HTSC(601688) 华创证券·2025-03-30 08:00Investment 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 total revenue for the reporting period was 33.5 billion CNY, reflecting a year-on-year increase of 6.4%. The net profit attributable to shareholders was 15.35 billion CNY, up 20.4% year-on-year [7][10]. - The report highlights a significant increase in light capital business, benefiting from improved market conditions and the company's strong fundamentals [10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.07 times, down 0.88 times year-on-year [2][8]. - The net profit margin for the reporting period was 45.9%, an increase of 5.3 percentage points year-on-year [2]. - The self-operated business revenue totaled 14.5 billion CNY, with a quarterly self-operated yield of 0.8% [3]. - Interest income from credit business reached 13.56 billion CNY, with a significant increase in margin trading business scale [3][9]. - Brokerage business revenue showed a notable increase, reaching 6.45 billion CNY, with a year-on-year growth of 86.1% [9]. Earnings Forecast - 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][11]. - The expected growth rates for net profit are 20% for 2025, 12% for 2026, and 8% for 2027 [11].