GUOTAI HAITONG SECURITIES·2025-10-17 02:42Investment Rating - The investment rating for the company is "Accumulate" with a target price of 28.18 CNY, while the current price is 22.05 CNY [6]. Core Insights - The launch of the AI Zhangle APP is expected to enhance the competitive advantage of Huatai Securities in servicing long-tail customers, with the potential for a future profit model to further increase the company's profitability [2][13]. - The AI Zhangle APP offers an interactive experience with features such as real-time market monitoring and stock selection, which distinguishes it from traditional brokerage applications [13]. - The report anticipates that the AI Zhangle will improve customer acquisition and retention, thereby increasing the market share of the company's brokerage business [13]. Financial Summary - Projected operating revenue for 2023 is 36,578 million CNY, with a growth rate of 14.2%. By 2024, revenue is expected to rise to 41,466 million CNY, reflecting a 13.4% increase. However, a decline of 13.3% is anticipated in 2025, with revenue projected at 35,953 million CNY [4][14]. - Net profit attributable to shareholders is forecasted to be 12,751 million CNY in 2023, increasing to 15,351 million CNY in 2024, and further to 17,722 million CNY in 2025, indicating a growth rate of 15.4% for 2023-2024 [4][14]. - Earnings per share (EPS) is expected to grow from 1.41 CNY in 2023 to 1.70 CNY in 2024, and reach 1.96 CNY in 2025 [4][14]. Market Data - The company's total market capitalization is 199,042 million CNY, with a 52-week stock price range of 14.74 CNY to 23.20 CNY [7]. - The company has a total equity of 200,134 million CNY, with a book value per share of 22.17 CNY and a current price-to-book ratio of 1.0 [8][14]. Comparative Analysis - The report suggests a valuation based on a price-to-book (PB) ratio of 1.33x, considering the differences with comparable companies [13]. - The projected net asset return (ROE) is expected to increase from 7.0% in 2023 to 8.7% in 2025, indicating improved profitability [4][14].