财富趋势扣非归母净利润增速垫底 营收最少还同比下滑 市盈率高达125倍是泡沫是否会破裂？|证券IT半年报

Core Insights - In the first half of 2025, 150 brokerage firms achieved operating income of 251 billion yuan, a year-on-year increase of 23%, and net profit of 112.3 billion yuan, up 40% [1] - Among the major listed securities IT companies, performance varied significantly, with Hengsheng Electronics leading in revenue at 2.426 billion yuan, while Wealth Trend lagged behind with only 133 million yuan, marking a 9.96% decline [1][2] - Wealth Trend's high price-to-earnings ratio of 125 times raises concerns about potential overvaluation, especially as its actual controller plans to reduce holdings significantly [7][9] Brokerage Firms Performance - The 42 listed brokerage firms collectively reported operating revenue of 251.9 billion yuan, a 31% increase year-on-year, and a net profit of 104 billion yuan, up 65% [1] - The performance of the six major securities IT service providers varied, with Tonghuashun, Dazhihui, and Dingdian Software showing positive growth in both revenue and net profit, while Wealth Trend and Jinzhen Co. faced declines [3][4] Wealth Trend Analysis - Wealth Trend's total revenue for the first half of 2025 was 133 million yuan, a decrease of 9.96%, with net profit increasing by 6.61% to 107 million yuan, but its non-recurring net profit fell by 13.77% to 67 million yuan [2][4] - The decline in revenue is attributed to reduced main business projects and a decrease in acceptance and collection, impacting software sales and information security product income [2] - Wealth Trend's R&D expenses also decreased by 3.17% to 40 million yuan, reflecting a reduction in both the number of R&D personnel and average salary [6] R&D and Human Resources - As of mid-2025, Wealth Trend had 310 R&D personnel, down from 328 the previous year, with an average salary of 69,700 yuan, a decrease of 11.66% [5][6] - The company’s reliance on R&D as a competitive advantage is questioned due to the reduction in R&D staff and salaries alongside declining revenue and profits [6] Market Valuation and Shareholder Actions - Wealth Trend's stock price reached 151.68 yuan per share by September 23, 2025, reflecting a 138% increase from the previous year [7][9] - The company's TTM price-to-earnings ratio of 125.08 is the highest among its peers, raising concerns about potential overvaluation [9] - The actual controller, Huang Shan, plans to reduce holdings by up to 768,340 shares, valued at approximately 863 million yuan based on earlier stock prices, indicating a strategy to capitalize on high valuations [9]