Western Securities·2025-10-31 11:05Investment Rating - The report maintains a "Buy" rating for Dongfang Securities (600958.SH) [6][3] Core Views - Dongfang Securities reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenues of 12.708 billion yuan and net profit of 5.110 billion yuan, representing year-on-year growth of 40.3% and 54.8% respectively [1][3] - The company's self-operated business remains a key driver of performance, with self-operated investment income reaching 2.423 billion yuan in Q3 2025, up 25% year-on-year [3][2] - The brokerage, investment banking, and asset management segments showed strong year-on-year growth, with net income from brokerage and investment banking increasing by 49.1% and 41.1% respectively [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a weighted average ROE of 6.4%, an increase of 2.19 percentage points year-on-year [1] - The company's management expense ratio decreased by 7.74 percentage points to 49.0% [1] Business Segments - Brokerage business net income reached 2.381 billion yuan, investment banking net income was 1.171 billion yuan, and asset management net income was 0.973 billion yuan [2] - The total number of customer accounts reached 3.139 million, a growth of 7.52% since the beginning of the year [2] Market Position - The company ranked 9th in the industry for IPO projects completed, with a total of 3 projects, and 9th in bond underwriting with a total scale of 447.2 billion yuan, up 18% year-on-year [2] - The asset management business showed significant recovery, with net income from asset management reaching 372 million yuan in Q3 2025, up 24.2% quarter-on-quarter and 21% year-on-year [2] Future Outlook - The report projects a net profit of 6.054 billion yuan for 2025, representing a year-on-year increase of 80.7% [3] - The price-to-book ratios are projected at 1.17 for A-shares and 0.79 for H-shares as of October 30 [3]