Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company is expected to benefit from the booming local science and technology innovation industry in Shaanxi Province, leading to continuous improvement in various business segments. The ongoing merger with Guorong Securities is anticipated to create synergies and accelerate the establishment of a first-class comprehensive investment bank [2]. - Revenue projections for 2025-2027 are estimated at 7.1 billion, 7.5 billion, and 8.1 billion yuan, reflecting year-on-year growth rates of 6%, 6%, and 7% respectively. Net profit attributable to shareholders is expected to be 1.5 billion, 1.6 billion, and 1.8 billion yuan, with growth rates of 7%, 8%, and 9% respectively [2]. Summary by Sections 1. Local Science and Technology Innovation Opportunities - Shaanxi Province is a major hub for educational resources, with a high concentration of universities and research institutions, fostering a conducive environment for innovation [14][15]. - Recent government policies aim to enhance the transformation of technological advantages into economic benefits, with significant increases in funding for high-tech industries [15][16]. 2. Business Transformation Focus - The company is actively transitioning towards capital-driven and professional-driven business models, with significant expansions in capital-intensive operations and a focus on wealth management and investment banking [6][7]. - The merger with Guorong Securities is expected to enhance regional coverage and client resources, improving overall competitiveness [6][7]. 3. Financial Performance and Projections - The company has consistently reported positive net profits since its listing, with a strong growth trajectory in revenue and net profit from 2018 to 2024 [53][54]. - The revenue structure is shifting from brokerage services to proprietary trading, with a notable increase in the contribution from self-operated businesses [57]. 4. Market Position and Competitive Landscape - The company holds a leading market position in Shaanxi, with over 50% of its branches located in the province, and has been recognized for its support of local economic development [45][46]. - The company’s financial metrics, including total assets and net assets, have shown significant growth, positioning it favorably within the industry [49][50].