Changjiang Securities·2025-09-03 10:43Investment Rating - The investment rating for Guotai Haitong is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company achieved significant growth across all business lines following its absorption merger, leading to a year-on-year increase in performance. The company is expected to continue expanding its institutional brokerage and trading business, leveraging its resource endowment to gradually develop derivatives and supporting business prospects [2][6]. Summary by Sections Financial Performance - For the first half of 2025, Guotai Haitong reported operating revenue of 23.872 billion yuan, a year-on-year increase of 39.9%, and a net profit attributable to shareholders of 15.737 billion yuan, a year-on-year increase of 213.7%. The weighted average return on equity (ROE) increased by 3.14 percentage points to 6.25% [6][12]. Business Line Growth - The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 5.733 billion, 1.392 billion, 2.578 billion, 3.187 billion, and 9.695 billion yuan respectively, with year-on-year growth rates of 86.3%, 19.4%, 34.2%, 205.4%, and 91.5% [12]. Market Share and Trading Volume - The average daily trading volume for equity-based transactions was 1,613.528 billion yuan, a year-on-year increase of 64%. The company's brokerage revenue grew at a rate higher than the market, indicating an increase in market share and commission rates. The company's equity trading share was 8.3%, up 3.13 percentage points year-on-year, while the margin financing share was 9.78%, up 0.61 percentage points, ranking first in the industry [12]. Underwriting and Asset Management - The company's equity underwriting scale reached 125.316 billion yuan, a year-on-year increase of 1,315.8%, with a market share of 18.6%, up 9.85 percentage points. The bond underwriting scale was 582.866 billion yuan, with a market share of 11.09%, ranking second in the industry [12]. Asset Management Growth - As of the end of the first half of 2025, the total asset management scale was 705.2 billion yuan, a 1.4% increase from the end of the previous year. The scales of collective asset management, directed asset management, special asset management, and public funds were 282.6 billion, 156.5 billion, 183.8 billion, and 82.3 billion yuan respectively [12]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 25.304 billion and 25.583 billion yuan for 2025 and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 14.61 and 14.45, and price-to-book (PB) ratios of 1.07 and 1.00 [12].