Xin Lang Cai Jing·2025-10-31 00:30Core Insights - Huatai Securities reported a revenue of 27.13 billion with a year-on-year increase of 12.6% and a net profit attributable to shareholders of 12.73 billion, reflecting a year-on-year growth of 1.7% [1] - The company demonstrated robust performance in brokerage, investment banking, and credit businesses, with a notable increase in investment income despite high base effects [1] Financial Performance - For the first nine months of 2025, the company's main revenue from securities reached 26.43 billion, up 10.5% year-on-year [1] - Breakdown of revenue sources includes brokerage at 6.59 billion (up 66.1%), investment banking at 1.95 billion (up 43.5%), asset management at 1.35 billion (down 55.3%), net interest income at 3.27 billion (up 151.3%), and net investment income at 10.05 billion (down 14.6%) [1] - In Q3 2025, the company achieved a net profit of 5.18 billion, down 28.1% year-on-year, but the non-recurring net profit surged by 389% [1] Asset and Investment Growth - As of Q3 2025, total assets reached 1,025.8 billion, a 26.0% increase from the beginning of the year, with net assets at 205.4 billion, up 7.2% [2] - The company's investment assets grew to 476.0 billion, reflecting a 28.7% increase year-to-date, with a focus on equity assets [2] - The self-owned equity securities and derivatives reached 47.6 billion, up 87.5% year-on-year, while non-equity securities stood at 296.1 billion, up 23.3% [2] Investment Banking Performance - Huatai Securities maintained a leading position in investment banking, with an IPO underwriting scale of 10.2 billion, up 72.4% year-on-year, and a market share of 13.4% [3] - The refinancing underwriting scale reached 32.36 billion, up 431.6%, with a market share of 4.3% [3] - Bond underwriting scale was 1,068.5 billion, up 30.8%, with a market share of 8.8% [3] Brokerage and Credit Business - The brokerage business generated 2.83 billion in Q3 2025, up 128.1% year-on-year, indicating strong performance compared to the industry [3] - The margin financing scale reached 169.8 billion, up 28.1% year-to-date, with a market share of 7.1% [3] Future Profit Projections - Expected net profits for Huatai Securities for 2025-2027 are projected at 17.05 billion, 18.89 billion, and 19.54 billion, representing year-on-year growth of 11.1%, 10.8%, and 3.4% respectively [4] - The dynamic price-to-book ratios for 2025-2027 are estimated at 1.17x, 1.09x, and 1.01x [4]