Core Viewpoint - Zhongtai Securities projects that the overall market activity will increase, leading to a forecasted net profit for China International Capital Corporation (CICC) of 8.5 billion, 9.4 billion, and 10.6 billion yuan for the years 2025-2027, representing year-on-year growth rates of 49%, 11%, and 13% respectively, with corresponding price-to-book ratios of 0.7, 0.7, and 0.6, maintaining a "Buy" rating [1] Group 1: Performance Overview - In the first three quarters of 2025, CICC achieved a net profit attributable to shareholders of 6.57 billion yuan, a year-on-year increase of 129.8% [2] - The company reported operating revenue of 20.76 billion yuan and adjusted operating revenue of 20.71 billion yuan, with growth rates of 54.4% and 55.3% respectively, indicating strong profitability [2] - As of Q3 2025, CICC's total assets and net assets attributable to shareholders reached 764.94 billion yuan and 115.5 billion yuan, reflecting year-on-year increases of 16.7% and 6.2%, respectively, enhancing capital strength [2] Group 2: Revenue Structure - CICC's revenue structure is balanced, with significant contributions from brokerage and investment businesses, achieving revenues of 4.52 billion, 2.94 billion, 1.06 billion, and 11.43 billion yuan from brokerage, investment banking, asset management, and net investment respectively [3] - In the light capital business, brokerage, investment banking, and asset management revenues accounted for 22%, 14%, and 5% of total revenue, with their combined share increasing [3] - In the capital business, net investment and net interest accounted for 55% and -5% of total revenue, with year-on-year increases of 0.1 and 4.0 percentage points, respectively, highlighting the high revenue contribution from net investment [3] Group 3: Profit Drivers - The growth in performance is primarily driven by improvements in the brokerage and investment sectors, with significant revenue increases across all business lines due to enhanced market conditions and client activity [4] - In the first three quarters of 2025, CICC's brokerage, investment banking, asset management, net interest, and net investment revenues grew by 76.3%, 42.6%, 26.6%, 14.5%, and 54.7% year-on-year, respectively [4] - Brokerage and investment businesses are identified as the key engines driving revenue growth [4]