TF Securities(SH:601162) Huachuang Securities·2025-05-08 14:40Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][5]. Core Views - The report highlights that the negative profit is primarily influenced by heavy capital business, although the quarterly ROE has improved sequentially [1][5]. - The total operating revenue, excluding other business income, is reported at 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, reflecting a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders is -30 million RMB, a year-on-year decline of 109.7%, with a quarterly profit of 510 million RMB, showing a sequential increase of 7.2 billion RMB and a year-on-year increase of 6.2 billion RMB [5]. Financial Performance Summary - The company's return on equity (ROE) for the reporting period is -0.1%, a decrease of 1.4 percentage points year-on-year, while the quarterly ROE is 2.2%, an increase of 3.1 percentage points sequentially and 2.7 percentage points year-on-year [5]. - The financial leverage ratio at the end of the reporting period is 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover ratio is 3.1%, down by 0.6 percentage points year-on-year, with a quarterly asset turnover ratio of 1.6%, up by 0.8 percentage points sequentially and 0.7 percentage points year-on-year [5]. - The net profit margin for the reporting period is -1.1%, a decrease of 10.2 percentage points year-on-year, while the quarterly net profit margin is 37.9%, an increase of 73% sequentially and 52.2% year-on-year [5]. Business Segment Performance - The net income from heavy capital business is reported at 620 million RMB, with a quarterly income of 740 million RMB, reflecting a sequential increase of 590 million RMB [5]. - The self-operated business income totals 2.34 billion RMB, with a quarterly income of 1.12 billion RMB, showing a sequential increase of 530 million RMB [5]. - Brokerage business revenue has significantly improved in Q4, with a quarterly income of 3 billion RMB, reflecting a sequential increase of 98% and a year-on-year increase of 40.6% [5]. - Investment banking revenue is reported at 650 million RMB, with a quarterly income of 150 million RMB, showing a slight sequential decrease of 20 million RMB and a year-on-year decrease of 40 million RMB [5]. Future Financial Projections - The projected main operating revenue for 2024 is 2.7 billion RMB, with a year-on-year growth rate of -21% [7]. - The projected net profit attributable to shareholders for 2025 is 123 million RMB, reflecting a significant year-on-year growth rate of 516% [7]. - The estimated earnings per share (EPS) for 2025 is 0.01 RMB, with a price-to-earnings (P/E) ratio of 285.0 times [7].