Guolian Minsheng Securities·2025-10-30 12:18Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported significant growth in performance, with a 54% year-over-year increase in revenue to 20.76 billion yuan for the first nine months of 2025, and a 130% increase in net profit to 6.57 billion yuan [4][12] - The company benefits from a strong international business presence and a solid wealth management advantage, which are expected to further enhance its performance [13][14] Summary by Sections Financial Performance - For 9M2025, the company achieved operating revenue of 20.76 billion yuan, up 54% year-over-year, and net profit of 6.57 billion yuan, up 130% year-over-year [4][12] - The weighted average ROE was 6.29%, an increase of 3.65 percentage points compared to the same period last year [4][12] - In Q3 2025, the company reported a single-quarter revenue of 7.93 billion yuan, a 75% year-over-year increase, and a net profit of 2.24 billion yuan, a 255% year-over-year increase [4][12] Business Segments - Brokerage business revenue for 9M2025 was 4.52 billion yuan, a 76.3% increase year-over-year, with Q3 2025 revenue reaching 1.86 billion yuan, up 136% year-over-year [13] - Asset management revenue for 9M2025 was 1.06 billion yuan, a 26.6% increase year-over-year, with Q3 2025 revenue of 380 million yuan, up 35% year-over-year [13] - Investment banking revenue for 9M2025 was 2.94 billion yuan, a 42.5% increase year-over-year, with Q3 2025 revenue of 1.27 billion yuan, up 63% year-over-year [14] Future Projections - Revenue projections for 2025-2027 are 25.5 billion yuan, 27.4 billion yuan, and 30.3 billion yuan, representing year-over-year growth rates of 19.4%, 7.4%, and 10.8% respectively [16] - Net profit projections for the same period are 9.1 billion yuan, 10.4 billion yuan, and 12.2 billion yuan, with growth rates of 60.6%, 13.3%, and 18.2% respectively [16]