Shenwan Hongyuan Securities·2025-10-31 11:49Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong performance in the first nine months of 2025, with revenue of 26.2 billion yuan, a year-on-year increase of 41%, and a net profit of 10.9 billion yuan, up 62% year-on-year [5] - The brokerage and proprietary trading segments showed significant growth, with brokerage revenue reaching 6.98 billion yuan, a 75% increase, and proprietary investment income contributing positively to overall profitability [7] - The company is expected to benefit from a rebound in the Hong Kong stock market due to its international business expansion [7] Financial Data and Earnings Forecast - The company’s projected revenue and net profit for the years 2025 to 2027 are as follows: - Revenue: 34.54 billion yuan in 2025, 38.95 billion yuan in 2026, and 42.93 billion yuan in 2027 - Net profit: 13.52 billion yuan in 2025, 15.26 billion yuan in 2026, and 16.19 billion yuan in 2027 [6][8] - The company’s return on equity (ROE) is expected to improve, reaching 10.08% in 2025 [6] Business Performance - The company’s asset management business is a traditional strength, contributing significantly to revenue stability and profitability [7] - The total asset size reached 953.4 billion yuan, a 25.7% increase from the previous year, indicating robust growth and expansion [7]