Hongta Securities(SH:601236) Sou Hu Cai Jing·2025-07-19 06:13Core Viewpoint - Hongta Securities has announced a share repurchase plan, indicating confidence in its long-term value and commitment to optimizing its capital structure [1][8]. Group 1: Share Repurchase Plan - The company plans to repurchase shares using its own funds, with a budget set between 100 million and 200 million yuan [1]. - The maximum repurchase price is set at 12.76 yuan per share, representing a premium of 45.66% over the closing price of 8.76 yuan on July 17 [1]. Group 2: Company Performance and Financials - Since its listing on July 5, 2019, Hongta Securities has seen its market capitalization grow from 18.094 billion yuan to 41.319 billion yuan, reflecting significant growth in both scale and business structure [3]. - The company's annual performance has shown volatility, with a peak net profit of 1.576 billion yuan in 2021, followed by a drastic decline of 97.56% to 38 million yuan in 2022, before recovering to 764 million yuan in 2024 [3][6]. - Revenue for 2024 is projected at 2.022 billion yuan, a year-on-year increase of 68.36%, with net profit rising by 144.66% to 764 million yuan [7][8]. Group 3: Capital Efficiency and Business Dependency - The return on equity (ROE) has decreased from 6.78% in 2019 to 3.21% in 2024, indicating a need for improved capital allocation efficiency [6]. - The company heavily relies on proprietary trading for revenue, which constituted over 80% of its income from 2019 to 2021. However, this segment saw a decline of over 97% in 2022 [6]. - In 2023, revenue rebounded to 1.201 billion yuan, with a net profit of 312 million yuan, marking a recovery from the previous year's performance [6].