Investment Rating - The report maintains a "Recommended" rating for the company [10] Core Views - The company achieved a record high in both revenue and net profit for 2024, with total revenue of 41.5 billion yuan, up 13.4% year-on-year, and net profit attributable to shareholders of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in brokerage credit income has significantly improved, with brokerage income turning positive for the year, while investment banking and asset management revenue declines have narrowed [2][10] - The company is expected to continue benefiting from a recovering capital market, with strong performance in brokerage and asset management businesses [10] Revenue and Profit Analysis - For 2024, the company's revenue from various segments was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The fourth quarter of 2024 saw a significant increase in brokerage income, with net income from brokerage services reaching 2.5 billion yuan, a year-on-year increase of 86.1% [4] - The annualized return on equity (ROE) rose to 9.2%, and the net profit margin reached 37.0%, the highest since 2017 [9] Business Segment Performance - Proprietary trading income turned negative in Q4 2024, primarily due to a decline in investment returns and a larger drop in financial investment scale [3] - The asset management business saw a net income of 1.1 billion yuan in Q4 2024, with total asset management scale reaching 556.3 billion yuan, up 17.0% year-on-year [5][6] - The investment banking segment maintained resilience, with bond underwriting amounts increasing, while IPO underwriting showed a decline but remained stable [8] Financial Forecast - The company is projected to achieve revenues of 45 billion yuan in 2025, 48.1 billion yuan in 2026, and 51.4 billion yuan in 2027, with corresponding net profits of 16.6 billion yuan, 17.9 billion yuan, and 19.3 billion yuan respectively [10][11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][20]. Core Views - The overall performance of the company is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1]. - The company is expected to benefit from the recovery in capital market sentiment, leading to a dual-driven growth in wealth management and institutional services [5]. Summary by Sections Performance Overview - In Q4 2024, the company achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year. The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6%, while the full-year net profit was 154 billion yuan, up 20.4% [1]. Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenues of 24.8 billion yuan for the quarter and 64.5 billion yuan for the year, reflecting year-on-year increases of 86.1% and 8.2%, respectively. The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, up 119.3% year-on-year [2]. Investment Banking - The investment banking segment reported revenues of 7.4 billion yuan in Q4 and 21.0 billion yuan for the year, with declines of 0.8% and 31.0% year-on-year, respectively. The decline is attributed to stricter regulatory policies affecting the scale of securities underwriting [2]. Asset Management - Asset management revenues for Q4 were 11.1 billion yuan, with a slight increase of 0.5%, while the full-year revenue was 41.5 billion yuan, down 2.6%. The decline is primarily due to reduced fees in public offerings, despite significant growth in non-monetary public fund management scale [3]. Credit Business - The credit business experienced substantial growth, with Q4 revenues of 14.0 billion yuan and full-year revenues of 27.1 billion yuan, reflecting increases of 1355.4% and 184.0% year-on-year, respectively. This growth is supported by increased trading activity in the capital market and a rise in margin financing balances [4]. Self-operated Business - The self-operated business reported a decline in revenue, with a full-year income of 83.0 billion yuan, down 28.9% after excluding the sale of AssetMark. The financial asset scale for self-operated business decreased by 25.5% year-on-year [4]. Financial Forecast - The company has adjusted its profit forecasts for 2025 and 2026 to 158 billion yuan and 179 billion yuan, respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5].

