Guotai Haitong Securities(601211) 新浪财经·2025-03-31 00:28Core Viewpoint - Guotai Junan reported its 2024 annual results, showing significant growth in revenue and net profit, with a notable increase in investment and brokerage income, while investment banking faced slight pressure [1][2]. Financial Performance - In 2024, Guotai Junan achieved operating revenue of 43.4 billion, a year-on-year increase of 20.1% - The net profit attributable to shareholders reached 13.02 billion, up 38.9% year-on-year - The weighted average ROE for 2024 was 8.14%, an increase of 2.12 percentage points year-on-year [1] Revenue Breakdown - The company's main securities revenue for 2024 was 32.73 billion, a year-on-year increase of 19.8% - Revenue from brokerage, investment banking, asset management, net interest, and net investment was 7.84 billion, 2.92 billion, 3.89 billion, 2.36 billion, and 14.94 billion respectively, with year-on-year changes of +15.5%, -20.8%, -5.0%, -15.9%, and +64.7% [1] - In Q4 2024, the main securities revenue was 10.77 billion, a year-on-year increase of 68.1% and a quarter-on-quarter increase of 15.2% [1] Asset Management and Investment - By the end of 2024, total assets reached 1,047.7 billion, a 13.2% increase from the beginning of the year - Net assets were 170.8 billion, up 2.3% year-on-year, with an operating leverage of 5.38x, an increase of 0.38x [2] - Investment assets totaled 529.5 billion, a 9.9% increase, with trading stocks at 60.8 billion (down 12.1%) and trading bonds at 229.6 billion (up 45.8%) [2] - The comprehensive investment return rate for 2024 was 2.95%, an increase of 0.91 percentage points year-on-year [2] Wealth Management and Brokerage - The brokerage business saw a trading volume of 30.3 trillion in stock-based transactions, a year-on-year increase of 32.5% - The market share for stock-based transactions was 5.17%, up 0.41 percentage points from the beginning of the year [2] - Wealth management transformation deepened, with financial product sales reaching 950.5 billion, a 27.7% increase year-on-year [2] Asset Management Business - The large asset management business contributed a net profit of 800 million, a year-on-year increase of 4.2%, accounting for 6.2% of total profit [3] - Huazhong Fund, a subsidiary, reported revenue of 3.11 billion, down 9.6%, while Guojun Asset Management achieved revenue of 1.71 billion, up 19.1% [3] - By the end of 2024, Huazhong Fund's non-money market AUM was 413.5 billion, up 17.5%, and Guojun Asset Management's AUM was 588.4 billion, up 6.5% [3] Merger and Future Outlook - The merger with Haitong Securities was successfully completed, enhancing the company's capital strength and service capabilities [4] - Post-merger, total assets are projected to reach 1.73 trillion, with net assets of 328.3 billion, positioning the company as a leader in the industry [4] - Estimated net profits for 2025-2027 are projected at 14.74 billion, 15.51 billion, and 16.43 billion respectively, reflecting year-on-year growth of 13%, 5%, and 6% [4]