Soochow Securities·2025-08-29 04:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant improvement in Q2 performance, with a year-on-year revenue increase of 9.6% and a net profit increase of 9.2% [8] - The company is expected to experience single-digit growth in the second half of the year due to a high base effect [1] - The report highlights a strong performance in brokerage and investment banking services, driven by increased market activity and a recovery in refinancing [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 25,213 million yuan, representing a year-on-year growth of 20.68% [1] - The net profit attributable to shareholders is expected to reach 12,516 million yuan in 2025, with a year-on-year growth of 20.51% [1] - The earnings per share (EPS) for 2025 is forecasted at 1.44 yuan, with a price-to-earnings (P/E) ratio of 13.42 [1] Business Segment Performance - Brokerage business revenue for the first half of 2025 was 37.3 billion yuan, up 44.9% year-on-year, accounting for 36% of total revenue [8] - Investment banking revenue increased by 41.4% year-on-year, with a significant rise in equity underwriting [8] - Asset management revenue also saw a 29.3% increase year-on-year, although the total asset management scale decreased by 16.1% [8] Market Position and Outlook - The company maintains a strong market position with a market share of 5.2% in margin financing [8] - The report anticipates continued benefits from capital market reforms and a gradual economic recovery, enhancing the company's risk management capabilities [8]