Ge Long Hui·2025-11-01 11:55Core Insights - Huatai Securities reported a revenue of 27.13 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.6% [1] - The net profit attributable to shareholders was 12.73 billion yuan, up 1.7% year-on-year, with an EPS of 1.35 yuan and an ROE of 7.2%, down 0.4 percentage points year-on-year [1] - The third quarter saw a revenue of 10.91 billion yuan, down 6.9% year-on-year but up 36.6% quarter-on-quarter, with a net profit of 5.18 billion yuan, down 28.1% year-on-year but up 32.7% quarter-on-quarter [1] Revenue Breakdown - Brokerage business revenue for the first three quarters was 6.59 billion yuan, a significant increase of 66.1% year-on-year, accounting for 23.7% of total revenue [1] - The average daily trading volume of stock funds in the market was 1.8723 trillion yuan, up 108.6% year-on-year [1] - The margin financing and securities lending balance was 169.8 billion yuan, up 28% from the beginning of the year, maintaining a market share of 7.1% [1] Investment Banking Performance - Investment banking revenue for the first three quarters was 1.95 billion yuan, an increase of 43.5% year-on-year [2] - The scale of equity underwriting reached 52.47 billion yuan, up 132.1% year-on-year, ranking 6th in the market [2] - The bond underwriting scale was 1,058.3 billion yuan, up 22.8% year-on-year, ranking 4th [2] Asset Management and Proprietary Trading - Asset management revenue decreased to 1.35 billion yuan, down 63.8% year-on-year, primarily due to reduced platform income after the sale of Assetmark [2] - The asset management scale as of the first half of 2025 was 627 billion yuan, up 23.9% year-on-year [2] - Proprietary trading net investment income significantly increased, with total investment income (including fair value) at 10.22 billion yuan, down 14.5% year-on-year [2] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, expecting net profits of 15.882 billion, 17.550 billion, and 18.660 billion yuan, with year-on-year growth rates of 3.46%, 10.50%, and 6.32% respectively [3] - The current market capitalization corresponds to PB valuations of 1.01, 0.95, and 0.90 times for 2025-2027 [3] - The company maintains a "Buy" rating based on market activity [3]