GF SECURITIES(000776) 中信建投·2025-03-31 10:35Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% within six months [17]. Core Insights - The company reported a revenue increase of 16.7% year-on-year for 2024, with a net profit attributable to shareholders rising by 38.1%, resulting in a return on equity (ROE) of 7.44% [2][3]. - In Q4 2024, the company achieved a revenue of 8.06 billion yuan, reflecting a year-on-year growth of 52.5%, and a net profit of 2.87 billion yuan, which is a significant increase of 146.0% year-on-year [2][3]. - The growth in 2024 was primarily driven by the investment business, with contributions from the investment banking and brokerage sectors as well [2][3]. Revenue Breakdown - For the full year 2024, the revenue from various business segments was as follows: - Brokerage: 6.65 billion yuan, up 14% year-on-year - Investment Banking: 780 million yuan, up 37% year-on-year - Asset Management: 6.89 billion yuan, down 11% year-on-year - Investment: 7.75 billion yuan, up 117% year-on-year - Credit: 2.35 billion yuan, down 25% year-on-year - The revenue contributions from these segments were 24%, 3%, 25%, 29%, and 9% respectively, with changes in contribution percentages compared to the previous year [2][3]. Financial Projections - The company is projected to achieve revenues of 28.2 billion yuan and 31.0 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4% and 10% [3][10]. - The net profit attributable to shareholders is expected to be 9.8 billion yuan in 2025 and 11.1 billion yuan in 2026, with growth rates of 1% and 14% respectively [3][10].