Zheshang Securities(SH:601878) East Money Securities·2025-08-27 09:13Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][6]. Core Views - The company is experiencing growth driven by proprietary trading and brokerage services, with a new chapter opened through acquisitions [1][6]. - The report highlights the company's strong performance in brokerage income, which has significantly increased due to active market trading [6][9]. - The company has become the controlling shareholder of Guodu Securities, which is expected to enhance its competitive position in the market [6][9]. Financial Summary - As of August 26, 2025, the total market capitalization is 56,486.39 million, with a 52-week high of 15.85 and a low of 10.27 [4]. - For the first half of 2025, the company reported revenue of 6.107 billion, a year-on-year decrease of 23.7%, while net profit attributable to shareholders was 1.149 billion, an increase of 46.5% [4][6]. - The company's brokerage, investment banking, asset management, credit, and proprietary trading net income for H1 2025 were 1.313 billion, 287 million, 158 million, 541 million, and 1.416 billion respectively, with year-on-year growth rates of 29%, 0.3%, -24%, 35%, and 146% [6][9]. Earnings Forecast - The projected net profit for 2025 is 2.294 billion, with a year-on-year growth of 18.74%, and for 2026 and 2027, the net profit is expected to be 2.661 billion and 2.847 billion respectively [7][6]. - The report anticipates a revenue decline of 4% in 2025, followed by growth of 5.85% in 2026 and 4.49% in 2027 [7][6]. - The estimated price-to-book ratios for 2025, 2026, and 2027 are 1.49, 1.40, and 1.30 respectively [7][6].