国联民生（601456）：顾特色突出，静待协同成效

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Views - The company reported a revenue of 2.683 billion yuan for 2024, a decrease of 9.2% year-on-year, and a net profit attributable to shareholders of 397 million yuan, down 40.8% year-on-year. The weighted average ROE was 2.19%, a decline of 1.70 percentage points year-on-year. In Q4, the revenue was 678 million yuan, an increase of 51.3% year-on-year but a decrease of 26.2% quarter-on-quarter. The main growth drivers for the year were brokerage and asset management [1][4] Summary by Sections Brokerage and Wealth Management - The company added 218,600 wealth management clients in the year, bringing the total to 1.955 million, a year-on-year increase of 12.6%. The total scale of agency sales reached 40.278 billion yuan, up 118.9% year-on-year, with financial product holdings at 20.956 billion yuan, an 8.4% increase year-on-year. The fund advisory business is expanding rapidly, with a year-end advisory scale of 9.238 billion yuan, a 40.1% increase year-on-year [2] Investment Banking - Following the integration of Minsheng Securities, the company's business strength has significantly improved, with a stock underwriting scale of 6.511 billion yuan in 2024, ranking 10th in the industry. The IPO underwriting scale was 3.896 billion yuan, ranking 6th in the industry. The stock market is gradually improving, and if the equity financing market recovers, the investment banking business will positively impact overall performance [3] Self-Investment - The company's TPL asset structure at year-end included bonds at 23.248 billion yuan (61.3%), stocks at 1.976 billion yuan (5.2%), public funds at 4.494 billion yuan (11.9%), and others at 8.203 billion yuan (21.6%). The year-end OCI equity holdings were 5.201 billion yuan, accounting for 10.7% of total financial assets, up from 7.2% at the end of 2023 [3] Financial Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 9.77% and 9.71%, respectively. The projected net profits for 2025-2027 are 972 million yuan, 1.102 billion yuan, and 1.251 billion yuan, representing year-on-year growth of 144.6%, 13.4%, and 13.5%. The current stock price corresponds to a PE of 61.48, 54.22, and 47.99, and a PB of 1.12, 1.11, and 1.09 for the respective years [4][5]