GF SECURITIES(SZ:000776) Zhongyuan Securities·2025-04-16 12:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3]. Core Viewpoints - The company achieved an operating income of 27.199 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1][6]. - The report highlights that the company's investment banking business net income and investment income (including fair value changes) have increased, while the proportion of net income from brokerage and asset management businesses has decreased [2][7]. - The company is expected to benefit from capital market reforms and policies aimed at increasing long-term capital inflows, with projected EPS of 1.18 yuan and 1.24 yuan for 2025 and 2026, respectively [3][29]. Summary by Sections Financial Performance - In 2024, the company proposed a cash dividend of 4.00 yuan per share (before tax), with a total dividend payout ratio of 39.46% of the net profit attributable to shareholders, an increase of 6.76 percentage points year-on-year [6]. - The weighted average return on equity (ROE) for 2024 was 7.44%, an increase of 1.78 percentage points year-on-year [1][6]. Business Segments - The net income from the investment banking business increased by 37.46% year-on-year, while the net income from asset management decreased by 10.91% due to reduced comprehensive fee rates [2][18]. - The company’s brokerage business net income increased by 14.46% year-on-year, with a slight recovery in market share [2][10]. Investment Performance - The company achieved a significant increase in investment income (including fair value changes) of 99.11% year-on-year, reflecting strong performance in both equity and fixed income self-operated businesses [2][23]. - The company’s two-margin balance increased by 16.52% year-on-year, with a market share of 5.56%, while the stock pledge scale decreased significantly [2][24]. Future Outlook - The company is expected to maintain a strong position in the market, with anticipated growth in both equity and fixed income sectors, supported by its brand and research advantages [3][29]. - The projected P/B ratios for 2025 and 2026 are 0.90 and 0.86, respectively, indicating potential for price appreciation [3][33].