Investment Rating - The report maintains a "Recommended" rating for Huatai Securities [10] Core Views - In 2024, Huatai Securities achieved a record high in both operating revenue and net profit attributable to shareholders, with revenues of 41.5 billion yuan, up 13.4% year-on-year, and net profit of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in credit net income significantly improved, with a year-on-year increase of 184%, while brokerage income turned positive with an 8% increase [2][10] - The company is expected to continue benefiting from a recovering capital market, with projected revenues of 45 billion yuan in 2025 and net profits of 16.6 billion yuan [10] Summary by Sections Financial Performance - In 2024, Huatai Securities reported total operating revenue of 41.5 billion yuan, a 13.4% increase year-on-year, and a net profit of 15.4 billion yuan, a 20.4% increase year-on-year, both setting historical records [1] - The fourth quarter of 2024 saw a revenue of 10 billion yuan, a 28.2% decrease quarter-on-quarter but a 7.4% increase year-on-year [1] Business Segments - The revenue breakdown for 2024 was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The brokerage business saw a significant increase in net income, with a 99.7% increase quarter-on-quarter and an 86.1% increase year-on-year in Q4 2024 [4] Asset Management - The asset management business net income in Q4 2024 was 1.1 billion yuan, a 36.9% increase quarter-on-quarter and a 0.5% increase year-on-year [5] - The total asset management scale reached 556.3 billion yuan by the end of 2024, a 17% year-on-year increase [6] Credit Business - The net interest income for Q4 2024 was 1.4 billion yuan, marking a 13.55-fold increase year-on-year [7] - The financing and securities lending balance reached 130.1 billion yuan, the highest since 2021, with a year-on-year increase of 6.2% [7] Investment Banking - The investment banking revenue for Q4 2024 was 0.7 billion yuan, a 73.5% increase quarter-on-quarter but a slight decrease of 0.8% year-on-year [8] - The total bond underwriting amount for 2024 was 680.3 billion yuan, maintaining growth [8] Profitability Metrics - The return on equity (ROE) increased to 9.2%, and the net profit margin reached 37%, the highest since 2017 [9] - The company expects to achieve revenues of 45 billion yuan in 2025, with a projected PE ratio of 9 [10]

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [9]. Core Insights - Huatai Securities reported significant performance improvement in 2024, primarily driven by investment gains from the sale of AssetMark. The company's securities brokerage business showed steady performance, with a notable improvement in platform activity. The leading position in asset management is evident, with rapid growth in both the scale and profits of its public fund subsidiary. The market share in equity IPOs has significantly increased, and asset management scale has stabilized. The long-term leading layout in wealth management and financial technology is expected to continue generating positive effects [2][6]. Summary by Sections Financial Performance - In 2024, Huatai Securities achieved operating revenue of 41.47 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 15.35 billion yuan, up 20.4%. The weighted average return on equity increased by 1.12 percentage points to 9.24% [6]. Business Segments - The company reported that, excluding the gains from AssetMark, the net profit attributable to shareholders was 9.02 billion yuan, a decrease of 29.3%. The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 6.45 billion, 2.10 billion, 4.15 billion, 2.70 billion, and 7.31 billion yuan, respectively, with year-on-year changes of +8.2%, -31.0%, -2.6%, +184.0%, and -48.7% [6]. Brokerage Business - The brokerage business performed steadily, with a market average daily trading volume of 1.06 trillion yuan, an increase of 21.2% year-on-year. The net income from agency trading and seat leasing rose by 15.5% to 5.48 billion yuan. The monthly active users of the company's securities app, Zhangle Wealth, reached 11.5 million, a year-on-year increase of 22.6% [6]. Asset Management - As of the end of 2024, Huatai Securities held equity and bond fund sizes of 120.2 billion and 166.6 billion yuan, respectively, with year-on-year changes of -10.6% and +4.3%. The company’s subsidiaries, Southern Fund and Huatai Baichuan Fund, had non-monetary management scales of 648.5 billion and 565.7 billion yuan, respectively, with year-on-year growth rates of +32.7% and +98.7% [6]. IPO Market Share - In a tightening equity financing environment, the company’s equity IPO, refinancing, and bond underwriting scales were 85.4 billion, 463.6 billion, and 1,289.6 billion yuan, with year-on-year changes of -50.8%, -37.3%, and +4.6%. The corresponding market shares were 12.9%, 20.8%, and 9.1%, with increases of 8.0 percentage points, 10.8 percentage points, and 0.002 percentage points, respectively [6]. Financial Assets and Investment Returns - By the end of 2024, the company reduced its financial asset scale to 359.8 billion yuan, a decrease of 25.0% year-on-year. The estimated static self-operated investment return rate was 2.9%, down 0.79 percentage points year-on-year [6]. Future Outlook - Huatai Securities is positioned as a pioneer in technology-enabled brokerage, successfully developing leading technology platforms such as "Zhangle Wealth" and "Xingzhi". The leading layout in wealth management and financial technology is expected to continue generating positive effects. The projected net profits attributable to shareholders for 2025 and 2026 are 11.81 billion and 13.40 billion yuan, respectively, corresponding to price-to-book ratios of 0.91 and 0.84 [6].

