事件：公司披露2024 年年报及2025 年一季报，2024 年实现营业收入35.3 亿元（YoY+41.9%），归母净 利润9.0 亿元（YoY+173.3%），加权平均ROE 为5.80%（YoY+3.55pct），EPS 为0.22 元 （YoY+175.0%）；2024Q1 实现营业收入6.6 亿元（YoY-1.9%），归母净利润1.1 亿元（YoY-18.2%）， 加权平均ROE 为0.72%（YoY-0.24pct），EPS 为0.03 元（同比持平）。 分业务条线来看：公司2024 年经纪/投行/资管/信用/自营业务分别实现净收入3.8 亿元/2.8 亿元/9.2 亿 元/1.0 亿元/14.4 亿元，同比+8%/+46%/+2%/+32%/+143%；2025Q1 经纪/投行/资管/信用/自营业务分别 实现净收入1.2 亿元/0.6 亿元/2.5 亿元/0.2 亿元/1.5 亿元，同比+46%/-6%/+8%/+29%/-33%。 聚焦北交所业务成效明显，债权业务跻身行业前30。1）股权融资方面，一创投行持续聚焦和布局北交 所IPO 业务，2024 年IPO 保荐承销规模排名行业第14 名，其 ...

"2024年第一创业聚焦主责主业，多业务协同发力，并且强化突出功能性定位，加强金融'五篇大文 章'服务能力，重点着力特色化、差异化经营，持续构建核心竞争力，经营业绩取得全面提升。"第一创 业相关人士告诉记者。 值得注意的是，年报发布同时，第一创业高管人事也发生调整。其中，第一创业公告聘任1987年出生的 青美平措为公司常务副总裁。同时，聘任1973年出生的陈兴珠为公司副总裁。 前者历任北京国管综合管理部副总经理、投资管理二部副总经理、重大项目投资部副总经理、重大项目 投资部总经理、基金管理部总经理，2023年6月至今任第一创业证券董事，并自2024年6月起任副董事 长，自2024年9月起任深圳第一创业创新资本董事、总经理。 后者则是资深投行人士，其中，2000年10月至2006年9月任中银国际证券投资银行部经理，2006年10月 至2009年6月任瑞银证券投资银行部执行总经理，2009年6月至2013年4月任中银国际证券投资银行部董 事总经理。2013年5月加入一创投行，历任企业融资主管、投资银行部负责人、总经理办公会委员、副 总经理，现任一创投行总经理。 在上述业务动态和这两项人事变动下，北京国管与第一创业 ...

Core Viewpoint - The company, First Capital Securities Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary - The first quarter report has not been audited [3][9]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - The company reported no non-recurring gains or losses during the period [3][4]. - The net capital and major risk control indicators of the company comply with the relevant regulations set by the China Securities Regulatory Commission [5]. Shareholder Information - There are no changes in the top ten shareholders or the status of shares lent for margin trading compared to the previous period [6]. Debt Financing - The company has issued corporate bonds totaling 1.3 billion yuan during the reporting period to meet business development needs [6]. Regulatory Compliance - The Shenzhen Securities Regulatory Bureau issued a warning letter to the company on January 10, 2025, due to issues in private asset management business, which the company has addressed and rectified [8].

