292单，融资规模1071亿元。其 中，债券承销规模1055.9亿元，公司债承销排名全国第9位，浙江省内稳居榜首。投资业务紧抓市场机 遇，自营投资收益同比大幅增长；直投业务规模持续扩大，并新设股权投资基金4支，新增管理规模逾 30亿元，积极响应国家"投早、投小、投硬科技"政策导向。 资管与期货 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-025 浙商证券股份有限公司 2025 年度第三期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司 2025 年度第三期短期融资券已于 2025 年 4 月 9 日发 行完毕，相关发行情况如下： | 短期融资券名称 | | 浙商证券股份有限公司 | 2025 | 年度第三期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | | 短期融资券发行简称 | 25 | 浙商证券 | CP003 | 短期融资券流通代码 | | 072510058 | | 发行日 | 2025 | 年 4 月 | 8 日 | 起息日期 | 2025 年 | 4 月 9 日 | | 兑付日期 | 2025 | 年 7 月 | 9 日 期限 | | | 91D | | 计划发行总额 | 20 | 亿元人民币 | | 实际发行总额 | 20 | 亿元人民币 | | 票面利率 | | 1.7 ...

中国银河证券股份有限公司（ 以下简称"银河证券"或"保荐机构"）作为 浙商证券股份有限公司 以下简称"浙商证券"或"公司"）2022 年度公开发 行可转换公司债券的持续督导保荐机构，根据（ 证券发行上市保荐业务管理办法》 上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（ 2022 年修订）》 上海证券交易所上市公司自律监管指引第 1 号——规范运作（ 2023 年 12 月修订）》等相关法律法规和规范性文件的规定，对浙商证券 2024 年度募集 资金存放与实际使用情况进行了核查，情况如下： 一、募集资金基本情况 一）实际募集资金金额、资金到账时间 中国银河证券股份有限公司 关于浙商证券股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 经中国证券监督管理委员会证监许可[2022]679 号文核准，由主承销商华安 证券股份有限公司（ 以下简称"华安证券"）采用余额包销方式，向社会公众公 开发行了可转换公司债券 7,000.00 万张，每张面值为人民币 100.00 元，按面值 发行，共计募集资金总额为人民币 700,000.00 万元，坐扣券商承销佣金及保荐 费用人民币 12, ...