HTSC(601688) 华创证券·2025-03-30 07:16Investment Rating - The report maintains a "Recommended" rating for Huatai Securities with a target price of 22.99 CNY [2][10]. Core Views - The company's annual ROE increased year-on-year, while leverage decreased, leading to improvements in ROA and profit margins. The decline in quarterly performance is attributed to the previous sale of AssetMark, which had provided a boost to earnings [2]. - The report highlights a significant increase in light capital business, indicating a positive trend in the company's operational efficiency and profitability [10]. Financial Performance Summary - The total revenue for the reporting period was 335 billion CNY, reflecting a year-on-year growth of 6.4%. The quarterly revenue was 94 billion CNY, down 24.1% quarter-on-quarter [7]. - The net profit attributable to the parent company was 153.5 billion CNY, up 20.4% year-on-year, with a quarterly net profit of 28.3 billion CNY, down 43.8% quarter-on-quarter [7]. - The company's total assets, excluding client funds, were 589.2 billion CNY, a decrease of 118.7 billion CNY year-on-year, while net assets increased by 12.5 billion CNY year-on-year to 191.7 billion CNY [8]. - The financial leverage ratio was reported at 3.07 times, down 0.88 times year-on-year [8]. Business Segment Performance - Proprietary business revenue totaled 14.5 billion CNY, with a quarterly revenue of 2.46 billion CNY, reflecting a significant decline [3]. - Interest income from credit business was 13.56 billion CNY, with a quarterly income of 3.63 billion CNY, showing a quarter-on-quarter increase [3]. - Brokerage business revenue was 6.45 billion CNY, with a quarterly revenue of 2.48 billion CNY, marking a substantial increase of 99.7% quarter-on-quarter and 86.1% year-on-year [9]. - Investment banking revenue was 2.1 billion CNY, with a quarterly revenue of 740 million CNY, showing a slight year-on-year decline [9]. - Asset management revenue was 4.15 billion CNY, with a quarterly revenue of 1.11 billion CNY, indicating stable growth [9]. Future Earnings Projections - The report projects EPS for 2025, 2026, and 2027 to be 1.91, 2.07, and 2.26 CNY respectively, with corresponding BPS of 19.16, 20.42, and 21.78 CNY [10]. - The expected growth rates for net profit are 20% for 2025, 12% for 2026, and 8% for 2027 [11].