SHANXI SECURITIES(SZ:002500) Zhongyuan Securities·2025-09-10 10:49Investment Rating - The report maintains an "Accumulate" investment rating for the company [6][33]. Core Views - The company has shown significant growth in brokerage and investment banking businesses, with a stable performance in proprietary trading [4][5]. - The wealth management business is deepening its buyer advisory transformation, enhancing asset potential [6]. - The company has established a differentiated competitive advantage based on its resource endowment across various main business areas [6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 524 million yuan, up 64.47% [4][8]. - Basic earnings per share (EPS) reached 0.15 yuan, reflecting a 66.67% increase year-on-year [4][8]. - The weighted average return on equity (ROE) was 2.88%, an increase of 1.09 percentage points year-on-year [4][8]. Business Segments - The brokerage business's net income and interest income proportions increased, while the investment banking and asset management business's net income proportions decreased [5][9]. - The company saw a significant increase in net income from agency trading, with a year-on-year growth of 47.04% in brokerage fees [5][11]. - The investment banking business experienced a notable recovery in equity financing and rapid growth in debt financing, with a year-on-year increase of 45.69% in investment banking fees [5][14]. Asset Management - The asset management business is accelerating its diversified layout, with a total management scale of 601.99 billion yuan, a 6.34% increase from the end of 2024 [15]. - The company is focusing on strategic emerging industries and has significantly increased its revenue from private equity funds [15][22]. Proprietary Trading - The proprietary trading segment maintained a non-directional investment strategy, achieving a year-on-year increase of 13.96% in investment income [21][22]. - The fixed income proprietary trading significantly outperformed market indices, effectively managing bond market volatility [21][22]. Future Projections - The company expects EPS of 0.24 yuan and 0.26 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 5.17 yuan and 5.36 yuan [6][30]. - Based on the closing price of 6.46 yuan on September 9, the price-to-book (P/B) ratios are projected to be 1.25 and 1.21 for 2025 and 2026, respectively [6][30].