Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.24 CNY [1][8]. Core Views - The company's single-quarter ROE increased year-on-year but decreased quarter-on-quarter, primarily influenced by the self-operated fixed income business. The reported ROE for the period was 1%, with a year-on-year increase of 0.3 percentage points [1]. - The company’s total assets, excluding client funds, amounted to 798 billion CNY, a slight decrease of 1.8 million CNY year-on-year, while net assets increased by 9.1 million CNY year-on-year to 290 billion CNY [1]. - The report highlights a significant increase in net profit, which reached 2.9 billion CNY, representing a year-on-year growth of 48.3% [7]. Financial Summary - The main financial indicators for the company are as follows: - Main revenue for 2024 is projected at 6,712 million CNY, with a year-on-year growth rate of -3%. For 2025, it is expected to rise to 7,611 million CNY, reflecting a growth rate of 13% [3]. - The net profit attributable to the parent company is forecasted to be 1,403 million CNY for 2024, with a year-on-year growth of 20%, and is expected to reach 1,582 million CNY in 2025, indicating a growth of 13% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.35 CNY, with a price-to-earnings (P/E) ratio of 21.0 times [3]. Business Performance - The self-operated business revenue totaled 4.6 billion CNY, showing a quarter-on-quarter decline of 4.2 billion CNY, while the self-operated yield was 0.8% [1][8]. - The brokerage business revenue decreased by 26.3% quarter-on-quarter to 2.9 billion CNY, but increased by 55.3% year-on-year [8]. - The company’s credit business generated interest income of 2.7 billion CNY, reflecting a quarter-on-quarter decrease of 0.33 billion CNY [2].

| 证券代码：002673 证券简称：西部证券 | 公告编号：2025-031 | | --- | --- | | 债券代码：149908 | 债券简称：22西部05 | | 149949 | 22西部06 | | 148177 | 23西部02 | | 148339 | 23西部03 | | 148391 | 23西部04 | | 148424 | 23西部05 | | 148699 | 24西部01 | | 148753 | 24西部02 | | 148865 | 24西部03 | | 148924 | 24西部04 | | 524008 | 24西部05 | | 524106 | 25西部01 | | 524164 | 25西部02 | 西部证券股份有限公司 2022年面向专业投资者公开发行公司债券 （第三期）（品种二）2025年兑付兑息暨摘牌公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 西部证券股份有限公司 2022 年面向专业投资者公开发行公司债 券（第三期）（品种二）（债券简称：22 西部 05，债券代码：149908， 以下简 ...

西部证券发布2024 年年报。剔除其他业务收入后营业总收入：42 亿元，同比+10.5%，单季度为16 亿 元，环比+10.4 亿元。 事项： 点评： ROE 环比同比提升明显。公司报告期内ROE 为4.9%，同比+0.7pct。单季度ROE 为2.3%，环比+2.1pct， 同比+1.3pct，杜邦拆分来看： 归母净利润：14 亿元，同比+20.4%，单季度为6.7 亿元，环比+6 亿元，同比+3.8 亿元。 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：2.5 倍，同比-0.43倍，环比-0.2 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收入后）为5.8%，同比 +1.2pct，单季度资产周转率为2.2%，环比+1.5pct，同比+1.2pct。 3）公司报告期内净利润率为33.4%，同比+2.7pct，单季度净利润率为42.3%，环比+28.8pct，同比 +7.2pct。 资产负债表看，剔除客户资金后公司总资产为720 亿元，同比-98.9 亿元，净资产：288 亿元，同比+8.7 亿元。杠杆倍数为2.5 倍，同比-0.43 倍。 公司计息负债余额为370 亿元， ...

西部证券股份有限公司 2025年度第三期短期融资券发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 | 证券代码：002673 | 证券简称：西部证券 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：149908 | | 债券简称：22西部05 | | 149949 | | 22西部06 | | 148177 | | 23西部02 | | 148339 | | 23西部03 | | 148391 | | 23西部04 | | 148424 | | 23西部05 | | 148699 | | 24西部01 | | 148753 | | 24西部02 | | 148865 | | 24西部03 | | 148924 | | 24西部04 | | 524008 | | 24西部05 | | 524106 | | 25西部01 | | 524164 | | 25西部02 | 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ www.chinamoney.com.cn ） 和 上 ...

