西部证券（002673）：2024年报点评：各项业务均有提升

Investment Rating - The report maintains a "Recommended" rating for Western Securities (002673) with a target price of 9.24 CNY [1]. Core Insights - The company's return on equity (ROE) has shown significant improvement, with a reported ROE of 4.9%, up by 0.7 percentage points year-on-year. The quarterly ROE stands at 2.3%, reflecting a quarter-on-quarter increase of 2.1 percentage points and a year-on-year increase of 1.3 percentage points [2]. - The total revenue for the reporting period, excluding other business income, reached 4.2 billion CNY, representing a year-on-year growth of 10.5%. The quarterly revenue was 1.6 billion CNY, with a quarter-on-quarter increase of 10.4 billion CNY [8]. - The net profit attributable to the parent company was 1.4 billion CNY, marking a year-on-year increase of 20.4%, with a quarterly net profit of 670 million CNY, up by 6 billion CNY quarter-on-quarter and 3.8% year-on-year [8]. Financial Performance - The company's self-operated business revenue totaled 2.49 billion CNY, with a quarterly figure of 880 million CNY, reflecting a quarter-on-quarter increase of 670 million CNY. The self-operated yield for the quarter was 1.8%, up by 1.4 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [3]. - Interest income from credit business amounted to 1.02 billion CNY, with a quarterly income of 300 million CNY, showing a quarter-on-quarter increase of 67 million CNY. The margin financing and securities lending business scale reached 10 billion CNY, up by 2.46 billion CNY quarter-on-quarter [3]. - The brokerage business revenue saw a significant quarter-on-quarter growth of 132.8%, reaching 950 million CNY, with a year-on-year increase of 130.1% [9]. Future Projections - The report projects earnings per share (EPS) for Western Securities to be 0.35 CNY, 0.39 CNY, and 0.43 CNY for the years 2025, 2026, and 2027 respectively. The book value per share (BPS) is expected to be 6.57 CNY, 6.81 CNY, and 7.04 CNY for the same years [10]. - The target price of 9.24 CNY corresponds to a price-to-book (PB) ratio of 1.40 for the year 2025, reflecting the company's overall business situation and the current market conditions [10].