东方证券(600958)：投资收益亮眼 资产质量进一步夯实

Core Viewpoint - Dongfang Securities reported its 2024 annual results, aligning with preliminary performance forecasts, showing significant growth in revenue and net profit [1] Group 1: Financial Performance - In 2024, Dongfang Securities achieved operating revenue of 19.19 billion, a year-on-year increase of 12.3% [1] - The net profit attributable to shareholders reached 3.35 billion, reflecting a year-on-year growth of 21.7% [1] - The weighted average ROE for 2024 was 4.14%, up by 0.69 percentage points year-on-year [1] Group 2: Revenue Breakdown - The main revenue from securities reached 12.20 billion, with a year-on-year increase of 5.1% [2] - Revenue contributions from various segments include: brokerage (2.51 billion, -9.7%), investment banking (1.17 billion, -22.6%), asset management (1.34 billion, -33.9%), net interest (1.32 billion, -25.1%), net investment (4.99 billion, +114%), and long-term stock investment (460 million, -21.6%) [2] - In Q4 2024, the company recorded a main securities revenue of 3.09 billion, a year-on-year increase of 52.0% but a quarter-on-quarter decrease of 10.1% [2] Group 3: Asset and Investment Metrics - By the end of 2024, total assets amounted to 417.7 billion, an increase of 8.9% from the beginning of the year [3] - Net assets reached 81.4 billion, up by 3.4% year-to-date [3] - The investment asset scale was 223.9 billion, reflecting a year-on-year increase of 13.3% [3] - The investment return rate for 2024 was 2.37%, an increase of 1.09 percentage points year-on-year [3] Group 4: Asset Management Performance - The large asset management segment contributed a profit of 880 million, down 11.2% year-on-year, accounting for 26.3% of total profits [4] - Dongfang Asset Management reported revenue of 1.435 billion, a decrease of 30.4%, and a net profit of 330 million, down 32.2% [4] - Huatai Fund, in which Dongfang holds a 35.41% stake, achieved revenue of 4.83 billion, a decrease of 10.1%, but a net profit increase of 9.3% to 1.55 billion [4] Group 5: Wealth Management and Brokerage - The company is deepening its transformation towards "buy-side advisory" in wealth management, with non-cash product holdings reaching 55.8 billion, an increase of 8.1% year-on-year [5] - The company generated net income of 1.5 billion from agency buying, a decrease of 3.6% year-on-year [5] - Margin financing and securities lending income was 1.12 billion, down 2.5% year-on-year, with a margin balance of 27.5 billion, up 32.2% from the beginning of the year [5]