Guotai Haitong Securities(SH:601211) Zhongyuan Securities·2025-04-15 14:23Investment Rating - The report maintains an "Accumulate" investment rating for Guotai Junan Securities [1] Core Views - The company achieved a revenue of 43.397 billion yuan in 2024, representing a year-on-year increase of 20.08%, and a net profit attributable to shareholders of 13.024 billion yuan, up 38.94% year-on-year [4][7] - The report highlights strong performance across multiple business segments, with retail and institutional brokerage businesses showing comprehensive growth, while investment income (including fair value changes) saw a significant increase of 58.60% year-on-year [5][26] - The company is expected to maintain a leading position in the securities brokerage industry, with a projected EPS of 1.44 yuan and 1.50 yuan for 2025 and 2026, respectively [5][38] Summary by Sections Financial Performance - In 2024, the company reported a basic EPS of 1.39 yuan, a 41.84% increase year-on-year, and a return on equity (ROE) of 8.14%, up 2.12 percentage points from the previous year [4][7] - The total assets reached 1,047.745 billion yuan, with total equity of 170.775 billion yuan [4][7] Business Segments - Brokerage business net income increased by 15.51% year-on-year, with a total of 7.843 billion yuan [11] - The investment banking segment saw a decline in net income by 20.77%, but the company maintained its market share and ranking [17] - Asset management business net income decreased by 4.98%, while the total asset management scale grew by 6.5% [21][22] International Business - The international business segment reported a revenue increase of 34.49% year-on-year, with significant growth in asset management and investment banking services [37] Future Projections - The company expects to achieve revenues of 44.615 billion yuan and 46.767 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 13.428 billion yuan and 14.040 billion yuan [5][41]