Founder Securities(SH:601901) Zhongyuan Securities·2025-04-18 14:23Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [5][6][25]. Core Insights - The company achieved a revenue of 7.718 billion yuan in 2024, representing an 8.42% year-on-year increase, and a net profit attributable to shareholders of 2.207 billion yuan, up 2.55% year-on-year [4][8]. - The report highlights a significant growth in the brokerage and asset management business, with net income from brokerage services increasing by 23.27% year-on-year [5][12]. - The company has successfully increased its market share in the securities trading business, reaching a market share of 3.09%, the highest in five years [12][25]. - The report anticipates earnings per share (EPS) of 0.28 yuan and 0.31 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 6.14 yuan and 6.40 yuan [6][25]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 255.628 billion yuan and a return on equity (ROE) of 4.72% [4][8]. - The company plans to distribute a dividend of 0.583 yuan per share, which represents 40.02% of the net profit attributable to shareholders [8][25]. Business Segments - The brokerage business saw a substantial increase in net income, with a total of 4.036 billion yuan, while investment banking revenue decreased by 16.59% [5][14]. - The asset management segment reported a net income of 2.38 billion yuan, reflecting a 31.49% increase year-on-year [19][25]. - The company’s proprietary trading achieved absolute returns, although overall investment income decreased by 13.91% [20][25]. Market Position - The company’s margin financing and securities lending balance reached a historical high of 40.403 billion yuan, marking a 30.78% increase year-on-year [23][25]. - The report notes that the company has been actively disposing of inefficient assets, enhancing operational efficiency [6][25].