Caitong Securities(SH:601108) Western Securities·2025-10-30 11:21Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Views - The company reported a revenue of 5.063 billion and a net profit of 2.038 billion for the first three quarters of 2025, representing year-on-year increases of 14.0% and 38.4% respectively [1][5]. - In Q3 2025, the company achieved a revenue of 2.103 billion and a net profit of 0.954 billion, with year-on-year growth of 11.3% and 20.3% respectively [1][5]. - The average ROE for the first three quarters of 2025 increased by 1.32 percentage points to 5.5% [1][5]. Summary by Sections Brokerage Business - The brokerage business saw a significant year-on-year increase in net income of 66.3%, while investment banking and asset management faced declines of 29.2% and 18.9% respectively [2]. - The average daily trading volume in the A-share market increased by 106.9% year-on-year for the first three quarters of 2025, with a 11% increase in customer numbers [2]. Financial Performance - Interest income and investment income for the first three quarters of 2025 were 0.498 billion and 1.847 billion respectively, showing year-on-year increases of 30.7% and 21.6% [3]. - The company’s loaned funds reached 25.386 billion, a 20.2% increase from the beginning of the year [3]. Future Outlook - The company is expected to achieve a net profit of 2.720 billion in 2025, representing a year-on-year growth of 16.3% [3]. - The price-to-book (P/B) ratio is projected to be 1.03X based on the closing price on October 29 [3].