SCS(SH:601555) 中国基金报·2025-10-14 12:24Core Viewpoint - Dongwu Securities expects a year-on-year increase of 50% to 65% in net profit attributable to shareholders for the first three quarters of 2025, projecting a profit range of 2.748 billion to 3.023 billion yuan [2][6]. Financial Performance - For the first half of 2025, Dongwu Securities reported an operating income of 4.428 billion yuan, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of 1.932 billion yuan, up 65.76%, significantly outperforming the industry average [6][7]. - The company anticipates strong growth in various business segments, with proprietary trading income increasing by 69.69% and wealth management seeing a surge in both client numbers and asset scale [7]. Business Segments - Wealth management achieved a client base of 3.1667 million, with a year-on-year increase in new clients of 147.88%, and client assets exceeding 695.847 billion yuan [7]. - Brokerage business net income grew by 35.70% year-on-year, contributing to overall revenue growth [7]. Shareholder Returns - Dongwu Securities plans to distribute a cash dividend of 1.38 yuan per 10 shares (including tax), totaling 686 million yuan, which represents 35.50% of the net profit attributable to shareholders for the first half of 2025 [7]. Industry Outlook - The brokerage sector is expected to experience significant growth in the third quarter, driven by increased trading activity and improved market conditions, with projections indicating a 50% year-on-year increase in adjusted revenue for listed brokerages [9][10]. - Analysts suggest focusing on brokerages with strong retail business, advantages in overseas and institutional operations, and core competitiveness in wealth management for future investments [10].