Investment Rating - The investment rating for Huatai Securities is "Buy" with a target price not specified [7] Core Views - The overall performance of Huatai Securities is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1] - The wealth management business is expected to benefit from the recovery in market sentiment and increased trading volume, leading to a "dual-wheel drive" of wealth management and institutional services [5] Summary by Sections Financial Performance - In Q4 2024, Huatai Securities achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year [1] - The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6% year-on-year, while the full-year net profit was 154 billion yuan, up 20.4% year-on-year [1] - The return on equity (ROE) was 9.2%, an increase of 1.1 percentage points compared to the same period last year [1] Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenue of 24.8 billion yuan, up 86.1% year-on-year, and full-year revenue of 64.5 billion yuan, up 8.2% year-on-year [2] - The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, a year-on-year increase of 119.3% [2] Investment Banking - The investment banking business reported revenue of 7.4 billion yuan in Q4, down 0.8% year-on-year, and 21.0 billion yuan for the full year, down 31.0% year-on-year [2] - The decline in revenue was attributed to stricter regulatory policies and a significant drop in underwriting scale for IPOs and refinancing [2] Asset Management - Asset management revenue for Q4 was 11.1 billion yuan, up 0.5% year-on-year, while the full-year revenue was 41.5 billion yuan, down 2.6% year-on-year [3] - The decline in revenue was mainly due to reduced fees in public funds, despite a significant increase in non-monetary public fund management scale [3] Credit Business - The credit business experienced substantial growth, with Q4 revenue of 14.0 billion yuan, up 1355.4% year-on-year, and full-year revenue of 27.1 billion yuan, up 184.0% year-on-year [4] - The increase was driven by active capital market trading and a rise in margin financing balances [4] Self-operated Business - The self-operated business reported a revenue of 83.0 billion yuan for the full year, down 28.9% year-on-year after excluding the sale of AssetMark [4] - The financial asset scale for self-operated business decreased by 25.5% year-on-year [4] Profit Forecast - The profit forecast for 2025 and 2026 has been adjusted to 158 billion yuan and 179 billion yuan respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5]

Group 1 - The core viewpoint of the news highlights the performance and significance of the Free Cash Flow ETF (159201), which has seen a notable increase in trading volume and market interest, indicating a shift towards long-term investment strategies focused on free cash flow [1][2] - As of March 31, 2025, the Free Cash Flow ETF (159201) has reached a new high in circulation scale at 2.789 billion yuan, with a trading volume of 2.775 billion shares, reflecting strong investor demand and a significant net inflow of 1.311 billion yuan over the last 11 trading days [1] - Huatai Securities emphasizes that dividend strategies remain a key focus, predicting that listed insurance companies will continue to increase their allocation to FVOCI stocks with dividend characteristics in 2024, driven by a decline in cash yield [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, with free cash flow being essential for corporate survival and the ability to maintain stable cash dividends [2] - The management fee for the Free Cash Flow ETF is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, making it an attractive option for investors [2]

Core Viewpoint - Huatai Securities reported its 2024 annual results, which were slightly below expectations, with a revenue of 41.47 billion and a net profit of 15.35 billion, reflecting year-on-year increases of 13.4% and 20.4% respectively [1] Group 1: Financial Performance - In 2024, Huatai Securities achieved total operating revenue of 41.47 billion, a year-on-year increase of 13.4% [1] - The company reported a net profit attributable to shareholders of 15.35 billion, up 20.4% year-on-year [1] - The weighted average ROE for 2024 was 9.24%, an increase of 1.12 percentage points year-on-year [1] - The main revenue from securities reached 33.26 billion, with a year-on-year growth of 6.8% [1] - Breakdown of main revenue sources: brokerage (6.45 billion, +8.2%), investment banking (2.10 billion, -31.0%), asset management (4.15 billion, -2.6%), net interest (2.70 billion, +184%), and net investment income (15.25 billion, +17.4%) [1] Group 2: Asset Management and Investment - By the end of 2024, total assets were 814.3 billion, a decrease of 10.1% from the beginning of the year, while net assets increased by 7.0% to 191.7 billion [2] - Investment assets shrank to 369.8 billion, down 25.5% year-on-year, with trading bonds at 171.6 billion (-12.4%) and trading stocks at 56.7 billion (-54.1%) [2] - The net investment income for 2024 was 15.25 billion, a year-on-year increase of 17.4%, but if excluding the one-time impact from the sale of AssetMark, it would have been 8.92 billion, down 31.4% year-on-year [2] Group 3: Brokerage and Market Position - In brokerage services, the company achieved net income from agency buying of 5.48 billion, a year-on-year increase of 15.5%, while agency selling income was 0.49 billion, down 23.8% [3] - By the end of 2024, the company held a non-cash asset scale of 166.6 billion, up 4.3% year-on-year, ranking second in the industry [3] - The company’s margin financing and securities lending balance was 130.1 billion, with a market share of 6.98% [3] - In terms of equity underwriting, the company’s A-share IPO underwriting scale was 8.54 billion, down 50.8%, but its market share increased by 8.05 percentage points to 12.9% [3] Group 4: Future Projections - Expected net profits for Huatai Securities for 2025, 2026, and 2027 are projected to be 13.15 billion, 13.84 billion, and 14.51 billion respectively, reflecting a year-on-year decrease of 14% in 2025, followed by increases of 5% in the subsequent years [4] - The projected dynamic price-to-book ratios for 2025, 2026, and 2027 are 0.87x, 0.83x, and 0.78x respectively [4]

