HTSC(601688) 新浪财经·2025-04-01 04:34Core 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]