Shenwan Hongyuan Securities·2025-08-29 13:13Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company reported a significant improvement in investment banking and investment business revenues, with performance exceeding expectations [6] - In the first half of 2025, the company achieved a revenue of 10.74 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to the parent company of 4.51 billion yuan, up 57.8% year-on-year [6] - The company has seen a substantial increase in client numbers and asset scale, with new clients in the securities brokerage business growing by 12.98% year-on-year [6] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are as follows: 2025E revenue of 22.55 billion yuan, 2026E revenue of 24.57 billion yuan, and 2027E revenue of 27.17 billion yuan, with respective year-on-year growth rates of 6.71%, 8.97%, and 10.58% [5][7] - The net profit attributable to the parent company is forecasted to be 8.81 billion yuan in 2025, 9.49 billion yuan in 2026, and 10.90 billion yuan in 2027, reflecting year-on-year growth rates of 22.02%, 7.72%, and 14.80% respectively [5][7] - The company's return on equity (ROE) is projected to improve from 9.78% in 2025 to 10.48% in 2027 [5][7] Business Performance - In Q2 2025, the company achieved a main business revenue of 5.64 billion yuan, with a year-on-year increase of 25.3% and a quarter-on-quarter increase of 21.4% [6] - The company’s securities brokerage business accounted for 32.5% of total revenue, while investment banking contributed 10.9% [6] - The company’s market share in A-share IPOs reached 22.2%, ranking first in the industry, with a total of 26 A-share IPO projects in reserve [6]