兴业证券已走出业绩低谷，年报投资净收益暴增近30倍

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].