Caitong Securities(601108) 申万宏源证券·2025-04-26 10:42Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's performance in Q1 2025 was impacted by self-operated investments, while the brokerage business saw steady growth in client scale [5][7]. - The company reported a revenue of 6.29 billion yuan in 2024, a year-on-year decrease of 3.6%, with a net profit attributable to shareholders of 2.34 billion yuan, an increase of 3.9% year-on-year [5][6]. - The brokerage business revenue for 2024 was 1.41 billion yuan, up 17.7% year-on-year, with a significant increase in client numbers and assets under custody [7]. - The asset management business generated 1.55 billion yuan in revenue for 2024, a slight decrease of 0.3% year-on-year, while the self-operated investment net income dropped significantly in Q1 2025 [7]. Financial Data and Profit Forecast - For Q1 2025, the company reported a revenue of 1.07 billion yuan, a year-on-year decrease of 24.2%, and a net profit of 0.29 billion yuan, down 36.5% year-on-year [5][6]. - The projected net profit for 2025-2027 is 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan respectively, with year-on-year growth rates of 12.5%, 14.6%, and 14.3% [7][8]. - The company's return on equity (ROE) for Q1 2025 was 0.79%, a decrease of 0.52 percentage points compared to the same period last year [5][6].