Western Securities·2025-10-30 08:47Investment Rating - The investment rating for the company is "Buy" [6][12]. Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 20.76 billion and net profit at 6.57 billion, representing year-on-year increases of 54.4% and 129.8% respectively [1][6]. - The company's investment banking and brokerage services showed strong performance, with net income from brokerage, investment banking, and asset management increasing by 76.3%, 42.6%, and 26.6% respectively [2]. - The company maintained its leading position in the A-share IPO market with a total of 12.1 billion raised, capturing a market share of 17% [2]. - The company's self-operated investment income improved significantly, with investment income rising by 54% to 11.36 billion [3]. - The financial asset scale increased by 12% to 416.3 billion by the end of Q3 2025, indicating robust growth in the company's asset management capabilities [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 20.76 billion and net profit of 6.57 billion, with Q3 figures at 7.93 billion and 2.24 billion respectively [1][6]. - The weighted average ROE increased by 3.65 percentage points to 6.3% [1]. Business Segments - Brokerage services saw a daily average trading volume increase of 106.9% year-on-year, contributing to the growth in net income [2]. - The company led the market in both A-share and H-share IPOs, with respective fundraising of 12.1 billion and 31.82 billion HKD, both achieving a 17% market share [2]. Future Projections - The profit forecast for 2025-2027 is adjusted to 8.39 billion, 8.73 billion, and 9.36 billion respectively, with year-on-year growth rates of 47.4%, 4.0%, and 7.2% [3]. - The projected PB ratios for 2025-2027 are 1.76, 1.62, and 1.50 respectively [3].