Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.98 [8][9]. Core Insights - The company's performance has shown significant recovery, with 2024 revenue reaching RMB 12.354 billion, a year-on-year increase of 16.25%, and net profit attributable to shareholders at RMB 2.164 billion, up 10.16% [1][5]. - Investment income is a key driver of growth, with 2024 investment-related revenue soaring to RMB 2.824 billion, a substantial increase of 370% year-on-year, primarily due to higher returns from derivative financial instruments [2]. - The brokerage segment has also seen notable growth, with net income in Q1 2025 reaching RMB 663 million, a year-on-year increase of 42% [3]. Revenue and Profitability - The company achieved a total revenue of RMB 12.354 billion in 2024, with a projected revenue of RMB 12.570 billion for 2025, reflecting a modest growth of 1.75% [7]. - The net profit attributable to shareholders is expected to grow from RMB 2.164 billion in 2024 to RMB 2.346 billion in 2025, representing an increase of 8.43% [7][20]. - Earnings per share (EPS) are projected to rise from RMB 0.25 in 2024 to RMB 0.27 in 2025 [20]. Investment and Brokerage Performance - The company's financial investment scale increased by 19% year-on-year to RMB 151.5 billion by the end of 2024, with equity investments at RMB 15.5 billion and fixed income investments at RMB 101.1 billion [2]. - The brokerage business has shown resilience, with a significant recovery in Q4 2024, where net income increased by 70% year-on-year [3]. Valuation and Market Position - The estimated price-to-book (PB) ratio for 2025 is set at 1.02x, aligning with the average of comparable companies [5][13]. - The projected return on equity (ROE) is expected to improve from 3.79% in 2024 to 4.01% in 2025 [20].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company achieved a total revenue of 12.35 billion yuan in 2024, representing a year-on-year increase of 16.25%. The net profit attributable to shareholders was 2.16 billion yuan, up 10.16% year-on-year [7]. - The company's self-operated business showed significant growth, with investment income (including fair value) reaching 2.82 billion yuan in 2024, a remarkable increase of 370.1% year-on-year [7]. - The wealth management segment has surpassed one million effective accounts, indicating strong growth potential [7]. - The brokerage business saw a slight decline in market share and commission rates, with brokerage revenue at 2.13 billion yuan in 2024, down 5.5% year-on-year [7]. - The investment banking segment continued to decline, with revenue of 700 million yuan in 2024, down 32.9% year-on-year [7]. - The asset management business reached a five-year high, with total assets under management at 101 billion yuan, up 19.7% year-on-year [7]. Financial Projections - The company is projected to achieve net profits of 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 20%, 15%, and 12% [7]. - The report anticipates a price-to-book ratio (PB) of 0.84, 0.81, and 0.77 for the years 2025 to 2027 [7].

