EBSCN(601788) 申万宏源证券·2025-03-28 09:44Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Views - The company reported a slight revenue decline of 4.3% year-on-year, with total revenue reaching 9,598.3 million yuan in 2024, while the net profit attributable to the parent company decreased by 28.4% to 3,058.5 million yuan [2][3]. - The non-GAAP net profit increased by 60.7% year-on-year to 30.1 billion yuan, indicating strong operational performance despite the overall revenue decline [1][6]. - The wealth management business is expected to benefit from market recovery, contributing significantly to revenue growth [6]. Financial Data and Profit Forecast - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 11,641.45 million yuan, with a year-on-year growth rate of 21.29% [2]. - 2025E Net Profit: 3,663.62 million yuan, with a year-on-year growth rate of 19.78% [2]. - The company anticipates a gradual recovery in earnings, with net profits projected to reach 4,414.44 million yuan by 2027E [2][7]. Business Performance - The brokerage segment showed resilience with a revenue increase of 8% year-on-year, while investment banking and asset management revenues declined by 20% and 22%, respectively [6]. - The company’s financial investment assets grew by 14% year-on-year, reaching 1,407 billion yuan, driven by a significant increase in other debt investments [6]. - The wealth management business accounted for 49% of total revenue, with a notable improvement in gross margin [6]. Market Position and Strategy - The company is positioned as a core subsidiary within the "One Everbright" strategy, aiming to leverage synergies across its financial services [6]. - The report highlights the potential for earnings growth as the company adjusts its operational costs and enhances its service offerings in wealth management [6].