HTSC(601688) 中航证券·2025-04-20 10:36Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [22]. Core Views - The company's self-operated business shows steady growth, and its wealth management maintains an industry-leading position. With the gradual improvement of the economic fundamentals and the moderate rise of the equity market, the company's valuation is expected to increase alongside market trading enthusiasm and policy reforms [10]. Financial Performance - In 2024, the company achieved revenue of 41.466 billion yuan, a growth of 13.37%, and a net profit attributable to shareholders of 15.351 billion yuan, an increase of 20.40%. The basic earnings per share were 1.62 yuan, up by 20.00% [1]. - The return on equity (ROE) for 2023 was 9.24%, an increase of 1.12 percentage points compared to the previous year [1]. Wealth Management - The company reported net income from brokerage services of 6.447 billion yuan, an increase of 8.19%. By the end of 2024, the company had 177.639 billion yuan in cash, a year-on-year increase of 18.17%, primarily due to increased client funds [2]. - The number of financial products (excluding cash management products) reached 16,760, a growth of 51.40%, with a sales scale of 503.991 billion yuan, up by 13.63% [2]. Investment Banking - The company achieved net income from investment banking of 2.097 billion yuan, a decrease of 30.95%. The equity underwriting scale was 54.897 billion yuan, down by 39.87%, ranking second in the industry [3]. - The bond underwriting scale reached 1,296.048 billion yuan, an increase of 3.12%, ranking third in the industry [3]. Asset Management - The net income from asset management was 4.146 billion yuan, a decrease of 2.58%. The asset management scale grew significantly to 556.267 billion yuan, an increase of 16.98% [4]. International Business - The company's international business revenue surged to 14.340 billion yuan, an increase of 80.93%, accounting for 34.58% of total revenue [9]. Future Earnings Projections - The projected basic earnings per share for 2025, 2026, and 2027 are 1.73 yuan, 1.80 yuan, and 1.95 yuan, respectively. The projected net asset per share for the same years is 17.60 yuan, 18.91 yuan, and 20.37 yuan [10].