Orient Securities(600958) 国投证券·2025-04-03 15:37Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a total revenue of 19.19 billion yuan in 2024, representing a year-on-year increase of 12%, and a net profit attributable to shareholders of 3.35 billion yuan, up 22% year-on-year [1]. - The company's self-operated income doubled, while credit business income declined due to reduced interest income from stock pledge repurchase business [3]. - The asset management business shows significant advantages, and the progress in fund advisory services is notable, indicating potential long-term benefits from the wealth management market [4]. Business Performance Summary - Brokerage: The company had a net income of 2.5 billion yuan in brokerage services, down 10% year-on-year [1]. - Investment Banking: The company completed 4 equity financing projects totaling 1.33 billion yuan, ranking 8th in the industry for the number of projects [2]. - Asset Management: The total management scale of Dongzheng Asset Management reached 216.6 billion yuan, with 257 products managed [2]. - Credit Business: The net income from credit business decreased by 25% year-on-year, primarily due to reduced interest income from stock pledge repurchase [3]. - Self-Operated Business: The self-operated business net income increased by 106% year-on-year, driven by gains from other debt investments and trading financial assets [3]. Financial Forecast Summary - Revenue Forecast: Expected revenues for 2025, 2026, and 2027 are projected at 20.623 billion yuan, 22.966 billion yuan, and 25.099 billion yuan respectively [5][10]. - Net Profit Forecast: Projected net profits for the same years are 3.68 billion yuan, 4.187 billion yuan, and 4.672 billion yuan respectively [5][10]. - Earnings Per Share (EPS): Expected EPS for 2025, 2026, and 2027 are 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [4][10].