Founder Securities(601901) 东吴证券·2025-04-02 14:45Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [8]. Core Insights - The company's wealth management business shows strong performance, while investment income has declined year-on-year [8]. - In 2024, the company achieved total revenue of 77.18 billion yuan, a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 2.21 billion yuan, up 2.6% year-on-year [8]. - The report anticipates that the company's net profit for 2025-2027 will be 2.38 billion, 2.52 billion, and 2.66 billion yuan respectively, with corresponding EPS of 0.29, 0.31, and 0.32 yuan per share [8]. Revenue and Profit Analysis - The company's brokerage business revenue reached 4.04 billion yuan in 2024, a year-on-year increase of 23.3%, accounting for 52.5% of total revenue [8]. - Investment banking revenue declined to 180 million yuan, down 16.7% year-on-year, while bond underwriting volume increased to 18.4 billion yuan, up 8.0% year-on-year [8]. - Asset management revenue grew by 31.9% year-on-year to 240 million yuan, with total asset management scale at 60.4 billion yuan, a decrease of 21.4% [8]. Investment Income and Market Activity - The company's investment income (including fair value changes) was 1.42 billion yuan, a decline of 16.6% year-on-year, primarily due to valuation declines in equity investments and real estate [8]. - The report highlights a significant increase in market activity, with the average daily trading volume of stock funds rising by 23.1% year-on-year to 11.85 trillion yuan [8].