国元证券（000728）：财富管理转型加速，投资业务大幅增长

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7] Core Views - The company is accelerating its wealth management transformation, leading to significant growth in investment business [1][3] - The company has shown substantial improvement across brokerage, investment banking, and investment businesses, with investment business revenue increasing by 63.86% year-on-year [3][7] - The company is benefiting from a recovery in the capital market, with projected net profits for 2025-2027 showing strong growth [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.397 billion yuan, a year-on-year increase of 41.60%, and a net profit attributable to the parent company of 1.405 billion yuan, up 40.44% [2][3] - The weighted average return on equity (ROE) improved to 3.73%, an increase of 0.89 percentage points [2][5] Business Segments - The investment business generated revenue of 1.741 billion yuan, marking a 63.86% increase year-on-year, while brokerage business net income rose by 46.38% to 645 million yuan [3][5] - The investment banking segment saw revenue growth of 74.05%, reaching 109 million yuan [3][5] - The asset management business, however, experienced a decline of 47.48%, contributing minimally to overall revenue [3] Market Position - The company's A-share market capitalization stands at 40.539 billion yuan, with a total market capitalization also at 40.539 billion yuan [4] - The company has successfully increased its trading volume, with stock trading volume up 72% year-on-year and institutional client commissions rising by 56% [4][7] Future Projections - The company is expected to achieve net profits of 2.924 billion yuan, 3.279 billion yuan, and 3.672 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 30.28%, 12.16%, and 11.98% [7][12] - The price-to-book (PB) ratios for the same years are projected to be 1.01, 0.93, and 0.86 [7][12]