FCSC(SZ:002797) Western Securities·2025-08-26 12:28Investment Rating - The report gives an "Accumulate" rating for the company, First Capital [6]. Core Insights - First Capital has a distinctive focus on fixed income business, with a dual-driven growth model from asset management and investment banking, indicating significant development potential [1][18]. - The company aims to enhance its comprehensive financial service capabilities through strategic collaboration with its new major shareholder, Beijing Guoguan [1][28]. - The strategic development plan for 2025-2027 emphasizes a customer-centric approach, aiming to establish itself as a leading investment bank with fixed income characteristics [1][22]. Summary by Relevant Sections Company Overview - First Capital, originally founded as Foshan Securities in 1993, has evolved into a national comprehensive securities firm, with a focus on fixed income and asset management [22][23]. - The company has undergone significant changes in its ownership structure, with Beijing Guoguan becoming the largest shareholder in 2023, enhancing its strategic capabilities [28][24]. Financial Performance - The company reported a revenue of 2.49 billion yuan in 2023, with a projected increase to 3.53 billion yuan in 2024, reflecting a growth rate of 41.9% [4][15]. - The net profit attributable to shareholders is expected to rise from 331 million yuan in 2023 to 904 million yuan in 2024, marking a substantial growth of 173.3% [4][15]. Business Segments - The asset management and investment banking sectors are the primary growth drivers, with asset management projected to account for 32.4% of total revenue in 2024 [3][39]. - The fixed income business has shown stable growth, with revenues increasing from 288 million yuan to 646 million yuan from 2021 to 2024, representing a rise in its share of total revenue from 11.03% to 18.29% [2][44]. Strategic Development - The company is focusing on enhancing its investment banking capabilities, particularly in the Beijing Stock Exchange, leveraging its shareholder's resources to support growth [3][41]. - The strategic plan for 2025-2027 aims to integrate investment banking into its core operations, enhancing its competitive edge in the market [1][41].