国元证券：投资驱动增长，业绩弹性延续-20250415

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.78 RMB [8][9]. Core Insights - The company's revenue for 2024 reached 7.848 billion RMB, a year-on-year increase of 23%, while the net profit attributable to shareholders was 2.244 billion RMB, up 20% year-on-year [1]. - Investment income was a significant growth driver, with a 123% year-on-year increase, contributing 2.622 billion RMB to the total revenue [2]. - The brokerage business saw a net income of 1.084 billion RMB, a 20% increase year-on-year, with a notable rise in market share for stock and fund transactions [3]. Summary by Sections Financial Performance - The company reported a total revenue of 7.848 billion RMB for 2024, with a net profit of 2.244 billion RMB, reflecting a 20% increase from the previous year [1]. - In Q4 alone, revenue surged to 2.793 billion RMB, marking a 96% year-on-year increase [1]. Investment Income - The investment business generated 2.622 billion RMB in revenue, a remarkable 123% increase year-on-year, which was the core driver of overall performance [2]. Brokerage and Financing - The brokerage business net income reached 1.084 billion RMB, a 20% increase year-on-year, with a market share of 0.65% for stock and fund transactions, up 0.06 percentage points [3]. - The margin financing balance market share reached 1.1%, the highest in five years [3]. Investment Banking and Asset Management - The investment banking segment reported a net income of 202 million RMB, a slight decrease of 2% year-on-year, while asset management net income fell by 15% to 89 million RMB [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected at 0.57 RMB, with a book value per share (BPS) of 8.89 RMB [5]. - The report anticipates a price-to-book (PB) ratio of 1.1 times for 2025, leading to a target price of 9.78 RMB [5].