Guosen Securities(SZ:002736) Zheng Quan Zhi Xing·2025-08-11 16:16Core Viewpoint - Guosen Securities Co., Ltd. has received a credit rating of AAA with a stable outlook for its 2025 public bond issuance aimed at professional investors, indicating strong overall financial health and market competitiveness [3][4]. Company Overview - Guosen Securities is one of the longest-operating securities firms in China, established in 1989, with a comprehensive business development and strong brand influence in the industry [11]. - The company has a registered capital of 9.612 billion RMB as of the end of 2024, with significant backing from its controlling shareholder, Shenzhen Investment Holdings Co., Ltd. [11][14]. Financial Performance - As of March 2025, total assets are reported at 5051.06 million RMB, with shareholder equity at 1068.85 million RMB [7]. - The company has shown a steady increase in net profit, with figures of 60.85 million RMB in 2022 and 64.27 million RMB in 2023, reflecting a positive growth trend [8]. - The average capital return rate is reported at 7.17% for 2024, indicating effective capital utilization [8]. Business Segments - Wealth management and institutional business account for a significant portion of revenue, with a 52.28% share in total income for 2024 [22]. - The investment banking segment has faced challenges, with a decrease in stock underwriting due to regulatory changes, but bond underwriting has shown slight growth [28][30]. Market Position - Guosen Securities ranks among the top firms in the industry for its brokerage and wealth management services, with a market share of 2.75% in the stock market as of the end of 2024 [23]. - The company has established a strong presence in the investment banking sector, completing 11.17 main underwriting projects in 2024, ranking ninth in the industry [29]. Industry Outlook - The securities industry is expected to experience a trend of consolidation, with increased regulatory scrutiny and a focus on compliance and sustainable growth [19]. - The introduction of new policies aimed at enhancing the competitive landscape is anticipated to benefit larger firms like Guosen Securities, while smaller firms may need to adapt through specialization [19].