Ge Long Hui A P P·2026-02-12 07:36Core Viewpoint - Guosen Securities is highlighted as a well-established comprehensive brokerage firm with strong profit resilience and an improving ROE trajectory [1] Business Structure - The core drivers of the business are self-operated investment trading and wealth management, while investment banking and asset management serve as growth points, supporting its high ROA advantage [1] Strategic Positioning - The company is strategically positioned in Hainan and is deeply engaged in the Greater Bay Area, establishing a solid foundation for long-term development [1] Financial Projections - Continuous inflow of incremental funds into the market is expected to enhance the company's wealth and semi-self-operated business, contributing to a high ROE advantage [1] - The company is projected to achieve a year-on-year increase in net profit attributable to shareholders of +34% in 2026 and +20% in 2027 [1] Valuation - Considering comparable company valuations and historical valuation averages, a 1.3 times PB is assigned for 2026, corresponding to a reasonable value of 14.47 CNY per share, with an initial "Buy" rating [1]