Western Securities(SZ:002673) Zheng Quan Zhi Xing·2025-06-24 17:56Core Viewpoint - The credit rating agency maintains the long-term credit rating of Western Securities Co., Ltd. at AAA with a stable outlook, reflecting the company's strong shareholder background and competitive position in the industry [1][2][5]. Company Overview - Western Securities is the only listed national comprehensive securities company in Shaanxi Province, with a strong shareholder background and complete business licenses [5][17]. - As of March 2025, the company's registered capital is 4.47 billion yuan, with Shaanxi Investment Group holding 36.79% of the shares [13][17]. Financial Performance - In 2024, the company's operating income slightly decreased, while net profit increased [5][6]. - As of March 2025, the total assets of the company reached 104.78 billion yuan, with net capital at 23.97 billion yuan and a risk coverage ratio of 352.73% [10][21]. - The company's operating profit margin improved to 32.80% in the first quarter of 2025, indicating strong profitability [10]. Business Segments - The company operates in wealth management, credit trading, investment banking, and asset management, with securities proprietary trading being the largest revenue source [17][23]. - The securities brokerage business has a strong regional competitive advantage, with a trading volume increase of 13.41% in 2024 [23][24]. Industry Analysis - The securities industry is experiencing significant activity, with core business revenues from brokerage, credit, and proprietary trading performing well [15][16]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [15][16]. Future Outlook - The company is expected to enhance its competitive strength through the acquisition of Guorong Securities, pending regulatory approval [20]. - The overall market environment is projected to improve, potentially increasing the company's business scale and competitiveness [7][15].