| 序号 | 代码 | 名称 | 现价 | 涨跌 | | --- | --- | --- | --- | --- | | 1 | 601688 | 华泰证券 | 16.54 | -1.04 | | 2 | 002945 | 华林证券 | 14.96 | -0.87 | | 3 | 600958 | 东方证券 | 9.44 | -0.32 | | 4 | 601059 | 信达证券 | 16.20 | -0.54 | | 5 | 000166 | 申万宏源 | 4.93 | -0.16 | | 6 | 601878 | 浙商证券 | 11.37 | -0.36 | | 7 | 600918 | 中泰证券 | 6.42 | -0.20 | | 8 | 6881 | 中国银河 | 7.740 | -0.240 | | 9 | 600061 | 国投资本 | 7.07 | -0.21 | | 10 | 601236 | 红塔证券 | 7.80 | -0.21 | 图片系部分券商股3月31日涨跌幅 资料来源：Wind 非经常性收益撑起盈利新高 2024年，华泰证券实现营业收入414.66亿元，同比增长13.37%；归属 ...

证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 2024 年年报点评：头部券商优势稳固，出售 子公司股权增厚全年业绩 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 36,578 | 41,466 | 38,735 | 40,996 | 42,986 | | 同比（%） | 14.19% | 13.37% | -6.59% | 5.83% | 4.86% | | 归母净利润（百万元） | 12,751 | 15,351 | 14,016 | 15,126 | 16,075 | | 同比（%） | 15.36% | 20.40% | -8.70% | 7.92% | 6.28% | | EPS-最新摊薄（元/股） | 1.41 | 1.70 | 1.55 | 1.68 | 1.78 | | P/E（现价&最新摊薄） | 9.78 | 8.13 | 8.90 | 8.25 | 7.76 | [Table ...

SEMICON China 2025 展会的参会人数创历史新高，第一天较去年增加了 10%， 达到 8 万人，三天总参会人数接近 20 万。展会上有几个主要感受：首先是 AI 相关需求的显著增长。3M 主席居总在开幕式上提到，到 2030 年全球半导体市 场规模将达到 1 万亿美元，其中 75%以上的需求与 AI 相关。其次是国产化率的 快速上升，美国出口管制政策推动了中国工厂大规模使用国产设备和材料，从 • AI 驱动半导体增长：预计到 2030 年，全球半导体市场规模将达 1 万亿美 元，其中 75%以上需求与 AI 相关，涵盖算力芯片、端侧基带芯片及工业半 导体等，预示 AI 应用将显著推动技术进步和市场扩张。 • 国产化率提升影响：美国出口管制促使中国工厂大规模采用国产设备和材 料，从试用转向商用，尤其在先进封装和多次曝光等领域，中国设备商与 晶圆厂协同研发取得进展，提升了中国在全球市场的竞争力。 • 全球资本开支动态：2025 年全球资本开支预计增长 8%，中芯国际和台积电 上调资本开支，三星略微下调，中国市场基本持平。中国受益于外部依赖 减少和国产设备大规模采用，设备商收入显著增长。 • 美国实体 ...