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 - The report indicates that China Merchants Securities has shown a steady growth in revenue and net profit for the first half of 2025, with a notable increase in various financial metrics, reflecting a positive outlook for the company's performance in the investment banking sector [1] Financial Performance - Total operating revenue (excluding other business income) reached 10.4 billion RMB, a year-on-year increase of 9%, with a quarterly revenue of 5.8 billion RMB, up by 11.5% [1] - The net profit attributable to shareholders was 5.19 billion RMB, a year-on-year increase of 9.2%, with a quarterly net profit of 2.88 billion RMB, up by 5.7% [1] - Return on equity (ROE) for the reporting period was 3.9%, an increase of 0.1 percentage points year-on-year [1] Asset and Liability Overview - Total assets (excluding client funds) amounted to 499.3 billion RMB, an increase of 8.92 billion RMB year-on-year, with net assets of 131.4 billion RMB, up by 6.95 billion RMB [1] - The company's leverage ratio was 3.8 times, a decrease of 0.14 times year-on-year [1] Revenue Breakdown - The net income from capital-intensive businesses totaled 4.75 billion RMB, with a quarterly figure of 3.03 billion RMB, reflecting a quarter-on-quarter increase of 1.31 billion RMB [1] - Brokerage business revenue grew significantly, reaching 3.73 billion RMB, with a quarterly revenue of 1.77 billion RMB, a year-on-year increase of 40.5% [1] - Investment banking revenue was 400 million RMB, with a quarterly revenue of 220 million RMB, showing a year-on-year increase of 0.2 billion RMB [1] Market Conditions - The average daily trading volume in the market was 12.64 trillion RMB, down by 17.2% quarter-on-quarter [1] - The company’s market share in margin financing was 5.15%, a decrease of 0.13 percentage points year-on-year [1] Regulatory Metrics - The risk coverage ratio stood at 241.7%, down by 13 percentage points from the previous period [1] - The net stable funding ratio was 160.3%, a decrease of 8.9 percentage points from the previous period [1] Investment Outlook - The company maintains its earnings forecast, projecting EPS for 2025/2026/2027 at 1.45/1.56/1.67 RMB, with corresponding BPS of 13.98/15.02/16.06 RMB [1] - The target price is set at 22.37 RMB, based on a 1.6 times PB valuation for 2025, maintaining a "recommended" rating [1]

Core Insights - The company Hongda Electronics (300726.SZ) reported a total revenue of 857 million yuan for the first half of 2025, marking an increase of 106 million yuan or 14.17% year-on-year [1] - The net profit attributable to shareholders reached 203 million yuan, an increase of 21.34 million yuan or 11.78% year-on-year, ranking 5th among disclosed peers [1] - The net cash inflow from operating activities was 298 million yuan, ranking 3rd among disclosed peers [1] Financial Metrics - The latest debt-to-asset ratio is 11.18%, ranking 9th among disclosed peers, a decrease of 0.20 percentage points from the same period last year [3] - The latest gross profit margin is 57.30%, ranking 5th among disclosed peers [3] - The return on equity (ROE) is 4.13%, ranking 6th among disclosed peers, an increase of 0.38 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.49 yuan, ranking 4th among disclosed peers, an increase of 0.05 yuan or 11.80% year-on-year [3] - The total asset turnover ratio is 0.15 times, ranking 20th among disclosed peers, an increase of 0.02 times year-on-year [3] - The inventory turnover ratio is 0.39 times, an increase of 0.13 times year-on-year, marking a 48.52% increase [3] Shareholder Structure - The number of shareholders is 29,200, with the top ten shareholders holding 300 million shares, accounting for 72.80% of the total share capital [3] - The largest shareholder is Zeng Chen, holding 34.19% of the shares [3] - The second-largest shareholder is Zhong Ruonong, holding 29.72% of the shares [3]

Core Insights - The company reported a total revenue of 2.354 billion yuan for the first half of 2025, marking a year-on-year increase of 13.22% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 113 million yuan, reflecting a year-on-year increase of 27.33% and three consecutive years of growth [1] - The net cash flow from operating activities was 31.0651 million yuan, which is an increase of 111 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio stands at 48.43% [3] - The gross profit margin is reported at 11.90% [3] - The return on equity (ROE) is 5.88%, which is an increase of 0.99 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.25 yuan, representing a year-on-year increase of 30.63% [3] - The total asset turnover ratio is 0.64 times, ranking 9th among disclosed peers [3] - The inventory turnover ratio is 4.61 times, also ranking 9th among disclosed peers [3] Shareholder Information - The number of shareholders is 34,400, with the top ten shareholders holding 276 million shares, accounting for 60.43% of the total share capital [3] - The largest shareholder is 冯就景, holding 51.6 million shares [3]

Financial Performance - The company reported a total revenue of 2.15 billion yuan, an increase of 573 million yuan compared to the same period last year, representing a year-on-year growth of 36.38% [1] - The net profit attributable to shareholders was 81.55 million yuan, with net cash inflow from operating activities amounting to 749 million yuan, an increase of 1.069 billion yuan compared to the same period last year, achieving three consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 42.71%, a decrease of 0.21 percentage points from the previous quarter [3] - The latest gross profit margin is 13.28%, an increase of 1.34 percentage points from the previous quarter [4] - The return on equity (ROE) is 2.13% [4] Efficiency Metrics - The diluted earnings per share (EPS) is 0.12 yuan [5] - The total asset turnover ratio is 0.26 times, an increase of 0.06 times compared to the same period last year, representing a year-on-year growth of 27.69% [5] - The inventory turnover ratio is 0.58 times, an increase of 0.29 times compared to the same period last year, representing a year-on-year growth of 102.93% [5] Shareholder Information - The number of shareholders is 20,400, with the top ten shareholders holding 471 million shares, accounting for 67.27% of the total share capital [5] - The largest shareholder is Zhejiang Wolong Real Estate Investment Co., Ltd., holding 44.84% of the shares [5]