公司研究 证 券 研 究 报 告 西部证券（002673）2025 年三季报点评 推荐（维持） Q3 净利润同比+71%，业务伴随市场波动 目标价：9.52 元 事项： 点评： ❖ 总体而言，年内公司 ROE 提升明显，主要受益于市场。业务层面，轻资产各 项业务总体伴随市场景气度提升而提升，业务市占率变化不大，经纪业务同 比增长相对明显。公司杠杆水平同比略有提升。公司报告期内 ROE 为 4.2%， 同比+1.6pct。单季度 ROE 为 1.5%，环比-0.1pct，同比+1.3pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：2.76 倍，同比+0.08 倍，环比-0.3 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 4.4%，同比+1pct，单季度资产周转率为 1.6%，环比+0.1pct，同比 +0.9pct。 3）公司报告期内净利润率为 34.5%，同比+6.5pct，单季度净利润率为 35%， 环比-2.2pct，同比+21.5pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 1 ...

华泰证券（601688）2025 年三季报点评 推荐（维持） 去年同期因 AssetMark 交易导致基数较高， 业绩整体符合预期 公司研究 证 券 研 究 报 告 事项： ❖ 公司 ROE 同比稳定，主要原因是去年同期出售 AssetMark 带来浮盈，导致去 年同期基数较高。ROE 杜邦拆分上看，公司杠杆倍数提升明显，资产收益率 及净利润率因去年同期出售 AssetMark 导致同比有所下行。公司报告期内 ROE 为 6.2%，同比-0.5pct。单季度 ROE 为 2.5%，环比+0.6pct，同比-1.4pct， 杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.68 倍，同比+0.33 倍，环比+0.4 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 3.5%，同比-0.4pct，单季度资产周转率为 1.4%，环比+0.1pct，同比 -0.5pct。 3）公司报告期内净利润率为 47.9%，同比-4.1pct，单季度净利润率为 48.2%， 环比+2.3pct，同比-13pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益 ...

Core Viewpoint - Minsheng Financial Leasing Co., Ltd. has faced multiple instances of equity being auctioned off due to legal issues involving its shareholders, highlighting significant risks in risk management and compliance mechanisms within the company [1][2][7]. Group 1: Legal and Compliance Issues - Minsheng Financial Leasing has had its equity auctioned five times on legal platforms from October 2023 to February 2025, indicating ongoing legal troubles [1][2]. - Four out of eight shareholders of Minsheng Financial Leasing are listed as dishonest executors, and their shares have been frozen by judicial authorities [2]. - The recent auction of 631,822,721 shares from Dali Xingye, a major shareholder, has an opening price of approximately 1.956 billion yuan, reflecting the company's ongoing legal challenges [2][3]. Group 2: Financial Performance - The company's net profit has declined consecutively from 2021 to 2023, with a 23.18% drop in 2023, resulting in a net profit of 796.4 million yuan [7][8]. - The coverage ratio for non-performing financing lease assets has decreased, with a reported ratio of 160.43% at the end of 2023, down nearly 19 percentage points from 2022 [7]. - Minsheng Financial Leasing's financial leverage ratio stands at 8.23 times, indicating a tight capital situation compared to the regulatory requirement of not exceeding 10 times [8]. Group 3: Regulatory Environment - The financial leasing industry is facing stricter regulatory requirements, including new regulations on leverage ratios and financial leverage multiples, which could increase the demand for capital supplementation [8]. - In 2023, Minsheng Financial Leasing received three significant fines totaling 6.75 million yuan, primarily due to inadequate internal controls and non-compliance in leasing operations [7]. Group 4: Leadership Changes - Huang Hongri has been appointed as the new chairman of Minsheng Financial Leasing, bringing extensive experience in credit business and compliance management [6][7]. - The new leadership faces challenges in addressing the negative impacts of shareholder misconduct and the company's operational pressures amid a tightening regulatory environment [7].