FCSC(002797) 新浪财经·2025-04-26 00:40Core 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]