Zhong Guo Ji Jin Bao·2025-04-11 14:37Group 1 - The establishment of Guotai Haitong Securities has raised questions about whether CITIC Securities can maintain its position as the industry leader [2] - Guotai Haitong Securities' net profit for the first quarter is expected to exceed CITIC Securities, primarily due to negative goodwill from the merger [2][8] - Guotai Haitong Securities anticipates a net profit attributable to shareholders of the parent company between 112.01 billion to 124.45 billion yuan, representing a year-on-year increase of 350% to 400% [4] Group 2 - CITIC Securities expects a net profit of approximately 65.45 billion yuan for the first quarter, reflecting a year-on-year growth of about 32% [7] - Guotai Haitong's net profit, excluding non-recurring gains and losses, is projected to be between 29.73 billion to 33.83 billion yuan, indicating a year-on-year increase of 45% to 65% [8] - The significant growth in Guotai Haitong's net profit is attributed to the merger and the enhancement of its core business competitiveness, particularly in wealth management and trading investment [8] Group 3 - The simulated consolidated financial statements for Guotai Haitong show total assets of 1.73 trillion yuan and net assets attributable to the parent company of 328.3 billion yuan as of the end of 2024, both ranking first in the industry [8] - Major securities firms have reported substantial growth in their first-quarter performance, with Huatai Securities expecting a net profit of 34.37 billion to 36.66 billion yuan, a year-on-year increase of 50% to 60% [10] - Other firms like China Galaxy and CICC also forecast significant profit increases, driven by strong performance in wealth management and proprietary trading [10]