Soochow Securities·2026-03-30 05:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved total operating revenue of 15.36 billion yuan in 2025, representing a year-on-year increase of 26.2% [7] - The net profit attributable to shareholders reached 5.634 billion yuan, up 68.2% year-on-year, with a basic earnings per share of 0.65 yuan [7] - The company's return on equity (ROE) improved to 7.0%, an increase of 2.9 percentage points year-on-year [7] - The brokerage business saw revenue of 2.92 billion yuan, a 16.1% increase, contributing 19.0% to total revenue [7] - Investment income significantly improved, totaling 6.73 billion yuan, a 40.5% increase year-on-year [7] Revenue and Profit Forecast - The forecast for total operating revenue is as follows: 12.172 billion yuan in 2024, 15.358 billion yuan in 2025, 16.964 billion yuan in 2026, 17.957 billion yuan in 2027, and 19.152 billion yuan in 2028 [1] - The projected net profit attributable to shareholders is 3.35 billion yuan in 2024, 5.634 billion yuan in 2025, 6.367 billion yuan in 2026, 6.892 billion yuan in 2027, and 7.352 billion yuan in 2028 [1] - The expected growth rates for net profit are 21.66% in 2024, 68.16% in 2025, 13.03% in 2026, 8.25% in 2027, and 6.66% in 2028 [1] Business Segments Performance - The investment banking business revenue increased by 28.5% to 1.5 billion yuan, with a significant rise in equity underwriting [7] - Asset management revenue reached 1.36 billion yuan, a 1.2% increase, with total assets under management growing by 32.4% to 286.8 billion yuan [7] - The company maintained a market share of 1.5% in margin financing, with a year-end balance of 39 billion yuan, a 39% increase from the beginning of the year [7]