Changjiang Securities(SZ:000783) Shanxi Securities·2025-09-04 07:54Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][8]. Core Insights - The company's investment business has significantly rebounded, leading to a substantial year-on-year increase in operating performance [1][2]. - In the first half of 2025, the company achieved operating revenue of 4.705 billion yuan, a year-on-year growth of 64.79%, and a net profit attributable to shareholders of 1.737 billion yuan, up 120.76% [2][4]. - The weighted average ROE was 4.76%, an increase of 2.55 percentage points compared to the same period last year [2]. Financial Performance - The investment business saw a remarkable increase, with revenue reaching 1.479 billion yuan, a year-on-year growth of 668.35% [4]. - Brokerage and interest net income also grew by 29.24% and 19.45%, reaching 1.604 billion yuan and 1.082 billion yuan, respectively [4]. - The company's asset management business reported a revenue of 114 million yuan, a decline of 24.44% [4]. Market Position and Strategy - The company is focusing on high-quality wealth development and deepening its investment advisory business transformation [5]. - It achieved a net income of 1.122 billion yuan from agency trading, a year-on-year increase of 58.87%, with a market share of 1.87% [5]. - The company has launched the investment advisory brand "Changjiang Hong," with 2,316 registered advisors, ranking 11th in the industry [5]. Future Projections - The company is expected to achieve operating revenues of 9.867 billion yuan, 10.527 billion yuan, and 11.110 billion yuan for the years 2025 to 2027, respectively [7]. - Net profits are projected to be 3.238 billion yuan, 3.461 billion yuan, and 3.625 billion yuan, reflecting growth rates of 76.47%, 6.90%, and 4.73% [8].