Western Securities(SZ:002673) Huachuang Securities·2025-04-30 03:43Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.24 CNY [1][8]. Core Views - The company's single-quarter ROE increased year-on-year but decreased quarter-on-quarter, primarily influenced by the self-operated fixed income business. The reported ROE for the period was 1%, with a year-on-year increase of 0.3 percentage points [1]. - The company’s total assets, excluding client funds, amounted to 798 billion CNY, a slight decrease of 1.8 million CNY year-on-year, while net assets increased by 9.1 million CNY year-on-year to 290 billion CNY [1]. - The report highlights a significant increase in net profit, which reached 2.9 billion CNY, representing a year-on-year growth of 48.3% [7]. Financial Summary - The main financial indicators for the company are as follows: - Main revenue for 2024 is projected at 6,712 million CNY, with a year-on-year growth rate of -3%. For 2025, it is expected to rise to 7,611 million CNY, reflecting a growth rate of 13% [3]. - The net profit attributable to the parent company is forecasted to be 1,403 million CNY for 2024, with a year-on-year growth of 20%, and is expected to reach 1,582 million CNY in 2025, indicating a growth of 13% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.35 CNY, with a price-to-earnings (P/E) ratio of 21.0 times [3]. Business Performance - The self-operated business revenue totaled 4.6 billion CNY, showing a quarter-on-quarter decline of 4.2 billion CNY, while the self-operated yield was 0.8% [1][8]. - The brokerage business revenue decreased by 26.3% quarter-on-quarter to 2.9 billion CNY, but increased by 55.3% year-on-year [8]. - The company’s credit business generated interest income of 2.7 billion CNY, reflecting a quarter-on-quarter decrease of 0.33 billion CNY [2].