SEALAND SECURITIES(SZ:000750) Shanxi Securities·2025-09-09 06:54Investment Rating - The report assigns an "Increase-A" rating to the company, indicating a positive outlook for its stock performance [8]. Core Insights - The company has shown significant growth in its investment banking and brokerage services, with a notable increase in revenue and net profit in the first half of 2025 [2][4]. - The brokerage business net income reached 516 million yuan, a year-on-year increase of 39.79%, while investment banking revenue grew by 44.66% to 70 million yuan [4]. - The company has successfully improved its advisory services and institutional research, with a 77.92% increase in new effective accounts and a 205.76% increase in new client assets [4]. - The investment business has also seen a recovery, with trading financial assets increasing by 59.88% to 22.814 billion yuan [6]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.586 billion yuan, a year-on-year growth of 15.48%, and a net profit attributable to shareholders of 370 million yuan, up 159.26% [2]. - The company’s return on equity (ROE) improved to 1.66%, an increase of 1.01 percentage points [2]. - The projected net profits for 2025, 2026, and 2027 are 539 million yuan, 639 million yuan, and 729 million yuan, respectively, reflecting growth rates of 25.93%, 18.50%, and 14.03% [8]. Market Position - The company has made significant strides in both equity and debt underwriting, completing two IPO applications and one refinancing application in the first half of 2025, ranking 18th in new IPO applications [5]. - The bond underwriting business saw a 227% increase in scale, with 25 bonds successfully issued [5]. - The company’s market capitalization stands at 28.674 billion yuan, with a circulating A-share market value of 26.025 billion yuan [4]. Valuation Metrics - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 1.20, 1.16, and 1.10, respectively [12]. - The earnings per share (EPS) estimates for the next few years are 0.08 yuan for 2025, 0.10 yuan for 2026, and 0.11 yuan for 2027 [12].