Core Viewpoint - First Capital Securities has announced significant executive changes, appointing Qing Meiping as the Executive Vice President and Chen Xingzhu as Vice President, indicating a strategic shift in leadership to enhance company performance and governance [2][4]. Group 1: Executive Appointments - Qing Meiping, born in 1987, has been appointed as the Executive Vice President, marking a trend of younger executives in the company's leadership [2][4]. - Chen Xingzhu, a seasoned professional born in the 1970s, has been promoted to Vice President, bringing extensive experience in the securities industry [7]. Group 2: Background of Executives - Qing Meiping has a robust background in the financial sector, having held various leadership roles at Tibet Bank and Beijing State Capital Operation Management Co., which is the largest shareholder of First Capital [5][6]. - Chen Xingzhu has nearly 12 years of experience at First Capital, previously holding key positions in investment banking at major firms such as Bank of China International and UBS [7]. Group 3: Company Performance - In the latest financial report for 2024, First Capital Securities achieved total revenue of 3.532 billion yuan, a year-on-year increase of 41.91%, and a net profit attributable to shareholders of 904 million yuan, up 173.28% [7]. - However, the company's performance in Q1 2025 showed a decline, with revenue of 661 million yuan, down 1.87% year-on-year, and a net profit of 118 million yuan, down 17.59% [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.53 billion yuan, a year-on-year increase of 41.9%, and a net profit of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an advisory platform, with brokerage revenue reaching 380 million yuan in 2024, a growth of 8.1% year-on-year [8]. - The investment banking segment showed resilience with a revenue increase of 46.4% in 2024, despite a significant drop in IPO underwriting volume [8]. - Asset management revenue saw a slight increase of 1.8% in 2024, with the company maintaining a competitive edge in ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, with a notable increase in investment net income in 2024 [8]. Financial Summary - The company forecasts net profits of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 16% in 2025, followed by growth in subsequent years [8]. - The projected price-to-earnings ratios for 2025 to 2027 are 39.51, 34.83, and 31.22 respectively, indicating a favorable valuation trend [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.532 billion yuan, a year-on-year increase of 41.9%, and a net profit attributable to shareholders of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an investment advisory platform, with brokerage business revenue reaching 380 million yuan in 2024, a year-on-year increase of 8.1% [8]. - The investment banking business showed resilience, with revenue of 280 million yuan in 2024, up 46.4% year-on-year, despite a significant drop in IPO underwriting scale [8]. - Asset management revenue saw a slight increase, reaching 920 million yuan in 2024, up 1.8% year-on-year, with a focus on ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, achieving a net investment income of 1.44 billion yuan in 2024, a year-on-year increase of 143.3% [8]. - The report forecasts net profits for 2025-2027 to be 755 million, 857 million, and 956 million yuan respectively, with a unique advantage in fixed income business [8]. Financial Summary - In 2024, the company reported total revenue of 3.532 billion yuan, with a net profit of 904 million yuan and an EPS of 0.22 yuan [8]. - The company's total assets are projected to grow from 52.742 billion yuan in 2024 to 59.036 billion yuan by 2027 [17]. - The company maintains a debt ratio of 65.79% and a price-to-earnings ratio of 32.27 based on the latest diluted EPS [6][5].

Core Viewpoint - First Capital reported strong growth in 2024 with total revenue of 3.532 billion yuan, a year-on-year increase of 41.91%, and a net profit of 904 million yuan, up 173.28% year-on-year. However, the first quarter of 2025 showed a decline in performance, with total revenue of 661 million yuan, down 1.87%, and net profit of 118 million yuan, down 17.59% year-on-year [1][2][3]. 2024 Performance Summary - Total revenue reached 3.532 billion yuan, marking a 41.91% increase year-on-year [2]. - Major business segments showed growth: - Interest net income: 104 million yuan, up 31.75%, accounting for 2.94% of total revenue [2]. - Brokerage business net income: 380 million yuan, up 8.08%, accounting for 10.75% [2]. - Investment banking net income: 278 million yuan, up 46.40%, accounting for 7.87% [2]. - Asset management net income: 921 million yuan, up 1.77%, accounting for 26.07% [2]. - Proprietary trading income: 1.441 billion yuan, up 143.27%, accounting for 40.80% [2]. - Other business income: 191 million yuan, up 67.48%, accounting for 5.41% [2]. - The company’s subsidiary, Chuangjin Hexin, achieved revenue of 975 million yuan, up 6.11%, and net profit of 122 million yuan, up 15.26% [2]. 2025 Q1 Performance Summary - Total revenue for Q1 2025 was 661 million yuan, down 1.87% year-on-year [4]. - Business performance in Q1 2025: - Interest net income: 18 million yuan, up 29.71%, accounting for 2.78% [4]. - Brokerage business net income: 123 million yuan, up 46.88%, accounting for 18.58% [4]. - Investment banking net income: 61 million yuan, down 5.75%, accounting for 9.30% [4]. - Asset management net income: 245 million yuan, up 8.36%, accounting for 37.05% [4]. - Proprietary trading income: 152 million yuan, down 33.69%, accounting for 22.94% [4]. - Other business income: 13 million yuan, down 20.63%, accounting for 2.01% [4]. Business Strategy and Developments - The company focused on self-operated investment and trading, adapting to domestic economic conditions and external environment changes, aiming for high-quality economic development [5]. - Investment banking was the second fastest-growing segment, with net income of 278 million yuan, up 46.40%, and successful IPO projects raising a total of 1.071 billion yuan [5]. - The brokerage and credit business saw significant growth, with interest net income increasing by 31.75% and brokerage net income up 8.08% [5]. - The company added 125,300 new brokerage clients, with a total asset scale increase of 17.098 billion yuan [5]. Asset Management and Fund Management - Asset management net income was 921 million yuan, up 1.77%, with total assets under management of 53.638 billion yuan, down 12.34% [6]. - The subsidiary, Chuangjin Hexin, managed a total of 632.297 billion yuan, down 36.66%, with public fund management increasing by 27.79% [6]. Executive Changes - The company appointed two senior executives: Qing Meipingcuo as Executive Vice President and Chen Xingzhu as Vice President, both bringing extensive experience in the financial industry [9][10].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 3.53 billion yuan, up 41.9% year-on-year, and net profit attributable to shareholders at 900 million yuan, up 173.3% [1] - The company experienced a strong performance in Q4 2024, with operating income of 1.13 billion yuan, a year-on-year increase of 96.2%, and net profit of 260 million yuan, a staggering year-on-year increase of 9860.1% [1] - However, Q1 2025 showed a decline in performance, with operating income of 660 million yuan, down 1.9% year-on-year, and net profit of 120 million yuan, down 17.6% year-on-year [1] Business Segments - The brokerage business generated revenue of 380 million yuan in 2024, up 8.1% year-on-year, accounting for 11.4% of total revenue. In Q1 2025, brokerage revenue increased significantly to 120 million yuan, up 46.9% year-on-year, representing 19.0% of total revenue [2] - Investment banking revenue for 2024 was 280 million yuan, up 46.4% year-on-year, while Q1 2025 saw a slight decline to 60 million yuan, down 5.8% year-on-year. The company ranked 14th in IPO underwriting with a scale of 1.07 billion yuan, down 60.1% year-on-year [2] - Asset management revenue was 920 million yuan in 2024, a modest increase of 1.8% year-on-year, with Q1 2025 revenue at 240 million yuan, up 8.4% year-on-year. The total asset management scale was 53.6 billion yuan, down 12.3% year-on-year [4] Investment Performance - The company achieved investment net income (including fair value) of 1.44 billion yuan in 2024, a substantial increase of 143.3% year-on-year, with Q4 2024 net income at 450 million yuan, up 175.1% year-on-year. However, Q1 2025 saw a decline to 150 million yuan, down 33.7% year-on-year [4] - The company is expected to see net profit attributable to shareholders of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year changes of -16%, +13%, and +12% [4]

