Soochow Securities·2025-04-30 02:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown significant growth across all business segments, with notable performance in proprietary trading and brokerage services [7] - The capital market reforms and gradual economic recovery are expected to enhance market investment enthusiasm, providing a favorable long-term policy environment for the securities industry [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 7.24 billion yuan, a year-on-year increase of 46.3%, and a net profit attributable to shareholders of 2.76 billion yuan, up 79.2% year-on-year [7] - The earnings per share (EPS) for Q1 2025 was 0.33 yuan, with a return on equity (ROE) of 2.1%, an increase of 0.9 percentage points year-on-year [7] - Brokerage business revenue reached 2.05 billion yuan, a 50.7% increase year-on-year, accounting for 28.8% of total revenue [7] - The company’s asset management business revenue was 1.69 billion yuan, up 5.3% year-on-year [7] - Proprietary trading revenue was 2.33 billion yuan, reflecting a 106.5% increase year-on-year [7] Business Segment Performance - The brokerage and margin financing market share has steadily improved, with a margin balance of 111.3 billion yuan, a year-on-year increase of 28%, and a market share of 5.8% [7] - Investment banking revenue for Q1 2025 was 150 million yuan, a slight increase of 4.2% year-on-year, with a total underwriting scale of 6.3 billion yuan [7] - The asset management business continues to grow, with the company managing 253.5 billion yuan, a year-on-year increase of 23.9% [7] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 12.1 billion yuan, 14.5 billion yuan, and 17 billion yuan respectively, with corresponding price-to-book ratios of 0.91, 0.84, and 0.77 [7]