FCSC(SZ:002797) Soochow Securities·2025-08-28 05:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.83 billion yuan in the first half of 2025, representing a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 490 million yuan, up 21.4% year-on-year [8] - The company is focusing on building an investment advisory platform and steadily advancing its wealth management transformation, with brokerage business revenue reaching 230 million yuan, a year-on-year increase of 47.4% [8] - The company has a unique advantage in fixed income business, with a bond underwriting scale of 22.6 billion yuan, up 289.6% year-on-year, despite a general downturn in the bond market [8] - The asset management business saw a slight decline in revenue, down 5.9% year-on-year, with total asset management scale reaching 66.3 billion yuan, a growth of 23.7% compared to the end of 2024 [8] - The company’s investment income (including fair value) was 690 million yuan, up 22.1% year-on-year, indicating a strong correlation with the bond market [8] - The profit forecast for 2025-2027 has been revised upwards, with net profits expected to be 960 million yuan, 1.037 billion yuan, and 1.152 billion yuan respectively, reflecting a year-on-year growth of 6%, 8%, and 11% [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.489 billion yuan, with a year-on-year decrease of 4.7%, while 2024 revenue is expected to rise to 3.532 billion yuan, a growth of 41.91% [1] - The net profit attributable to shareholders for 2023 is estimated at 331 million yuan, down 17.51% year-on-year, with a significant recovery expected in 2024 to 904 million yuan, reflecting a growth of 173.31% [1] - The latest diluted EPS for 2023 is projected at 0.08 yuan, with an increase to 0.22 yuan in 2024 [1] Business Segments - Brokerage business contributed 12% to total revenue, while asset management accounted for 24%, and proprietary trading made up 38% [9] - The company’s fixed income business is highlighted as a key strength, with a significant increase in bond underwriting activities [8] Market Position - The company’s market capitalization is approximately 34.17 billion yuan, with a price-to-earnings ratio of 88.75 for 2023, decreasing to 32.27 for 2024 [5][1] - The company’s total assets are projected to grow from 52.74 billion yuan in 2024 to 60.72 billion yuan by 2027 [13]