SCS(SH:601555) Tai Ping Yang·2024-06-07 06:00Investment Rating - The report maintains a "Buy" rating for Dongwu Securities, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][5]. Core Insights - Dongwu Securities reported a total revenue of 11,281 million yuan for 2023, reflecting a year-on-year growth of 7.58%. The net profit attributable to shareholders was 2,002 million yuan, up 15.38% year-on-year [2][3]. - The financial investment scale reached 90,560 million yuan at the end of 2023, a 27.02% increase from the beginning of the year. The trading financial assets amounted to 53,638 million yuan, showing a significant year-on-year increase of 74.43% [2][3]. - In Q1 2024, the company achieved a revenue of 2,225 million yuan, a slight decline of 1.31% year-on-year, with a net profit of 456 million yuan, down 21.81% year-on-year [2][3]. - The bond underwriting business performed exceptionally well, with a total of 385 bonds underwritten in 2023, amounting to 151.8 billion yuan, representing increases of 28.76% and 23.91% respectively [2][3]. Financial Forecasts - The projected revenues for Dongwu Securities are 11,591.90 million yuan for 2024, 12,529.53 million yuan for 2025, and 13,968.19 million yuan for 2026, with respective growth rates of 2.76%, 8.09%, and 11.48% [3]. - The net profit forecasts are 2,105 million yuan for 2024, 2,373 million yuan for 2025, and 2,699 million yuan for 2026, with growth rates of 5.13%, 12.73%, and 13.77% respectively [3].