浙商证券（601878）：2024年报点评：自营业务驱动业绩增长，费类业务小幅收缩

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [8]. Core Insights - The company's 2024 performance shows a total revenue of 15.82 billion yuan, a decrease of 10.3% year-on-year, while the net profit attributable to shareholders is 1.93 billion yuan, an increase of 10.2% year-on-year [8]. - The report highlights significant growth in agency trading income, with a net income of 1.20 billion yuan, reflecting a 22% increase year-on-year, amidst a backdrop of increased market trading activity [8]. - The investment income for 2024 reached 1.74 billion yuan, marking a substantial increase of 69.3% year-on-year, driven by effective asset allocation strategies [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 15.82 billion yuan, down 10.3% from the previous year, while net profit attributable to shareholders rose to 1.93 billion yuan, up 10.2% [8]. - The earnings per share (EPS) for 2024 is projected at 0.49 yuan, with a return on equity (ROE) of 6.8%, an increase of 0.1 percentage points year-on-year [8]. Business Segments - The brokerage business generated 2.35 billion yuan in revenue, a decrease of 4.9% year-on-year, primarily due to a decline in futures brokerage income [8]. - The investment banking segment saw revenues drop to 720 million yuan, down 17.9% year-on-year, with a significant decline in equity underwriting [8]. - Asset management revenue decreased slightly to 390 million yuan, down 6.2% year-on-year, while the total asset management scale increased by 4.6% to 95.3 billion yuan [8]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 2.17 billion yuan, 2.30 billion yuan, and 2.54 billion yuan respectively, with corresponding year-on-year growth rates of 12.05%, 6.16%, and 10.56% [8]. - The projected EPS for the next three years is expected to be 0.47 yuan, 0.59 yuan, and 0.66 yuan per share [8].