Tianfeng Securities·2025-09-02 11:06Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Views - The company's performance is driven by significant growth in credit and proprietary trading businesses, leading to a notable increase in revenue and net profit [1][5]. - The brokerage and investment banking segments have shown substantial revenue growth due to increased market activity, while asset management has faced some pressure [2][3]. - The company is expected to benefit from a recovering capital market, with wealth management and large investment businesses likely to continue driving performance growth [5]. Summary by Sections Credit and Proprietary Trading - In Q2 2025, the company achieved credit business revenue of 10.7 billion yuan, up 123.0% year-on-year, and for H1 2025, it reached 20.4 billion yuan, up 186.6% year-on-year [4]. - The margin trading balance as of June 2025 was 1.8504 trillion yuan, reflecting a 25.0% increase compared to the same period in 2024 [4]. Brokerage and Investment Banking - Brokerage revenue for Q2 2025 was 18.2 billion yuan, up 33.1% year-on-year, and for H1 2025, it was 37.5 billion yuan, up 37.8% year-on-year, driven by a significant increase in market trading volume [2]. - Investment banking revenue for Q2 2025 was 6.3 billion yuan, up 76.4% year-on-year, and for H1 2025, it was 11.7 billion yuan, up 25.4% year-on-year, with a notable increase in refinancing and bond underwriting [2]. Asset Management - Asset management revenue for Q2 2025 was 4.7 billion yuan, down 57.9% year-on-year, and for H1 2025, it was 8.9 billion yuan, down 59.8% year-on-year, primarily due to a high comparative base from the previous year [3]. - The non-monetary public fund management scale for the company's subsidiaries showed significant growth, with South Fund and Huatai-PineBridge Fund increasing by 34.2% and 65.3% respectively [3]. Financial Projections - The company has updated its profit forecasts for 2025, 2026, and 2027, with expected net profits of 18.4 billion yuan, 18.7 billion yuan, and 20.5 billion yuan respectively, reflecting year-on-year growth rates of 19.7%, 2.0%, and 9.4% [5][10].