Core Viewpoint - The company is experiencing a significant increase in brokerage and investment business due to active market trading in Q1 2025, while facing challenges in investment banking performance in 2024 [1][3]. Financial Performance - The company maintains a "Buy" rating and slightly raises the target price to 9.42 yuan. Projected revenue and net profit for 2024 are 6.664 billion and 1.670 billion yuan, reflecting a year-on-year decrease of 0.98% and 2.80% respectively. The weighted average ROE is expected to decline by 0.35 percentage points to 5.04% [2]. - In Q1 2025, revenue and net profit are projected at 1.885 billion and 583 million yuan, showing year-on-year increases of 27.14% and 58.82%. The weighted average ROE is expected to rise by 0.59 percentage points to 1.71% [2]. - The company has adjusted its earnings per share (EPS) forecast for 2025-2026 to 0.49 and 0.51 yuan, with a new 2027 EPS forecast of 0.53 yuan, leading to a slight increase in the target price [2]. Business Segments - The investment banking business saw a year-on-year decline of 32.04% in 2024, contributing negatively to adjusted revenue, while the investment business net income increased by 7.19% to 1.81 billion yuan, positively impacting performance [3]. - In Q1 2025, the brokerage business experienced a significant year-on-year increase of 58.26% to 608 million yuan, which was a major driver of revenue growth. The investment business net income also rose by 48.5% to 642 million yuan [3]. - The financial asset scale increased by 64.65% quarter-on-quarter, enhancing investment returns [3]. Technological Advancements - The company is actively promoting the application of AI in business scenarios, aiming to achieve digital transformation and operational efficiency. This includes enhancing AI-driven wealth management services and optimizing research capabilities [4]. - The focus on building an AI-friendly organization is expected to lead to cost reduction and increased revenue generation [4]. Industry Trends - The effectiveness of AI applications in the securities industry is gradually becoming evident, serving as a catalyst for growth [5].