Shenwan Hongyuan Securities·2025-08-29 05:44Investment Rating - The report maintains a "Buy" rating for China Galaxy Securities [1] Core Views - The company reported a revenue of 13.75 billion yuan for the first half of 2025, representing a year-on-year increase of 37.7%, and a net profit attributable to shareholders of 6.49 billion yuan, up 47.9% year-on-year [4] - The weighted average ROE for the first half of 2025 was 5.16%, an increase of 1.53 percentage points compared to the same period last year [4] - The brokerage and proprietary trading businesses showed significant growth, with proprietary trading contributing substantially to revenue [6] Financial Performance Summary - For the first half of 2025, the company achieved a main business income of 7.3 billion yuan, with a year-on-year increase of 27.5% [6] - The breakdown of income sources for the first half of 2025 includes brokerage at 26.8%, investment banking at 2.3%, asset management at 2.0%, net interest at 14.3%, and net investment at 54.4% [6] - The company’s brokerage business revenue reached 3.65 billion yuan, a year-on-year increase of 45.3% [6] - The company’s IPO, refinancing, and bond underwriting scales for the first half of 2025 were 430 million yuan, 21.4 billion yuan, and 33.39 billion yuan respectively, with significant year-on-year growth [6] - The company’s financial investment assets and other equity investments were 407.6 billion yuan and 58 billion yuan respectively, showing growth from the beginning of the year [6] Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits for 2025-2027 being 12.6 billion, 13.6 billion, and 15.2 billion yuan respectively, reflecting year-on-year growth of 26%, 8%, and 12% [6]