Guoxin Securities·2025-08-29 02:34Investment Rating - The investment rating for the company is "Outperform the Market" [6][19] Core Views - The company reported a significant increase in investment income and simultaneous expansion in brokerage and asset management services, with a revenue of 33.039 billion yuan in H1 2025, representing a year-on-year growth of 20.44% and a net profit of 13.719 billion yuan, up 29.80% year-on-year [1][4] - The company has increased its key assumptions for brokerage business growth and investment yield, leading to an upward revision of net profit forecasts for 2025-2027 by 13.6%, 18.3%, and 18.6% respectively [4] Summary by Sections Financial Performance - In H1 2025, the revenue breakdown showed brokerage at 19.4%, investment banking at 6.4%, asset management at 16.5%, interest income at 0.7%, and investment income at 58.9% [1] - The annualized investment return rate for H1 2025 was 4.22%, an increase of 0.95 percentage points year-on-year [2] Brokerage and Investment Banking - The brokerage business saw a revenue growth of 31.2% year-on-year, while investment banking revenue grew by 20.9% [1] - The IPO underwriting scale has stabilized, with 67 IPOs underwritten in H1 2025, amounting to 65.61 billion yuan, which is consistent with the total for 2024 [3] Asset Management - The company’s asset management scale expanded significantly, with over 16.5 million wealth management clients and total assets under management (AUM) exceeding 12 trillion yuan by the end of H1 2025 [4] - The AUM for the company’s asset management reached 1,556.2 billion yuan, showing a slight year-on-year increase [4] Future Outlook - The company is expected to benefit from the recovery in the domestic IPO and refinancing markets, as well as the expansion of its overseas business [3] - The financial forecasts indicate a projected revenue increase to 72.773 billion yuan in 2025, with a net profit of 27.333 billion yuan, reflecting a growth rate of 25.94% [5][17]