东方财富（300059）：经纪两融量升质稳，基金代销保有规模稳步扩张

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a total operating revenue of 16.07 billion yuan in 2025, representing a year-on-year increase of 38.46%. The net profit attributable to shareholders was 12.08 billion yuan, up 25.75% year-on-year [8] - The brokerage and margin trading business saw significant growth, while proprietary trading faced some pressure. The company’s commission income reached 9.1 billion yuan, a year-on-year increase of 48.9% [8] - The company is expected to benefit from the recovery in the securities market, with projected revenues for 2026, 2027, and 2028 being 17.81 billion yuan, 19.31 billion yuan, and 20.65 billion yuan, respectively [8] Financial Forecasts - Operating revenue is forecasted to grow from 16.07 billion yuan in 2025 to 20.65 billion yuan in 2028, with growth rates of 38.5%, 10.9%, 8.4%, and 6.9% respectively [2] - Net profit attributable to shareholders is expected to increase from 12.08 billion yuan in 2025 to 16.08 billion yuan in 2028, with growth rates of 25.7%, 14.0%, 9.0%, and 7.1% respectively [2] - Earnings per share (EPS) is projected to rise from 0.76 yuan in 2025 to 1.02 yuan in 2028 [2] Business Performance - The company’s average return on equity (ROE) for 2025 was 14.03%, an increase of 1.39 percentage points from the previous year [8] - The company’s market share in stock trading was estimated at 3.85%, with a trading volume of 38.46 trillion yuan, reflecting a year-on-year increase of 58.66% [8] - The company’s margin financing balance reached 808 billion yuan by the end of 2025, a year-on-year increase of 37.4% [8]