HTSC(SH:601688) 2 1 Shi Ji Jing Ji Bao Dao·2025-04-07 12:55Core Viewpoint - Huatai Securities has demonstrated impressive performance in recent years, achieving significant revenue and profit growth, driven primarily by its international business expansion and wealth management services [1][2][5]. Financial Performance - In 2024, Huatai Securities reported operating revenue of 41.466 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 15.351 billion yuan, up 20.40% year-on-year [1][5]. - The company has outperformed the industry average for three consecutive years, with revenue growth rates exceeding the industry average by 5.88 percentage points in 2022 and 11.42 percentage points in 2023 [1][2]. - The operating revenue in 2023 was 36.578 billion yuan, reflecting a 14.19% increase from the previous year, while the net profit for the same year was 12.751 billion yuan, also up 14.19% [5]. Market Position - Huatai Securities has improved its ranking in the industry, moving from fourth place in 2022 to third place in 2024 in terms of operating revenue [2][5]. - The company’s international business has become a significant driver of its revenue growth, contributing 14.34 billion yuan in 2024 [6][7]. International Business Expansion - The international business strategy has been a long-term effort, with Huatai Securities establishing a comprehensive financial service system across multiple regions, including mainland China, Hong Kong, Europe, the United States, and Singapore [7][8]. - The company has made significant strides in the U.S. and London markets, obtaining various licenses and expanding its service offerings, including FICC business and underwriting for companies entering the U.S. capital market [9]. Wealth Management Services - Wealth management services generated revenue of 16.939 billion yuan in 2024, marking a 7.75% increase from 2023, and are the largest revenue source for Huatai Securities [12]. - The company has leveraged its brokerage strengths to enhance its wealth management capabilities, focusing on personalized investment advisory services and a diversified product offering [12][16]. Technological Integration - Huatai Securities has integrated technology into its operations, enhancing its international business and wealth management services through self-developed platforms and AI capabilities [11][16]. - The company has focused on improving customer service and operational efficiency through AI-driven solutions, including smart investment research and automated client onboarding processes [16].