Soochow Securities·2025-08-29 10:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue reaching 5.12 billion yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 1.68 billion yuan, up 21.0% year-on-year [7] - The brokerage business revenue increased significantly due to market activity, with a 36.9% year-on-year growth, accounting for 33.4% of total revenue [7] - Investment banking revenue declined, with a 15.6% year-on-year decrease, while bond underwriting maintained a strong position [7] - Asset management revenue grew by 12.0% year-on-year, indicating a stable performance in this segment [7] - Self-operated investment income saw a notable increase of 24.5% year-on-year, reflecting effective management strategies [7] - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 3.367 billion, 3.638 billion, and 3.794 billion yuan respectively, indicating a positive growth outlook [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 10.031 billion yuan, with a year-on-year decrease of 6.94% [1] - Net profit attributable to shareholders for 2023 is estimated at 4.271 billion yuan, reflecting a year-on-year increase of 33.93% [1] - The earnings per share (EPS) for 2023 is expected to be 0.93 yuan [1] Revenue Breakdown - Brokerage business revenue is projected to be 2.770 billion yuan in 2023, with a year-on-year increase [22] - Investment banking revenue is expected to be 1.031 billion yuan in 2023, showing a decline [22] - Asset management revenue is forecasted at 1.009 billion yuan for 2023, indicating a stable performance [22] Market Data - The closing price of the stock is 20.36 yuan, with a market capitalization of approximately 93.88 billion yuan [5] - The price-to-earnings (P/E) ratio is currently at 21.64 [1] Future Projections - The company anticipates a gradual increase in total revenue, reaching 11.406 billion yuan by 2027, with a compound annual growth rate [1] - The projected EPS for 2025 is 0.73 yuan, with a corresponding P/E ratio of 27.46 [1]