Beijing (SZ:300803) SINOLINK SECURITIES·2025-10-27 02:10Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [4][12]. Core Views - The company reported a revenue of 467 million yuan for Q3 2025, representing a year-on-year growth of 101.7%. The net profit attributable to the parent company, after excluding non-recurring items, was a loss of 27 million yuan, indicating a reduction in losses compared to the same period last year [2]. - The brokerage and proprietary trading businesses of the company are experiencing rapid growth, with net interest income increasing by 50.1% year-on-year to 28 million yuan and net commission income soaring by 219.0% to 169 million yuan in Q3 2025 [3]. - The company’s revenue excluding brokerage and proprietary trading reached 270 million yuan, up 68.9% year-on-year, driven by a stable capital market and increased customer activity [3]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 467 million yuan, a 101.7% increase year-on-year. The net profit attributable to the parent company was a loss of 27 million yuan, showing a reduction in losses compared to the previous year [2]. Operational Analysis - The company’s net interest income for Q3 2025 was 28 million yuan, up 50.1% year-on-year. Net commission income reached 169 million yuan, reflecting a 219.0% increase. The trading financial assets amounted to 1.76 billion yuan, remaining stable compared to Q2 2025 but significantly higher than Q3 2024 [3]. - Revenue from other operations, excluding brokerage and proprietary trading, was 270 million yuan, marking a 68.9% increase year-on-year. Cash received from sales and services was 319 million yuan, up 169.3% year-on-year [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are estimated at 2.24 billion yuan, 2.66 billion yuan, and 3.10 billion yuan, with year-on-year growth rates of 46.4%, 18.8%, and 16.4% respectively. The net profit attributable to the parent company is forecasted to be 300 million yuan, 430 million yuan, and 530 million yuan for the same period, with growth rates of 186.2%, 44.3%, and 23.7% respectively [4].