Guoxin Securities·2025-04-30 11:04Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.382 billion yuan, a year-on-year growth of 49.06%, and net profit of 1.436 billion yuan, up 62.00% year-on-year [1][3] - The company's strategic focus on "large wealth, large investment banking, and large institutions" is expected to continue driving growth [1] - The self-operated investment segment showed a rebound, with a diversified asset allocation strategy leading to a 1.14% increase in financial assets to 224.461 billion yuan by the end of Q1 2025 [1] Summary by Sections Self-Operated Investment - The company increased its financial asset allocation by 2.5 billion yuan since the beginning of the year, with a total holding of 224.461 billion yuan at the end of Q1 2025, reflecting a 1.14% growth [1] - The TPL account saw an increase of 6.93% to 96.443 billion yuan, while the OCI equity account increased by 26.20% to 24.8 billion yuan [1] Brokerage Business - The brokerage business generated 703 million yuan in revenue, a year-on-year increase of 44.60%, driven by a 68% increase in stock trading volume to 99.55 trillion yuan [2] - As of the end of 2024, the company’s total custodial assets reached 878.273 billion yuan, with a non-monetary holding scale of 55.824 billion yuan, reflecting year-on-year increases of 17.74% and 8.12% respectively [2] Investment Banking - The investment banking segment achieved revenue of 320 million yuan, up 16.97% year-on-year, with equity financing totaling 7.804 billion yuan and a market share of 9.39%, ranking second [2] - The company’s bond underwriting scale reached 127.111 billion yuan, a year-on-year increase of 33.70%, with a market share of 3.90% [2] Asset Management and Credit Business - The asset management and credit business faced challenges, with credit business revenue declining by 26.27% to 220 million yuan due to rising interest expenses outpacing income [3] - Asset management revenue also decreased by 16.53% to 301 million yuan [3] Financial Forecasts - The company maintains its profit forecast, expecting net profits of 3.6 billion yuan, 3.77 billion yuan, and 3.92 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.4%, 4.8%, and 4.1% [3][4]