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华泰证券(601688)2025年Q1季报点评:投资收益韧性突出 恢复平稳扩表
Xin Lang Cai Jing· 2025-05-13 02:29
Core Insights - The company's investment business net income drove growth in Q1 2025, with a significant year-on-year increase of 66.83% to 3.506 billion yuan, contributing 87.05% to the adjusted revenue increase [2] - The company completed the financial asset restructuring, leading to a stable growth in the balance sheet, with financial assets increasing by 5.06% to 378.006 billion yuan compared to the end of 2024 [2] Financial Performance - Q1 2025 revenue and net profit attributable to shareholders were 8.232 billion yuan and 3.642 billion yuan, respectively, reflecting year-on-year growth of 34.83% and 58.97% [1] - The weighted average ROE increased by 0.73 percentage points to 2.10% [1] - The company slightly adjusted its profit forecast for 2025-2027 to 1.42 yuan per share, up from the previous forecast of 1.40/1.41 yuan [1] Market Activity - The company's brokerage business net income increased by 42.6% to 1.936 billion yuan, contributing 35.84% to the adjusted revenue increase, indicating heightened market trading activity [2] - Investment yield improved year-on-year by 0.34 percentage points to 0.75%, showcasing resilience in performance [2] Asset Management - The company began increasing OCI account assets, enhancing interest income and dividend investment returns [2] - The company’s trading financial assets increased by 9.741 billion yuan, while other debt investments rose by 6.910 billion yuan, and other equity tool investments surged by 1.839 billion yuan [2]