Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company benefited from active domestic and international markets, with international business revenue accounting for nearly 30% [1] - The total revenue and other income for 2025 reached 40.77 billion yuan, a year-on-year increase of 22.91%, while the net profit attributable to shareholders was 9.79 billion yuan, up 71.93% year-on-year [1] - The company’s earnings per share (EPS) for 2025 is projected at 1.88 yuan, with a return on equity (ROE) of 9.4%, an increase of 3.9 percentage points year-on-year [1] Financial Performance Summary - Total revenue and other income (million yuan): - 2024A: 33,172 - 2025A: 40,770 - 2026E: 43,312 - 2027E: 44,667 - 2028E: 46,238 - Year-on-year growth rates: - 2025A: +22.91% - 2026E: +6.24% - 2027E: +3.13% - 2028E: +3.52% [1] - Net profit attributable to shareholders (million yuan): - 2024A: 5,694 - 2025A: 9,791 - 2026E: 10,311 - 2027E: 10,781 - 2028E: 11,336 - Year-on-year growth rates: - 2025A: +71.93% - 2026E: +5.32% - 2027E: +4.56% - 2028E: +5.15% [1] Business Segment Performance - Brokerage business revenue for 2025 was 6.17 billion yuan, a year-on-year increase of 44.7%, accounting for 21.6% of total revenue [1] - Investment banking revenue reached 5.03 billion yuan, up 62.6% year-on-year, with significant growth in both domestic and international equity underwriting [1] - Asset management revenue was 1.58 billion yuan, reflecting a year-on-year increase of 30.8% [1] - Investment net income (including fair value) for 2025 was 14.2 billion yuan, a year-on-year increase of 40.3% [1] Future Earnings Forecast - The company’s net profit attributable to shareholders is expected to be 10.3 billion yuan in 2026 and 10.8 billion yuan in 2027, with a growth rate of 5% for each year [1] - The projected price-to-earnings (P/E) ratios for 2026-2028 are 7.20, 6.89, and 6.55 respectively [1]
中金公司（03908）：受益于境内境外市场活跃，国际业务收入占比近30%