Industrial Securities(SH:601377) KAIYUAN SECURITIES·2025-04-29 06:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in retail business capabilities and high elasticity in self-operated investment returns. The revenue and net profit attributable to the parent company for 2024 are projected to be 12.35 billion and 2.16 billion yuan, respectively, representing year-on-year increases of 16.25% and 10.16%. For Q1 2025, the revenue and net profit are expected to be 2.79 billion and 516 million yuan, with year-on-year growth of 17.48% and 57.32% [5][6] Financial Performance Summary - In 2024, the company's operating income is expected to be 12.35 billion yuan, with a year-on-year growth of 16.2%. The net profit attributable to the parent company is projected to be 2.16 billion yuan, reflecting a year-on-year increase of 10.2% [10] - The company’s return on equity (ROE) for 2024 and Q1 2025 is estimated at 3.81% and 3.60%, with year-on-year increases of 0.11 and 1.36 percentage points [5] - The company’s self-operated investment income for 2024 and Q1 2025 is expected to be 2.82 billion and 600 million yuan, with year-on-year growth of 370% and 81% [7] Business Segment Performance - The brokerage business net income for 2024 is projected to be 2.13 billion yuan, down 5% year-on-year, while the investment banking business net income is expected to be 700 million yuan, down 33% year-on-year [6] - The asset management business net income for 2024 is expected to be 159 million yuan, with a year-on-year increase of 7.6% [6] Valuation Metrics - The current price-to-book (PB) ratio is projected to be 0.9 for 2024 and 0.8 for 2025 and 2026 [5] - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with a projected increase to 0.39 yuan by 2027 [5][10]