5家IPO券商业绩发布，仅开源证券1家营收同比下滑

Core Insights - The April earnings season has concluded, revealing that most listed brokerages have shown growth, particularly in the IPO segment [2][3] - Five brokerages are currently preparing for IPOs: Caixin Securities, Dongguan Securities, Bohai Securities, Kaiyuan Securities, and Hualong Securities [2] Revenue and Profit Performance - Among the five IPO brokerages, all except Kaiyuan Securities achieved "double growth" in revenue and net profit [3] - Caixin Securities leads in total revenue with 4.045 billion, followed by Kaiyuan Securities (2.859 billion), Dongguan Securities (2.753 billion), and Bohai Securities (2.406 billion), all surpassing the 2 billion mark. Hualong Securities reported 1.32 billion [4] - In terms of revenue growth, Dongguan Securities topped the list with a year-on-year increase of 27.73%, while Caixin Securities, Bohai Securities, and Hualong Securities experienced growth between 10% and 15%. Kaiyuan Securities saw a decline of 6.60% [3][4] Net Profit Analysis - Caixin Securities also leads in net profit with 1.054 billion, followed by Dongguan Securities (0.923 billion), Bohai Securities (0.742 billion), Kaiyuan Securities (0.695 billion), and Hualong Securities (0.41 billion) [4] - Dongguan Securities achieved the highest net profit growth at 45.40%, followed by Hualong Securities (34.75%) and Caixin Securities (22.84%). Kaiyuan Securities and Bohai Securities had lower growth rates of 12.78% and 9.44%, respectively, with Bohai Securities being the only firm with single-digit growth [5] Market Conditions and Performance Turnaround - The performance of brokerages was initially poor in the first half of 2024, with a significant turnaround occurring in September, attributed to the "9.24" market rally [6][8] - Dongguan Securities reported a decline in revenue and net profit in the first nine months of 2024 due to a downturn in the A-share market, but later experienced substantial growth by year-end [7][8] IPO Journey - Dongguan Securities has had a lengthy IPO journey, having submitted its prospectus in June 2015, facing multiple interruptions, and recently resuming its IPO application process in July 2024 [9] - The other four brokerages have also experienced extended timelines in their IPO preparations, with Kaiyuan Securities starting its journey in 2015 and Bohai Securities in 2016 [9]