Changjiang Securities·2025-10-27 23:30Investment Rating - The investment rating for the company is maintained as "Buy" [2][8]. Core Insights - The company's performance in the first three quarters of 2025 shows a steady growth, with operating revenue and net profit attributable to shareholders reaching 55.81 billion yuan and 23.16 billion yuan, respectively, representing year-on-year increases of 32.7% and 37.9% [5][11]. - The company continues to demonstrate its leading advantages in the industry, with self-operated brokerage services driving growth and asset management and investment banking businesses showing signs of recovery [2][11]. - The outlook for the company remains positive, with expectations of further enhancement in profitability and competitive edge as the market remains at a high level [2][11]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue and net profit of 22.78 billion yuan and 9.44 billion yuan, respectively, with year-on-year growth of 55.7% and 51.5% [11]. - The weighted average return on equity (ROE) increased by 1.85 percentage points to 8.15% year-on-year [5][11]. - The operating leverage, excluding customer funds, increased by 5.0% from the beginning of the year to 4.74 times [5]. Business Segments - Brokerage, investment banking, asset management, interest income, and proprietary trading revenues were 10.94 billion, 3.69 billion, 8.70 billion, 0.76 billion, and 32.08 billion yuan, respectively, with year-on-year changes of +52.9%, +30.9%, +16.4%, -16.9%, and +47.0% [11]. - The brokerage business saw a significant increase in revenue due to high market activity, with average daily trading volume reaching 2.1 trillion yuan, up 211.3% year-on-year [11]. Market Position - The investment banking revenue continued to recover, with a year-on-year increase of 30.9% to 3.69 billion yuan [11]. - The company maintained a leading position in the market, ranking first in bond underwriting and second in equity financing, despite a slight decline in IPO rankings [11]. Future Projections - The company is expected to achieve net profits of 27.34 billion yuan and 30.69 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 16.2 and 14.4 [11].