Shenwan Hongyuan Securities·2026-03-28 15:08Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 15.36 billion yuan for 2025, representing a year-on-year growth of 26%, and a net profit of 5.63 billion yuan, which is a significant increase of 68% year-on-year [5][7] - The company's wealth management client quality has improved, and the public asset management sector is expected to reach a turning point [1][7] - The report indicates a significant discrepancy between net profit growth and revenue growth, primarily due to a lower growth rate in management fees and a normalization of impairment losses [7] Financial Data and Profit Forecast - The company’s projected revenues for 2026 and 2027 are 17.74 billion yuan and 19.32 billion yuan, respectively, with expected year-on-year growth rates of 15.5% and 8.9% [6][8] - The net profit forecast for 2026 and 2027 is 6.78 billion yuan and 7.38 billion yuan, with year-on-year growth rates of 20.3% and 8.9% [6][8] - The company’s return on equity (ROE) for 2025 is projected at 7.0%, with a dividend payout ratio of 47.9% [5][6] Business Performance - The company’s total assets increased by 16.6% year-on-year to 486.9 billion yuan, while the net assets attributable to shareholders rose by 1.6% to 82.7 billion yuan [7] - The company’s market share in stock-based trading reached 1.34%, an increase of 0.34 percentage points year-on-year, with a total of 3.29 million clients, reflecting a 12.7% increase [7] - The public asset management scale of the company reached 216.3 billion yuan, a year-on-year increase of 30.2%, while private asset management grew by 48.1% to 66.6 billion yuan [7]