华泰证券（601688）：行Fin-Tech赋能，业绩稳健增长

Investment Rating - The investment rating for the company is "Outperform the Market" [6][12][4] Core Views - The company achieved a revenue of 41.466 billion yuan in 2024, representing a year-on-year increase of 13.37%. The net profit attributable to shareholders was 15.351 billion yuan, up 20.4% year-on-year. However, the net profit after deducting non-recurring gains and losses decreased by 29.9% to 9.034 billion yuan [1][4] - The growth in performance is attributed to the recovery of the market driven by policy implementation, increased trading activity, and a decrease in interest expenses on interest-bearing liabilities. Investment income and interest income saw significant increases [1] - The company is focusing on internationalization and intelligence, exploring opportunities in "AI enhancement" and "technology empowerment platforms" to leverage business and technology [1] Summary by Sections Financial Performance - In 2024, the company reported investment business income of 14.501 billion yuan, a year-on-year increase of 24.25%, driven by the recovery in equity, derivatives, and the stock market. The net interest income surged by 184.09% to 2.705 billion yuan due to reduced interest expenses [1][3] - The brokerage business income was 6.447 billion yuan, up 8.19% year-on-year, with a year-end cash balance of 177.639 billion yuan, an increase of 18.17% [2] - Asset management business revenue fell by 2.58% to 4.146 billion yuan, while investment banking revenue decreased by 30.96% to 2.097 billion yuan [3] Future Earnings Forecast - The earnings forecasts for 2025 and 2026 have been raised by 3.92% and 6.2%, respectively. The projected net profits for 2025-2027 are 16.019 billion yuan, 17.559 billion yuan, and 18.937 billion yuan, reflecting year-on-year growth rates of 4.3%, 9.6%, and 7.8% [4][12] - The current price-to-earnings (PE) ratios are projected at 10, 9.1, and 8.4 for 2025, 2026, and 2027, respectively, while the price-to-book (PB) ratios are 0.79, 0.74, and 0.7 [4][12]