Xin Lang Cai Jing·2025-12-12 14:20Core Insights - China Galaxy (06881) achieved a revenue of 22.75 billion yuan in the first three quarters of 2025, marking a significant year-on-year increase of 44.4% [1][4] - The net profit attributable to shareholders reached 10.97 billion yuan, a robust year-on-year growth of 57.5% [1][4] - The weighted average ROE stood at 8.77%, reflecting a year-on-year increase of 2.97 percentage points, indicating a notable improvement in profitability [1][4] Group 1: Brokerage and Margin Financing - Benefiting from a 113% year-on-year increase in the average daily trading volume of stock funds to 1.81 trillion yuan, the brokerage business generated a net income of 6.31 billion yuan, up 70.7% year-on-year [2][5] - In the third quarter alone, the brokerage income reached 2.66 billion yuan, a staggering year-on-year increase of 125% and a quarter-on-quarter rise of 54%, significantly outpacing market trading volume growth [2][5] - The total number of customers surpassed 18 million by mid-2025, showcasing strong customer base and engagement [2][5] Group 2: Proprietary Investment Performance - The net investment income (including fair value changes) for the first three quarters was 12.103 billion yuan, achieving a year-on-year growth of 42.4% despite a high base [3][6] - The financial asset scale reached 417 billion yuan by the end of the third quarter, reflecting a 9% increase from the beginning of the year [3][6] - The ratio of equity securities and derivatives to net capital increased from 27.27% at the beginning of the year to 32.69%, indicating enhanced capacity for future market upswings [3][6] Group 3: Future Outlook - The institution maintains a "buy" rating, projecting net profits attributable to shareholders for 2025-2027 to be 14.7 billion, 16.9 billion, and 18.3 billion yuan, corresponding to year-on-year growth rates of 46.5%, 14.9%, and 8.6% respectively [6] - The current stock price corresponds to a price-to-book ratio of less than 1 for 2026, providing a substantial investment safety cushion [6] - As a leading central enterprise brokerage, China Galaxy is expected to leverage its advantages in risk management, customer base, and policy benefits to continuously unlock growth potential amid industry recovery and business structure optimization [6]