公司研究 证 券 研 究 报 告 指南针（300803）2024 年报及 2025 年一季报点评 推荐（维持） 业绩增长稳健，全牌照协同效应显现 当前价：59.89 元 事项： ❖ 公司发布 2024 年报及 2025 年一季报：2024 年，公司实现营业收入 15.29 亿 元（同比+37.37%），归母净利润 1.04 亿元（同比+43.50%），其中第四季度单 季贡献营收 7.52 亿元（同比+75.18%）、净利润 2.14 亿元（同比+89.25%）；2025 年一季度公司实现营收 5.42 亿元（同比+84.68%），归母净利润 1.39 亿元（同 比+725.93%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 1,529 | 1,961 | 2,376 | 2,796 | | 同比增速(%) | 37.4% | 28.3% | 21.2% | 17.7% | | 归母净利润(百万) | 104 | 294 | ...

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between China Guoxin and China Galaxy Securities, aiming to deepen collaboration in various sectors [1] - The agreement was signed on May 12, indicating a formal commitment to enhance partnership [1] - Key areas of focus for the collaboration include fund investment, asset management, securities business, and health big data [1]

华泰证券（601688.SH）2025 年一季报点评 单季自营收入同比转正，经纪与信用业务持续高增 2025 年 05 月 01 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：4/29 晚间华泰证券发布 25 年一季报。2025 年一季度，公司营业收 入 82 亿元，环比-18.0%，同比+34.8%，同比增速较 24Q4 增加 27.41pct；归 母净利润 36 亿元，环比+28.7%，同比+59.0%，接近 4/10 业绩预增公告区间 （50%~60%）上沿，同比增速较 24Q4 增加 69.57pct，单季归母净利润同比增 速实现由负转正。 ➢ 单季自营收入同比转为增长，利息净收入与经纪收入同比保持高位，投行同 比小幅负增，资管业务同比转负。2025 年一季度公司自营/经纪/信用/投行/资管 业务收入分别为 28/ 19/ 10/ 5/ 4 亿元，同比+47%/ +43%/ +320%/ -6% ...

事件描述 东方财富发布2025 年一季报，报告期内实现营业总收入34.9 亿元，同比提升41.9%，实现归母净利润 27.2 亿元，同比提升39.0%，加权平均净资产收益率同比提升0.62pct 至3.3%。 事件评论 一季度业绩同比高增，手续费收入及利息净收入为主要驱动。2025 年一季度，东方财富实现营业总收 入（含投资收益）、归母净利润分别为41.9、27.2 亿元，同比分别+28.1%、+39.0%，加权ROE 为 3.3%，同比+0.62pct。分业务条线来看，电子商务等收入、利息净收入、手续费收入和投资收益分别为 8.1、7.2、19.6、7.0 亿元，同比分别+8.0%、+37.3%、+65.6%、-13.6%。2025 年一季度，公司手续费收 入及利息净收入高增，投资收益有所承压。 基金代销收入企稳回升，预计主要得益于基金市场回暖。2025 年一季度，市场新发股混、债基规模分 别为1101、1191 亿份，同比分别+101.8%、-34.2%，2 月末市场存续股混、债基规模8.02、6.35 万亿 元，同比分别+19.4%、+14.5%。新发及存续基金规模均同比提升，推动公司一季度基金代销收入 ...

Core Viewpoint - The company, Dongfang Caifu, has shown a significant recovery in its performance in 2024 and continues to grow in 2025, driven by increased trading volumes and net income from agency transactions [1][3][4]. Financial Performance - In Q1 2025, the company achieved total revenue of 3.486 billion yuan, a year-on-year increase of 41.93%, and a net profit attributable to shareholders of 2.715 billion yuan, up 38.96% [1][3]. - For the full year 2024, the company reported total revenue of 11.604 billion yuan, a 4.72% increase year-on-year, and a net profit of 9.61 billion yuan, growing by 17.29% [2][3]. - The net income from fees and commissions in 2024 reached 6.113 billion yuan, reflecting a year-on-year growth of 23.07% [2]. Business Segments - The company's net income from fees and commissions accounted for 56.17% of total revenue in Q1 2025, with a significant year-on-year increase of 65.57% [1]. - All three major business segments, including financial e-commerce services, financial data services, and internet advertising services, reported growth in Q1 2025 [4]. Debt Issuance and Financing - The company has completed the issuance of 3 billion yuan in bonds as part of a larger plan to issue up to 20 billion yuan in bonds to supplement its working capital [1][7]. - The company has also seen a significant increase in its financial asset sales and short-term borrowings, indicating an active expansion of its funding base [7]. Market Position and Future Prospects - The approval for Dongfang Caifu to engage in market-making trading activities is expected to enhance its market share and competitiveness in the brokerage industry [6]. - The company has experienced substantial growth over the past decade, with total revenue increasing approximately 18 times and net profit growing about 57 times from 2015 to 2024 [6].

近期，中信证券（600030）发布2024年年度报告，2024年，中信证券实现营业收入人民币637.89亿元，同比增长6.20%；2024年中信证券实现归属于母公司股东的 净利润人民币217.04亿元，同比增长10.06%。 文/梧桐兄弟 | 主要会计数据 | 2024 年 | 2023 年 | 本期比上年同期 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 增减(%) | | | 营业收入 | 63,789,215,688.23 | 60.067.992.766.11 | 6.20 | 65.108.507.999.21 | | 归属于母公司股东的净利润 | 21.703.696,593.02 | 19.720.547.412.84 | 10.06 | 21.317.422.282.16 | | 归属于母公司股东的扣除非经常性 | 21,566,439,605.45 | 19,386,903,206.87 | 11.24 | 20,948,320,173.28 | | 损益的净利润 | | | | | | 经营活动产生的现金流量净额 | 172,563, ...