Xin Lang Cai Jing·2025-11-02 02:30Core Insights - Dongfang Securities reported a 39.38% year-on-year increase in revenue for Q3 2025 (adjusted), with a 54.8% increase in net profit attributable to shareholders and a return on equity (ROE) of 6.35% [2][3] Revenue Breakdown - The company's Q3 2025 performance was primarily supported by brokerage, investment banking, and investment businesses, with investment income growing by 51% year-on-year, brokerage income up by 49%, and investment banking income increasing by 41% [3] - Specific revenue figures for Q3 2025 include: brokerage income of 2.38 billion, investment banking income of 1.17 billion, asset management income of 0.97 billion (down 4%), investment income of 6.20 billion (up 51%), and interest income of 0.78 billion (down 15%) [3] - The revenue contributions from different segments were 19% from brokerage, 9% from investment banking, 8% from asset management, 49% from investment, and 6% from credit business, with respective year-on-year changes of +7%, +3%, +0%, +20%, and +0% [3] Financial Metrics - The total operating revenue for Q3 2025 was 12.71 billion, with net profit attributable to shareholders at 5.11 billion, reflecting a significant increase compared to the previous year [3] - Customer deposits increased by 10% year-on-year to 86.09 billion, while the amount of funds lent out rose by 52% year-on-year to 35.65 billion [3] - The company's financial investment assets totaled 225.29 billion, up 12% year-on-year, with trading financial assets at 109.78 billion, an 11% increase [3] Profit Forecast and Valuation - The company forecasts revenues of 20.8 billion and 22.4 billion for 2025 and 2026, respectively, with year-on-year growth rates of 9% and 7% [4] - Expected net profits for 2025 and 2026 are 5.4 billion and 6.1 billion, with growth rates of 62% and 12% [4] - Based on the closing price on October 31, 2025, the projected price-to-book (PB) ratios for 2025 and 2026 are approximately 1.13 and 1.07, respectively, with a "buy" rating suggested [4]