智通财经网·2025-12-12 06:27Core Viewpoint - China Galaxy Securities (06881) is positioned to leverage its strengths in risk management, customer base, and policy advantages, with expectations for continued growth potential amid industry recovery and business optimization, targeting a price of HKD 12.66 and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company achieved a revenue of CNY 22.75 billion for the first three quarters of 2025, a year-on-year increase of 44.4%, with net profit attributable to shareholders reaching CNY 10.97 billion, up 57.5% year-on-year [2] - The weighted average ROE reached 8.77%, an increase of 2.97 percentage points year-on-year, indicating significant improvement in profitability [2] - In Q3 alone, net profit attributable to shareholders was CNY 4.48 billion, soaring 73.9% year-on-year and 29.0% quarter-on-quarter, marking the best quarterly performance in history [2] Group 2: Brokerage and Margin Financing - The brokerage business net income was CNY 6.31 billion, a year-on-year increase of 70.7%, accounting for approximately 28% of total revenue, with Q3 income reaching CNY 2.66 billion, up 125% year-on-year [3] - The average daily trading volume in the market increased by 113% year-on-year to CNY 1.81 trillion, contributing to the growth in brokerage income [3] - The margin financing balance reached CNY 2.39 trillion, a year-on-year increase of 66.2%, reflecting a robust customer base and effective conversion capabilities [3] Group 3: Investment Performance - The net investment income (including fair value changes) for the first three quarters was CNY 12.103 billion, achieving a year-on-year growth of 42.4% [4] - The financial asset scale reached CNY 417 billion by the end of Q3, a 9% increase from the beginning of the year, with other debt investments rising by 16.3% to CNY 256.7 billion [4] - The ratio of equity securities and derivatives to net capital increased from 27.27% at the beginning of the year to 32.69%, indicating strong investment and risk control capabilities [4] Group 4: Investment Banking - The investment banking net income for the first three quarters was CNY 480 million, a year-on-year increase of 29.9%, although its impact on overall performance remains limited [5] - The scale of equity underwriting reached CNY 24.1 billion, a staggering increase of 1,420% year-on-year, with a market share increase of 1.68 percentage points to 2.5% [5] - The bond underwriting scale was CNY 576.1 billion, up 76.1% year-on-year, with a market share increase of 1.44 percentage points to 4.7%, ranking sixth in the industry [5]