Guoxin Securities·2025-10-30 05:26Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a significant increase in both investment scale and revenue, with a transformation in wealth management progressing effectively [1][2] - For the first three quarters of 2025, the company achieved an operating income of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit attributable to shareholders of 6.567 billion yuan, a year-on-year increase of 129.75% [1] - The company’s self-operated investment income reached 10.966 billion yuan in Q3 2025, reflecting a year-on-year growth of 47% [1] - The investment banking business saw a substantial revenue increase of 42.55% year-on-year, with equity financing scale growing over four times [2] - Wealth management products reached a historical high, with total assets under management (AUM) nearing 400 billion yuan [2] Summary by Sections Financial Performance - For Q3 2025, the company reported an EPS of 1.24 yuan, a year-on-year increase of 154.82%, and a ROE of 6.29%, up 3.65 percentage points year-on-year [1] - The company’s financial investment scale was 416.3 billion yuan as of Q3 2025, with a quarter-on-quarter increase of 6.9% [1] Investment Banking - The company achieved investment banking revenue of 2.940 billion yuan in Q3 2025, with a year-on-year increase of 42.55% [2] - The total equity financing scale for the first three quarters of 2025 was 869.1 billion yuan, with IPO financing at 76 billion yuan, a year-on-year increase of 67% [2] Wealth Management - The brokerage business revenue reached 4.516 billion yuan in Q3 2025, a year-on-year increase of 76.31% [2] - The company’s wealth management product scale reached nearly 400 billion yuan, with significant growth in buy-side advisory products [2] Asset Management - The asset management business generated revenue of 1.062 billion yuan in Q3 2025, reflecting a year-on-year increase of 26.6% [3] - The AUM for the company’s asset management was 586.706 billion yuan as of mid-2025, showing a slight year-on-year increase [3] Earnings Forecast - The company’s net profit forecast for 2025-2027 is 7.84 billion yuan, 8.65 billion yuan, and 9.33 billion yuan, respectively, with year-on-year growth rates of 37.7%, 10.3%, and 7.8% [3][4]