Xin Lang Cai Jing·2025-04-30 08:37Financial Performance - In 2024, the company achieved revenue of 41.466 billion yuan (+13.37%) and a net profit attributable to shareholders of 15.351 billion yuan (+20.40%) [1] - The basic earnings per share increased to 1.62 yuan (+20.00%), while the return on equity (ROE) for 2023 was 9.24%, an increase of 1.12 percentage points year-on-year [1] Wealth Management - The company reported net income from brokerage services of 6.447 billion yuan (+8.19%) in 2024 [2] - By the end of 2024, the company had 1,776.39 billion yuan in cash, a year-on-year increase of 18.17% due to increased client funds [2] - The number of financial products sold (excluding cash management products) reached 16,760, an increase of 51.40%, with a sales scale of 503.991 billion yuan (+13.63%) [2] - The company maintained a leading position in public fund sales, with significant holdings in various fund categories [2] Investment Banking - The company achieved net income from investment banking of 2.097 billion yuan (-30.95%) in 2024, with equity underwriting reaching 54.897 billion yuan (-39.87%) [3] - The company ranked second in the industry for IPO and refinancing projects, participating in two of the top ten IPOs and two of the top ten refinancing projects [3] - Bond underwriting reached 12,960.48 billion yuan (+3.12%), ranking third in the industry [3] Asset Management - The company reported net income from asset management of 4.146 billion yuan (-2.58%) [4] - The total asset management scale grew significantly to 556.267 billion yuan (+16.98%), driven by increases in collective and single asset management [4] - The company's fund subsidiary, Southern Fund, managed assets totaling 2.47 trillion yuan (+30.54%), while Huatai-PineBridge managed 688.208 billion yuan (+72.82%) [4] Proprietary Trading - The company generated 14.5 billion yuan (+24.24%) in proprietary trading income, which was a major driver of performance growth [5] - The proportion of bond investments increased, accounting for 56.86% of the investment portfolio, while equity investments slightly decreased [5] International Business - International business revenue surged to 14.34 billion yuan (+80.93%), accounting for 34.58% of total revenue [6] - The company ranked third in the market for Hong Kong IPO sponsorship projects [6] Investment Outlook - The company is expected to benefit from a gradually improving economic environment and ongoing reforms in the capital market, which may lead to valuation increases [7] - Forecasted basic earnings per share for 2025-2027 are 1.73 yuan, 1.80 yuan, and 1.95 yuan, respectively [7]