公司研究 3）公司报告期内净利润率为 33.4%，同比+2.7pct，单季度净利润率为 42.3%， 环比+28.8pct，同比+7.2pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 24.9 亿元，单季度为 8.8 亿元，环比+6.7 亿元。单季度 自营收益率为 1.8%，环比+1.4pct，同比+1.1pct。 对比来看，单季度期间主动型股票型基金平均收益率为+5.32%，环比-6.61pct， 同比+9.68pct。纯债基金平均收益率为+1.43%。环比+1.19pct，同比+0.65pct。 2）信用业务：公司利息收入为 10.2 亿元，单季度为 3 亿元，环比+0.67 亿元。 两融业务规模为100亿元，环比+24.6亿元。两融市占率为0.54%，同比+0.03pct。 3）质押业务：买入返售金融资产余额为 30 亿元，环比+2 亿元。 证 券 研 究 报 告 西部证券（002673）2024 年报点评 推荐（维持） 各项业务均有提升 目标价：9.24 元 事项： 点评： ❖ ROE 环比同比提升明显。公司报告期内 ROE 为 4.9%，同比+0 ...

Investment Rating - The report maintains a "Recommended" rating for Western Securities (002673) with a target price of 9.24 CNY [1]. Core Insights - The company's return on equity (ROE) has shown significant improvement, with a reported ROE of 4.9%, up by 0.7 percentage points year-on-year. The quarterly ROE stands at 2.3%, reflecting a quarter-on-quarter increase of 2.1 percentage points and a year-on-year increase of 1.3 percentage points [2]. - The total revenue for the reporting period, excluding other business income, reached 4.2 billion CNY, representing a year-on-year growth of 10.5%. The quarterly revenue was 1.6 billion CNY, with a quarter-on-quarter increase of 10.4 billion CNY [8]. - The net profit attributable to the parent company was 1.4 billion CNY, marking a year-on-year increase of 20.4%, with a quarterly net profit of 670 million CNY, up by 6 billion CNY quarter-on-quarter and 3.8% year-on-year [8]. Financial Performance - The company's self-operated business revenue totaled 2.49 billion CNY, with a quarterly figure of 880 million CNY, reflecting a quarter-on-quarter increase of 670 million CNY. The self-operated yield for the quarter was 1.8%, up by 1.4 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [3]. - Interest income from credit business amounted to 1.02 billion CNY, with a quarterly income of 300 million CNY, showing a quarter-on-quarter increase of 67 million CNY. The margin financing and securities lending business scale reached 10 billion CNY, up by 2.46 billion CNY quarter-on-quarter [3]. - The brokerage business revenue saw a significant quarter-on-quarter growth of 132.8%, reaching 950 million CNY, with a year-on-year increase of 130.1% [9]. Future Projections - The report projects earnings per share (EPS) for Western Securities to be 0.35 CNY, 0.39 CNY, and 0.43 CNY for the years 2025, 2026, and 2027 respectively. The book value per share (BPS) is expected to be 6.57 CNY, 6.81 CNY, and 7.04 CNY for the same years [10]. - The target price of 9.24 CNY corresponds to a price-to-book (PB) ratio of 1.40 for the year 2025, reflecting the company's overall business situation and the current market conditions [10].

