Shenwan Hongyuan Securities·2025-10-31 12:15Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported better-than-expected performance for 9M25, with actual net profit of 12.7 billion, exceeding the forecast by 4% [5] - The company achieved a revenue of 27.1 billion for 9M25, a year-on-year increase of 13%, while net profit grew by 2% [5] - The report highlights a significant improvement in the company's self-operated business and stable performance in asset management [1][5] Financial Performance Summary - For 9M25, the company recorded a revenue of 271 billion, with a year-on-year growth of 13% and a net profit of 127 billion, reflecting a 2% increase [5] - The company’s Q3 2025 revenue was 109 billion, down 7% year-on-year but up 37% quarter-on-quarter [5] - The weighted ROE for 9M25 was 7.59%, a decrease of 0.38 percentage points year-on-year [5] Revenue Breakdown - The revenue from various business segments for Q3 2025 is as follows: brokerage at 6.59 billion (+66%), investment banking at 1.95 billion (+44%), and asset management at 1.35 billion (-64%) [7] - The company’s total assets exceeded 1 trillion, with an operating leverage increase from 3.58 times to 3.93 times [7] Investment Analysis - The report suggests an upward revision of profit forecasts due to strong performance in proprietary business, projecting net profits of 17.42 billion, 19.15 billion, and 20.04 billion for 2025-2027 [7] - The company’s market share in financing remained above 7%, with a net income from brokerage business of 2.84 billion in Q3 2025, reflecting a year-on-year increase of 128% [7]