Orient Securities(600958) 东吴证券·2025-04-01 01:20Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company's revenue for 2024 is projected to be 19.19 billion yuan, representing a year-on-year increase of 12.3%, while the net profit attributable to shareholders is expected to reach 3.35 billion yuan, up 21.7% year-on-year [7]. - Investment income has significantly increased, with a reported 49.3 billion yuan in investment income for 2024, marking a 106.3% year-on-year growth [7]. - The brokerage business has seen a decline in revenue, with a 9.7% drop to 2.51 billion yuan, while the company has been optimizing its financial product distribution [7]. - The investment banking segment experienced a revenue decrease of 22.6%, with a notable drop in equity underwriting [7]. - The asset management business also faced challenges, with a 33.9% decline in revenue [7]. - The report highlights the company's efforts in wealth management transformation and fund management as key growth areas moving forward [7]. Financial Summary - Total revenue for 2023 was 17.09 billion yuan, with a projected increase to 19.19 billion yuan in 2024 [1]. - The net profit for 2023 was 2.75 billion yuan, expected to rise to 3.35 billion yuan in 2024 [1]. - The earnings per share (EPS) for 2024 is forecasted at 0.39 yuan, with a price-to-earnings (P/E) ratio of 20.85 [1]. - The company's return on equity (ROE) for 2024 is estimated at 4.1%, an increase of 0.7 percentage points year-on-year [7].