证券行业周报（20250317-20250323）：共19家上市券商发布业绩快报或年报，九成净利润同比正增-2025-03-26

Investment Rating - The report maintains a "Recommended" investment rating for the securities industry, expecting a positive performance in the upcoming months [1][9][24]. Core Insights - As of March 25, 2025, 19 listed securities firms have released their performance reports, with 17 firms showing a year-on-year increase in net profit [1][10]. - The report highlights a significant increase in net profits for several firms, with notable growth rates such as 40.1% for Shouchuang Securities and 38.9% for Guotai Junan [2][10]. - The report indicates a mixed performance in Q4, with brokerage income doubling both year-on-year and quarter-on-quarter for some firms, while others experienced declines [3][12]. Summary by Sections Performance Overview - 19 listed securities firms reported their 2024 performance, with 17 firms showing positive year-on-year net profit growth [1]. - Key performers include: - Shouchuang Securities: Net profit of 9.8 billion, up 40.1% [10]. - Guotai Junan: Net profit of 130.2 billion, up 38.9% [10]. - Dongbei Securities: Net profit of 9.0 billion, up 35.1% [10]. - China Galaxy: Net profit of 101.3 billion, up 28.6% [10]. Quarterly Performance - Q4 results show significant fluctuations: - Nanjing Securities: Q4 net profit of 3.1 billion, up 180.3% year-on-year [3]. - Dongcai: Q4 net profit of 35.7 billion, up 79.8% year-on-year [12]. - Zhongtai: Q4 net profit of 4.3 billion, showing a year-on-year increase of 565.1% [12]. - However, some firms like Dongzheng and Fangzheng saw substantial declines in Q4 profits [3][12]. Valuation and Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key firms: - Guotai Junan: 2024E EPS of 1.09, PE of 14.53 [5]. - CITIC Securities: 2024E EPS of 1.47, PE of 18.35 [5]. - Huatai Securities: 2024E EPS of 1.73, PE of 10.30 [5]. - The report suggests a focus on supply-side reforms and industry consolidation for investment strategies, recommending firms like Guotai, Zhongjin H, and CITIC [9][10].