TF Securities(SH:601162) Huachuang Securities·2025-05-09 00:35Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][7]. Core Views - The report highlights that the negative profit is mainly influenced by heavy capital business, while the quarterly ROE has improved sequentially [1][5]. - The total operating revenue for the year was 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, showing a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders was -30 million RMB, a year-on-year decrease of 109.7%, with a quarterly profit of 510 million RMB, reflecting a sequential increase of 7.2 million RMB and a year-on-year increase of 6.2 million RMB [5]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover rate was 3.1%, down 0.6 percentage points year-on-year, while the quarterly asset turnover rate was 1.6%, up 0.8 percentage points sequentially [5]. - The net profit margin for the reporting period was -1.1%, a decrease of 10.2 percentage points year-on-year, with a quarterly net profit margin of 37.9%, up 73% sequentially [5]. Business Segment Performance - The net income from heavy capital business was 620 million RMB, with a quarterly income of 740 million RMB, showing a sequential increase of 590 million RMB [5]. - The self-operated business revenue totaled 2.34 billion RMB, with a quarterly revenue of 1.12 billion RMB, reflecting a sequential increase of 530 million RMB [5]. - Brokerage business revenue was 820 million RMB for the quarter, showing a significant sequential increase of 98% and a year-on-year increase of 40.6% [5]. Regulatory Indicators - The risk coverage ratio was 122.7%, an increase of 6.5 percentage points from the previous period, with a risk capital reserve of 12.5 billion RMB [5]. - The net stable funding ratio was 103.8%, up 0.4 percentage points from the previous period [5]. - The capital leverage ratio was 16.6%, an increase of 0.1 percentage points from the previous period [5].