Soochow Securities·2025-08-29 13:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a net profit growth of nearly 50%, driven primarily by self-operated and brokerage businesses [1] - The company reported a total revenue of 137.5 billion yuan in H1 2025, with an adjusted year-on-year increase of 37.7% and a net profit of 64.9 billion yuan, reflecting a year-on-year growth of 47.9% [7] - The brokerage business saw significant revenue growth, with a 45.3% year-on-year increase, contributing to 26.7% of total revenue [7] - Investment income (including fair value) reached 74.0 billion yuan, up 50.2% year-on-year, indicating strong performance in proprietary trading [7] - The investment banking business revenue increased by 18.9% year-on-year, with a notable recovery in equity underwriting [7] - The asset management business maintained growth, with revenue increasing by 17.5% year-on-year [7] - The report projects net profits for 2025-2027 to be 130 billion, 140 billion, and 149 billion yuan respectively, with a year-on-year growth of 30%, 7%, and 7% [7] Financial Summary - For 2025, the company is expected to generate total revenue of 27.706 billion yuan, a decrease of 21.89% year-on-year, while net profit is projected at 13.041 billion yuan, reflecting a growth of 30.01% [1] - The latest diluted EPS is forecasted to be 1.19 yuan for 2025, with a P/E ratio of 13.31 [1] - The company's total assets are projected to reach 762.203 billion yuan by 2025, with a debt-to-asset ratio of 81.56% [6][16]