Group 1 - Yilida plans to repurchase shares worth 30 to 50 million yuan for employee stock ownership plans, with a maximum price of 6.5 yuan per share [1] - Yinglian shares two major shareholders plan to reduce their holdings by up to 5% [1][2] - Zhongbing Hongjian reports a net loss of 327 million yuan for 2024, with a revenue decline of 25.29% [2][3] Group 2 - Zhongke Electric reports a net profit increase of 626.56% for 2024, with a revenue growth of 13.72% [3][4] - Yong'an Futures reports a net profit decline of 21.07% for 2024, with a revenue decrease of 8.76% [5][6] - Yongjie New Materials reports a net profit increase of 34.28% for 2024, with a revenue growth of 24.71% [7][8] Group 3 - Xibu Securities reports a net profit increase of 20.38% for 2024, despite a revenue decline of 2.64% [9][10] - Jinying Heavy Industry reports a net profit decline of 35.54% for 2024, with a slight revenue increase of 1.13% [10][11] - Haineng Industry reports a net profit decline of 40.45% for 2024, despite a revenue growth of 16.26% [12][13] Group 4 - Penghui Energy reports a net loss of 252 million yuan for 2024, with a revenue increase of 14.83% [14][15] - Weiming Pharmaceutical reports a net loss of 137 million yuan for 2024, with a revenue decline of 16.14% [16][17] - Huachang Technology reports a net profit increase of 184.26% for 2024, with a revenue growth of 6.74% [18][19] Group 5 - Ancar Detection reports a net loss of 213 million yuan for 2024, with a revenue decline of 3.05% [20][21] - Saiwei Intelligent reports a net loss of 507 million yuan for 2024, with a significant revenue decline of 68.03% [22][23] - Qinglong Pipe Industry reports a net profit increase of 976.43% for 2024, with a revenue growth of 36.71% [24][25] Group 6 - Huayin Electric reports a net loss of 113 million yuan for 2024, with a revenue decline of 16.00% [26][27] - Zhongqi New Materials reports a net profit decline of 61.59% for 2024, with a revenue decrease of 22.88% [28][29] - Guangzheng Eye Hospital reports a net loss of 175 million yuan for 2024, with a revenue decline of 16.94% [30][31] Group 7 - Zhenlan Instrument reports a net profit increase of 2.16% for 2024, with a revenue growth of 11.63% [32][33] - Zaiseng Technology reports a net profit increase of 137.99% for 2024, despite a revenue decline of 10.87% [34][35] - Haitai High-tech reports a net profit increase of 51.34% for 2024, with a revenue growth of 25.26% [36][37] Group 8 - Runze Technology reports a net profit increase of 1.62% for 2024, with a revenue growth of 0.32% [38][39]

西部证券股份有限公司 2025 年度投资者关系管理工作计划 根据西部证券股份有限公司（以下简称"公司"）投资者关系管 理工作，加强公司与投资者及潜在投资者之间的沟通与交流，增进投 资者对公司的了解和认同，维护和提升公司资本市场形象，切实保护 投资者特别是中小投资者的合法权益，根据《公司法》《证券法》《上 市公司与投资者关系工作指引》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等有关法律法规及规范性文 件，结合公司管理制度及实际情况，特制定公司 2025 年度投资者关 系管理工作计划。 一、公司投资者关系管理工作的基本原则和目的 （一）基本原则 1、合规披露信息原则。公司应遵守国家法律法规及证券监管部 门、证券交易所对上市公司信息披露的规定，保证信息披露真实、准 确、完整、及时。在开展投资者关系工作时应注意对尚未公布的信息 及其他内部信息的保密，一旦出现泄密情形，公司应当按有关规定及 时予以披露。 2、充分披露信息原则。除强制的信息按要求披露以外，公司将 主动披露投资者关心的其他相关信息。 3、公平、公正、公开原则。公司应公平对待所有股东及潜在投 资者，体现公平、公正、公开原则，保 ...

西部证券股份有限公司董事会关于 （一）公司各位董事 2024 年度履职考核成绩均为合格，具体薪 酬情况详见《西部证券股份有限公司 2024 年年度报告》； （二）2024 年度，各位董事均勤勉尽责，未发生《西部证券股份 有限公司章程》及《董事、监事薪酬及考核管理方案》中规定的禁止 及处罚行为。 2024 年度董事绩效考核和薪酬情况的专项说明 根据《公司法》《证券公司治理准则》《上市公司治理准则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律法规和《西部证券股份有限公司章程》《西部证券股份有 限公司董事、监事薪酬及考核管理方案（试行）》（以下简称"《董事、 监事薪酬及考核管理方案》"）、《国有企业领导人员廉洁从业若干规定》 的有关规定，结合公司实际情况，现将公司 2024 年度董事薪酬及考 核情况说明如下： 一、2024 年度董事履职考核内容、考核程序与薪酬原则 根据《董事、监事薪酬及考核管理方案》的规定，公司 2024 年 度对董事履职考核内容包括：勤勉尽责、业务培训、风控合规指标（含 反洗钱）等方面。 在公司领取薪酬的董事的考核按其所在岗位的考核指标进行，由 公司各归口部 ...