Guolian Minsheng Securities·2025-09-03 12:28Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the company's strong performance in the first half of 2025, with total operating revenue reaching 15.4 billion yuan, a year-on-year increase of 34.4%, and net profit attributable to shareholders of 6.47 billion yuan, up 48.3% year-on-year [3][11] - The report anticipates continued growth in the company's performance, driven by an active trading environment and a recovery in the equity market [15] Financial Performance Summary - For the first half of 2025, the company achieved total operating revenue of 154 billion yuan, with a year-on-year growth of 34.4% and a net profit of 64.7 billion yuan, reflecting a year-on-year increase of 48.3% [3][11] - The weighted average ROE was 4.83%, an increase of 1.44 percentage points compared to the same period last year [3][11] - In Q2 2025, the company reported a single-quarter operating revenue of 81.6 billion yuan, a year-on-year increase of 25.3% and a quarter-on-quarter increase of 12.7% [3][11] Business Segment Performance - Brokerage business revenue for H1 2025 was 39.2 billion yuan, up 42% year-on-year, accounting for 26.1% of the main securities revenue [12] - Asset management revenue for H1 2025 was 36.7 billion yuan, reflecting an 8.5% year-on-year increase [13] - Investment business revenue for H1 2025 was 52.4 billion yuan, a year-on-year increase of 42.7% [14] Future Projections - The report projects revenues for 2025, 2026, and 2027 to be 32.1 billion yuan, 34.8 billion yuan, and 37.2 billion yuan respectively, with year-on-year growth rates of 18.1%, 8.4%, and 6.9% [15] - Net profits for the same years are projected to be 13.6 billion yuan, 15.5 billion yuan, and 17.5 billion yuan, with growth rates of 41.3%, 13.6%, and 13.1% respectively [15]