GF SECURITIES(000776) 国投证券·2025-04-03 07:02Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a significant increase in self-operated income, with a year-on-year growth of 117% in 2024, reaching 7.8 billion yuan [3]. - The company's wealth management advantages remain solid, with its public fund management continuing to lead the industry [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.38 yuan, 1.59 yuan, and 1.80 yuan respectively [4]. Financial Performance Summary - The company reported total operating revenue of 27.2 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.6 billion yuan, up 38.11% year-on-year [1]. - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1]. - The breakdown of net income by business segment for 2024 includes brokerage at 6.7 billion yuan, investment banking at 800 million yuan, asset management at 6.9 billion yuan, credit at 2.3 billion yuan, and self-operated business at 7.8 billion yuan [1]. Business Segment Performance - Brokerage: The company achieved a stock trading volume of 23.95 trillion yuan in 2024, a year-on-year increase of 28.98% [2]. - Investment Banking: The company completed three A-share IPOs with a total underwriting amount of 800 million yuan, and five refinancing projects totaling 7.9 billion yuan, with declines of 60% and 45% respectively compared to the previous year [2]. - Asset Management: The total asset management scale reached 253.5 billion yuan by the end of 2024, a 24% increase year-on-year [2]. - Margin Financing: The margin financing business scale was 103.7 billion yuan, up 17% year-on-year, with a market share of 5.56% [3].