浙商证券（601878）：客户入金速度行业前十，投资效率指标改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight miss in earnings expectations for Q1 2025, with revenue of 2.99 billion yuan, down 22.9% year-on-year, and a net profit of 556 million yuan, up 24.2% year-on-year [4][6] - The company's brokerage and net interest income performed well, with brokerage business contributing over 40% to main revenue [6] - The company has seen a significant increase in customer deposits and a decrease in liability costs, driving net interest income growth of over 60% year-on-year [6] - The company's financial investment assets maintained a high single-digit growth, with an annualized investment return of 4.80% for Q1 2025 [6] - The company is expected to benefit from the acquisition of Guodu Securities, enhancing its wealth management capabilities [6] Financial Data and Earnings Forecast - For 2025, the company is expected to achieve a net profit of 2.30 billion yuan, with a year-on-year growth of 19% [5][7] - The company's revenue for 2025 is projected to be 17.30 billion yuan, with a year-on-year growth rate of 9.39% [5][7] - The estimated earnings per share for 2025 is 0.50 yuan [5][7] - The company's return on equity (ROE) for 2025 is expected to be 6.39% [5][7]