Western Securities·2025-10-26 11:26Investment Rating - The report maintains a "Buy" rating for CITIC Securities [6][12] Core Views - CITIC Securities reported record high performance in Q3 2025, with revenue and net profit reaching 55.815 billion and 23.159 billion yuan respectively, reflecting year-on-year growth of 32.7% and 37.9% [1][6] - The company achieved a net profit of 9.44 billion yuan in Q3 2025, marking a year-on-year increase of 51.5% and a quarter-on-quarter increase of 31.6%, setting a new record for quarterly performance [1][6] - The weighted average ROE for the first three quarters of 2025 increased by 1.85 percentage points to 8.2% [1][6] Financial Performance Summary - For the first three quarters of 2025, CITIC Securities' brokerage, investment banking, and asset management net income were 10.939 billion, 3.689 billion, and 8.703 billion yuan respectively, with year-on-year growth rates of 52.9%, 30.9%, and 16.4% [2] - The company completed 7 IPO projects in the A-share market, raising 5.613 billion yuan in equity financing, while the overseas equity underwriting scale reached 26.804 billion HKD, with a market share of 13.76% [2] - Investment income for the first three quarters of 2025 was 29.883 billion yuan, with a year-on-year increase of 35.2%, and the investment return for the quarter reached a historical high [3] Earnings Forecast - The report projects net profits for CITIC Securities to be 30.594 billion, 32.060 billion, and 34.346 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.0%, 4.8%, and 7.1% [3][4] - The projected PB ratios for 2025, 2026, and 2027 are 1.51, 1.36, and 1.23 respectively [3][4]