CGWS(SZ:002939) Shenwan Hongyuan Securities·2025-08-26 13:13Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported strong performance in its half-year results, with revenue of 2.86 billion yuan, a year-on-year increase of 44.2%, and a net profit of 1.38 billion yuan, up 91.9% year-on-year [5][7]. - The self-operated business significantly contributed to the company's revenue, accounting for over 60% of total income in the first half of 2025 [7]. - The company has seen a steady growth in asset management scale and is expected to benefit from a recovery in the stock market, which could catalyze profit growth [7]. Financial Data and Earnings Forecast - For 2025, the company is projected to achieve a revenue of 5.53 billion yuan, with a year-on-year growth rate of 37.64% [6][8]. - The net profit for 2025 is estimated at 2.08 billion yuan, reflecting a year-on-year increase of 31.51% [6][8]. - The company's return on equity (ROE) is expected to reach 6.75% in 2025, up from 5.12% in 2023 [6][8]. Revenue Structure - The main sources of income for the company include self-operated, brokerage, and asset management businesses, with self-operated business showing significant growth [7]. - In the second quarter of 2025, the company achieved a main business income of 1.58 billion yuan, with various segments showing different growth rates [7]. Investment Analysis - The company is expected to maintain a competitive advantage due to its strong shareholder background and distinctive asset management business [7]. - The forecast for net profit has been revised upwards for 2025-2027, with expected profits of 2.1 billion yuan in 2025, 2.2 billion yuan in 2026, and 2.4 billion yuan in 2027 [7].