HTSC(SH:601688) Soochow Securities·2025-03-31 14:02Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a total revenue of 41.47 billion yuan in 2024, representing a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 15.35 billion yuan, up 20.4% year-on-year [8] - The brokerage business maintains a leading advantage with revenue of 6.45 billion yuan, a year-on-year increase of 8.2%, accounting for 19.3% of total revenue [8] - Investment income significantly increased due to the sale of AssetMark shares, contributing 6.23 billion yuan to the annual investment income [8] - The company is expected to see net profits of 14.02 billion yuan and 15.13 billion yuan in 2025 and 2026, respectively, with corresponding growth rates of -8.7% and +7.9% [8] Summary by Sections Financial Performance - Total revenue for 2023 was 36.58 billion yuan, projected to rise to 41.47 billion yuan in 2024, followed by a decline to 38.74 billion yuan in 2025 [1] - Net profit attributable to shareholders was 12.75 billion yuan in 2023, expected to increase to 15.35 billion yuan in 2024, then decrease to 14.02 billion yuan in 2025 [1] - The latest diluted EPS is projected at 1.70 yuan for 2024, with a P/E ratio of 8.13 [1] Business Segments - Brokerage business revenue is projected to grow, with a market share increase in margin trading to 7.1% [8] - Investment banking revenue is expected to decline, with a significant drop in underwriting scale [8] - Asset management revenue slightly decreased, but the asset management scale grew by 17% to 556.3 billion yuan [8] Market Position - The company remains a top player in the brokerage industry, leveraging technology to enhance service offerings [8] - The company ranks second in equity underwriting scale and third in bond underwriting scale [8]