KAIYUAN SECURITIES·2025-10-31 13:50Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance exceeded expectations, with a significant increase in revenue and net profit for the first three quarters of 2025. Revenue reached 262 billion yuan, and net profit was 109 billion yuan, representing year-on-year growth of 41% and 62%, respectively. The annualized weighted average ROE was 10.9%, up 3.9 percentage points year-on-year [6][9] - The company is expected to continue its growth trajectory, with projected net profits of 143 billion yuan, 187 billion yuan, and 221 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 49%, 31%, and 18% [6][10] Financial Performance Summary - For the first three quarters of 2025, the company's brokerage, investment banking, asset management, and interest income showed significant growth, with brokerage income increasing by 75% year-on-year to 70 billion yuan, and asset management income rising by 20% to 61 billion yuan [6][8] - The company's self-operated investment income was 93 billion yuan, reflecting a year-on-year increase of 57%, with an annualized return rate of 3.6% [8][10] - The company plans to issue H shares, with a potential fundraising of 58 billion yuan, which is expected to enhance the capital strength of its overseas subsidiaries and support international business development [9][10] Market Position and Competitiveness - The company has seen an increase in market share for its fund management business, with its asset under management (AUM) for non-cash and equity funds reaching 9,214 billion yuan and 4,323 billion yuan, respectively, in Q3 2025, marking year-on-year growth of 13% and 31% [7] - The company’s competitive position in the market remains strong, benefiting from the bullish market conditions and the performance of its funds [6][7]