Core Viewpoint - The company has disclosed its financial performance and asset impairment provisions for the year 2024, highlighting a total impairment provision of RMB 88.64 million, which significantly impacts its net profit for the year [10][11][12]. Financial Data - The company reported a total asset impairment provision of RMB 88.64 million for the year 2024, which reduced the total profit by the same amount and the net profit by RMB 72.57 million [10]. - The impairment provisions include RMB 53.75 million for other debt investments, RMB 24.34 million for long-term equity investments, RMB 0.97 million for receivables, and RMB 0.81 million for lent funds [11][12][13][14]. Shareholder Information - The company has not reported any changes in the number of shareholders or significant changes in the holdings of the top ten shareholders during the reporting period [5]. Other Important Matters - The company issued corporate bonds totaling RMB 1.3 billion during the reporting period to support its business development needs [5]. - The company received a warning from the Shenzhen Securities Regulatory Bureau on January 10, 2025, due to issues in its private asset management business, which has since been rectified [6].

Core Viewpoint - The company reported significant growth in its 2024 annual results, with total operating revenue increasing by 41.91% and net profit attributable to shareholders rising by 173.28% compared to the previous year [2][4]. Financial Performance - Total operating revenue for 2024 reached 35.32 billion yuan, up from 24.89 billion yuan in 2023 [3]. - Net profit attributable to shareholders was 9.04 billion yuan, compared to 3.31 billion yuan in 2023 [3]. - The net profit excluding non-recurring gains and losses was 8.96 billion yuan, reflecting a 177.83% increase year-on-year [3]. - Basic earnings per share increased to 0.22 yuan from 0.08 yuan, marking a 175% rise [3]. Revenue Breakdown - The highest revenue segment was asset management and fund management, generating 11.45 billion yuan, a 7.65% increase [5]. - Self-operated investment and trading business revenue was 6.44 billion yuan, while fixed income and investment banking revenues were 6.45 billion yuan and 2.25 billion yuan, respectively [5]. - Fixed income business revenue grew by 47.33%, and investment banking revenue surged by 92.56% [5]. Quarterly Performance - Quarterly revenues for 2024 were 6.73 billion yuan, 8.51 billion yuan, 8.77 billion yuan, and 11.31 billion yuan, with net profits of 1.43 billion yuan, 2.57 billion yuan, 2.41 billion yuan, and 2.63 billion yuan respectively [4][5]. - The fourth quarter showed the highest revenue and net profit, although the profit margin decreased compared to earlier quarters [5]. Recent Developments - In the first quarter of 2025, the company reported a revenue decline of 1.87% to 6.61 billion yuan and a net profit drop of 17.59% to 1.18 billion yuan [6]. - The company received a warning letter from the Shenzhen Securities Regulatory Bureau due to issues in its private asset management business, which has since been rectified [6].