Founder Securities(SH:601901) Huachuang Securities·2025-05-02 03:25Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][19]. Core Insights - The company's Q1 2025 performance met expectations, with a significant revenue increase of 49.2% year-on-year, reaching 3 billion yuan, and a net profit of 1.2 billion yuan, reflecting a year-on-year growth of 52.4% [1]. - The report highlights the company's strong growth trajectory, driven by a low base effect from the previous year and favorable market conditions [1][8]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.35, 0.38, and 0.41 yuan respectively, with a corresponding price-to-book (PB) ratio of 1.23, 1.17, and 1.11 [8][9]. Financial Performance Summary - The main financial indicators for the company are as follows: - Main revenue for 2024 is projected at 7,718 million yuan, with a growth rate of 8%. For 2025, it is expected to reach 10,606 million yuan, reflecting a growth rate of 37% [4]. - The net profit attributable to the parent company is forecasted to be 2,207 million yuan in 2024, increasing to 2,843 million yuan in 2025, with a growth rate of 29% [4]. - The company's return on equity (ROE) is expected to improve, with projections of 5.81%, 6.20%, and 6.30% for the years 2025, 2026, and 2027 respectively [8][9]. Market Position and Valuation - The current market capitalization of the company is approximately 61.33 billion yuan, with a current share price of 7.45 yuan and a target price set at 9.65 yuan [5][8]. - The report emphasizes the company's favorable position in the market, supported by a robust business model and positive industry trends [8].