Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 20.89 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 10.39 billion yuan, up 18.5% year-on-year [5] - The company's brokerage business revenue reached 6.18 billion yuan, growing 11.8% year-on-year, with a significant increase in the number of normal trading clients [7] - The investment banking business showed resilience, with a focus on enhancing its service capabilities and expanding its market presence [7] - The asset management business remained stable, with contributions from joint ventures like Bosera and China Merchants Fund [7] - The self-operated investment net income increased by 42.15% year-on-year, reflecting a stable growth strategy [7] - The company is expected to benefit from a recovering capital market, with adjusted profit forecasts for 2025-2027 showing net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan respectively [7] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 24.01 billion yuan, 27.09 billion yuan, and 29.89 billion yuan respectively, with corresponding net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan [6][8] - The return on equity (ROE) is expected to improve from 8.84% in 2024 to 10.47% by 2027 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 15.83 in 2024 to 10.63 in 2027, indicating potential value appreciation [6]

Core Insights - The company reported a revenue of 63.789 billion yuan for 2024, representing a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 21.704 billion yuan, up 10.06% year-on-year [1] - The fourth quarter saw a revenue of 17.648 billion yuan, a year-on-year increase of 23.75%, and a net profit of 4.905 billion yuan, which is up 48.32% year-on-year [1] - The company experienced significant growth in its brokerage and investment banking segments in Q4, with brokerage revenue increasing by 56.40% quarter-on-quarter [1] Financial Performance - The weighted average ROE for the year was 8.09%, an increase of 0.28 percentage points year-on-year [1] - In Q4, the revenue breakdown was as follows: brokerage 22.13%, investment banking 8.34%, asset management 18.83%, interest income 1.02%, and investment 29.12% [1] Investment Strategy - The company increased its bond allocation significantly in its TPL account, with bonds totaling 339 billion yuan, accounting for 49.07% of the portfolio by year-end [2] - The OCI equity account saw substantial growth, with holdings reaching 90.668 billion yuan, a year-on-year increase of 853% [2] International Business - The company's overseas business revenue reached 10.948 billion yuan, accounting for 17.16% of total revenue, driven by business expansion and high foreign exchange gains [2] - The company ranked second in Hong Kong stock underwriting with a total of 2.717 billion USD completed, and first in underwriting offshore bond projects with a scale of 5.048 billion USD [2] Capital Management - The company reported a significant increase in wealth management and asset management scale, with over 15.8 million wealth management clients, a year-on-year increase of 12% [3] - The effective leverage ratio increased to 4.72 times by year-end, up 0.25 times from the beginning of the year, primarily due to financial asset investments [3]