Shenwan Hongyuan Securities·2025-08-29 15:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in wealth management and proprietary trading is strong, with public offerings expected to benefit from market recovery [1] - The company achieved a revenue of 8 billion yuan in 1H25, a year-on-year increase of 38.9%, and a net profit attributable to shareholders of 3.46 billion yuan, up 64.0% year-on-year [4] - The report projects significant growth in net profit for 2025-2027, with estimates of 6.63 billion, 7.37 billion, and 7.93 billion yuan respectively, reflecting year-on-year growth rates of 98%, 11%, and 8% [6] Financial Performance - In 1H25, the company reported a main revenue of 7.94 billion yuan from securities, a 40% increase year-on-year, with notable contributions from brokerage, investment banking, and proprietary trading [6] - The company saw a significant increase in new customer accounts, with 228,000 new clients and a 45% increase in new funds raised [6] - The asset management segment experienced a decline in revenue, but is expected to rebound with market recovery [6] Earnings Forecast - The report revises the earnings forecast upwards due to an expanded client base and anticipated market recovery, with adjusted net profit estimates for 2025-2027 [6][7] - The projected revenue for 2025 is 23.72 billion yuan, with a year-on-year growth rate of 23.61% [5]