Core Viewpoint - The company reported a solid financial performance for 2024, with significant growth in revenue and net profit, while facing challenges in brokerage and investment banking sectors [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 12.35 billion yuan, a year-on-year increase of 16.2% [1] - The net profit attributable to shareholders was 2.16 billion yuan, up 10.2% year-on-year, with an EPS of 0.24 yuan and ROE of 3.8%, an increase of 0.1 percentage points [1] - For Q4 2024, operating revenue reached 3.54 billion yuan, a remarkable year-on-year growth of 100.1% and a quarter-on-quarter increase of 3.6% [1] - In Q1 2025, operating revenue was 2.79 billion yuan, up 17.5% year-on-year, with a net profit of 520 million yuan, reflecting a 57.3% increase [1] Brokerage and Wealth Management - Brokerage business revenue in 2024 was 2.13 billion yuan, down 5.5% year-on-year, accounting for 21.7% of total operating revenue [2] - The brokerage market share was 1.32%, a decrease of 0.12 percentage points year-on-year, with the commission rate dropping from 0.026% in 2023 to 0.023% in 2024 [2] - By the end of 2024, the company had over one million effective wealth management clients [2] Investment Banking - Investment banking revenue in 2024 was 700 million yuan, a decline of 32.9% year-on-year, continuing a downward trend due to policy impacts [2] - The company ranked 23rd in equity underwriting with a total scale of 1.91 billion yuan, down 83.6% year-on-year [3] - In Q1 2025, the company did not complete any equity underwriting [3] Bond Underwriting and Asset Management - Bond underwriting revenue in 2024 was 175.8 billion yuan, an increase of 5.5% year-on-year, ranking 19th [3] - The asset management business achieved revenue of 160 million yuan in 2024, up 7.6% year-on-year, with total assets under management reaching 101 billion yuan, a 19.7% increase [3] Investment Income - The company reported investment income (including fair value) of 2.82 billion yuan in 2024, a significant increase of 370.1% year-on-year [3] - In Q1 2025, investment income was 600 million yuan, reflecting an 82.3% year-on-year growth [4] Future Outlook - The company forecasts net profit attributable to shareholders for 2025-2027 to be 2.599 billion, 2.990 billion, and 3.362 billion yuan, representing year-on-year growth of 20%, 15%, and 12% respectively [4] - The company is expected to maintain a strong performance in proprietary trading and wealth management sectors, leading to a "buy" rating [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company achieved a total revenue of 12.35 billion yuan in 2024, representing a year-on-year increase of 16.25%. The net profit attributable to shareholders was 2.16 billion yuan, up 10.16% year-on-year [7]. - The self-operated business showed significant growth, with investment income (including fair value) reaching 2.82 billion yuan in 2024, a remarkable increase of 370.1% year-on-year [7]. - The wealth management segment has seen effective account growth, surpassing one million accounts, contributing positively to the overall performance [7]. - The brokerage business experienced a slight decline in market share and commission rates, with brokerage income of 2.13 billion yuan in 2024, down 5.5% year-on-year [7]. - The investment banking segment continued to face challenges, with a 32.9% decline in revenue to 700 million yuan in 2024 [7]. - The asset management business reached a five-year high in scale, with total assets under management increasing by 19.7% year-on-year to 101 billion yuan [7]. - The company is expected to achieve net profits of 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 20%, 15%, and 12% [7]. Summary by Sections Financial Performance - Total revenue for 2024 was 12.35 billion yuan, with a year-on-year growth of 16.25% [1]. - Net profit attributable to shareholders for 2024 was 2.16 billion yuan, reflecting a 10.16% increase year-on-year [1]. - Earnings per share (EPS) for 2024 was 0.24 yuan, with a return on equity (ROE) of 3.8% [7]. Business Segments - Brokerage income for 2024 was 2.13 billion yuan, down 5.5% year-on-year, with a market share of 1.32% [7]. - Investment banking revenue decreased by 32.9% to 700 million yuan in 2024, with a significant drop in equity underwriting [7]. - Asset management revenue reached 160 million yuan in 2024, up 7.6% year-on-year, with total assets under management at 101 billion yuan [7]. - Self-operated investment income surged to 2.82 billion yuan in 2024, marking a 370.1% increase year-on-year [7]. Future Projections - The company forecasts net profits of 2.6 billion yuan for 2025, 3.0 billion yuan for 2026, and 3.4 billion yuan for 2027, with respective growth rates of 20%, 15%, and 12% [7].

Core Viewpoint - The company has shown signs of recovery in its performance after several years of decline, particularly highlighted by a nearly 30-fold increase in investment net income in 2024 compared to 2023, which is a key driver for overall performance recovery [2][8]. Revenue and Profit Performance - The company's revenue stabilized after a significant drop, recovering from approximately 106.60 billion yuan in 2022 to 123.54 billion yuan in 2024, marking a year-on-year increase of 16.3% [3]. - Net profit showed volatility, decreasing from 47.43 billion yuan in 2021 to 19.64 billion yuan in 2023, but rebounding to 21.64 billion yuan in 2024, a growth of about 10.2% compared to 2023 [7]. Business Segment Analysis - The brokerage business faced challenges, with commission income slightly decreasing by 1.59% to 24.84 billion yuan in 2024, despite a positive growth in securities trading [8]. - Investment banking revenue significantly declined, with fees dropping to 7.14 billion yuan in 2024, a decrease of approximately 33% from 2023 [10]. - The self-operated investment business became a highlight in 2024, achieving net investment income of 22.99 billion yuan, a nearly 30-fold increase from 0.76 billion yuan in 2023 [13]. Capital Structure and Risk Management - The company's total assets reached 3010.16 billion yuan by the end of 2024, a growth of about 10% year-on-year, with liabilities increasing to 2380.97 billion yuan, up approximately 11.97% [17]. - The company has increased its reliance on short-term financing, with short-term debt rising significantly, while long-term debt decreased [21]. - Liquidity indicators improved, with a liquidity coverage ratio of 406.73% at the end of 2024, indicating strong short-term payment capabilities [21][22]. 2025 Outlook - The company reported a strong start to 2025, with first-quarter revenue of 27.92 billion yuan, a year-on-year increase of 17.5%, and net profit of 5.16 billion yuan, up 57.3% [23]. - The first quarter of 2025 saw a significant improvement in profitability, with net commission income growing by 19.13% to 13.76 billion yuan, reversing a trend of decline over the past three years [23].

