FCSC(002797) 东吴证券·2025-04-26 07:27Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.532 billion yuan, a year-on-year increase of 41.9%, and a net profit attributable to shareholders of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an investment advisory platform, with brokerage business revenue reaching 380 million yuan in 2024, a year-on-year increase of 8.1% [8]. - The investment banking business showed resilience, with revenue of 280 million yuan in 2024, up 46.4% year-on-year, despite a significant drop in IPO underwriting scale [8]. - Asset management revenue saw a slight increase, reaching 920 million yuan in 2024, up 1.8% year-on-year, with a focus on ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, achieving a net investment income of 1.44 billion yuan in 2024, a year-on-year increase of 143.3% [8]. - The report forecasts net profits for 2025-2027 to be 755 million, 857 million, and 956 million yuan respectively, with a unique advantage in fixed income business [8]. Financial Summary - In 2024, the company reported total revenue of 3.532 billion yuan, with a net profit of 904 million yuan and an EPS of 0.22 yuan [8]. - The company's total assets are projected to grow from 52.742 billion yuan in 2024 to 59.036 billion yuan by 2027 [17]. - The company maintains a debt ratio of 65.79% and a price-to-earnings ratio of 32.27 based on the latest diluted EPS [6][5].