EBSCN(601788) 东吴证券·2025-03-28 15:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company reported a total revenue of 96.0 billion yuan in 2024, a decrease of 4.3% year-on-year, with a net profit attributable to shareholders of 30.6 billion yuan, down 28.4% year-on-year [7]. - The brokerage business showed stable performance with a revenue increase of 8.0% year-on-year, contributing 31.4% to total revenue [7]. - Investment banking revenue declined significantly by 20.3% year-on-year, with a notable drop in equity underwriting [7]. - Asset management revenue also fell by 21.8% year-on-year, although the assets under management (AUM) grew by 3.7% [7]. - The report forecasts net profits for 2025-2027 to be 33.19 billion, 35.66 billion, and 37.21 billion yuan respectively, with corresponding EPS of 0.72, 0.77, and 0.81 yuan per share [7]. Summary by Sections Financial Performance - Total revenue for 2024 was 96.0 billion yuan, a decrease of 4.3% from the previous year [7]. - Net profit attributable to shareholders was 30.6 billion yuan, reflecting a 28.4% decline year-on-year [7]. - The company achieved an EPS of 0.58 yuan for 2024, with an average ROE of 4.5% [7]. Business Segments - Brokerage revenue reached 29.9 billion yuan, up 8.0% year-on-year, with a market share increase in margin financing [7]. - Investment banking revenue was 8.2 billion yuan, down 20.3% year-on-year, with a significant drop in equity underwriting [7]. - Asset management revenue fell to 7.9 billion yuan, a decrease of 21.8% year-on-year, while AUM increased to 311.4 billion yuan [7]. Future Projections - The company expects net profits to grow at rates of 8.53%, 7.44%, and 4.35% for the years 2025, 2026, and 2027 respectively [7]. - EPS projections for the next three years are 0.72, 0.77, and 0.81 yuan per share [7]. - The current market valuation corresponds to a PB of 0.96x, 0.91x, and 0.86x for the years 2025, 2026, and 2027 respectively [7].