Core Viewpoint - The company, Xinyi Securities, has announced its 2024 annual report and the first quarter report for 2025, ensuring the accuracy and completeness of the financial information provided [2][7]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3]. - The company has reported significant financial data, including net capital and risk control indicators, which have been restated according to regulatory standards [3]. - Non-recurring gains and losses have been identified, with specific amounts noted, although detailed figures are not provided in the documents [4]. Shareholder Information - The total number of ordinary shareholders and the status of major shareholders have been documented, but no significant changes have been reported in the top ten shareholders [6]. Investor Communication - An investor briefing session is scheduled for May 12, 2025, from 16:00 to 17:00, to discuss the 2024 annual results and the first quarter of 2025 [8][10]. - The session will be held online at the Shanghai Stock Exchange Roadshow Center, allowing investors to submit questions in advance [12][13]. - Key company personnel, including the president and CFO, will participate in the session to address investor inquiries [10][11].

Core Points - The company announced a cash dividend plan for 2024, proposing a distribution of 1 yuan per 10 shares (including tax), totaling approximately 864 million yuan, which represents 39.91% of its net profit [2][3] - The company reported a revenue of 12.354 billion yuan for the year, reflecting a year-on-year growth of 16.25%, and a net profit of 2.164 billion yuan, up 10.16% from the previous year [3][5] Dividend Distribution History - The company has a history of dividend distributions, with the latest plan being the 16th since its listing. The dividend yield for the upcoming distribution is 1.65% [2][3] - Previous distributions include 0.3 yuan per 10 shares in June 2024, 1 yuan in December 2023, and 1.3 yuan in December 2022, with varying cash amounts and dividend yields [3] Financial Performance - The basic earnings per share (EPS) for the company is reported at 0.2385 yuan, with a weighted average return on equity (ROE) of 3.81% [3] - The stock experienced a net outflow of 8.7577 million yuan in principal funds on the day of the announcement, but had a net inflow of 10.0472 million yuan over the past five days [4] Industry Comparison - In the non-bank financial sector, the company ranks among others in terms of dividend distribution, with the highest cash distribution being from China Ping An at 29.334 billion yuan, followed by China Life and China Pacific Insurance [5][6]

Core Viewpoint - Xingye Securities reported strong financial performance for 2024 and Q1 2025, with significant growth in net profit and revenue, alongside a substantial cash dividend plan for shareholders [1][5][6]. Financial Performance - In Q1 2025, Xingye Securities achieved a net profit of 516 million yuan, representing a year-on-year increase of 57.32% [1][2]. - The company's operating revenue for Q1 2025 was 2.792 billion yuan, up 17.48% compared to the same period last year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 504 million yuan, reflecting a 69.75% increase year-on-year [2]. Revenue Breakdown - The increase in revenue was driven by two main components: investment income and fair value changes, which collectively grew by 82.18%, and net commission income, which rose by 19.13% [3]. - Investment income for Q1 2025 was reported at 1.336 billion yuan, a significant recovery from a loss of 1.602 billion yuan in the previous year [4]. Cash Dividend Plan - Xingye Securities announced a cash dividend plan, distributing 1 yuan per 10 shares (including tax), amounting to over 860 million yuan based on the total share capital as of December 31, 2024 [5]. - The total cash dividends for 2024, including interim and annual distributions, reached 1.12 billion yuan, accounting for 51.88% of the net profit attributable to shareholders [5]. - The board of directors has proposed to authorize the formulation of a mid-term cash dividend plan for 2025, aiming to enhance shareholder returns [6].

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-011 暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 5 月 5 日(星期一)至 5 月 9 日(星期五)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xyzqdmc@xyzq.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 兴业证券股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公 司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 12 日下午 16:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就 投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度以及 2025 年第一季度的 ...

公司代码：601377 公司简称：兴业证券 兴业证券股份有限公司 2024年度内部控制评价报告 兴业证券股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控 ...