Industrial Securities(601377) 东吴证券·2025-04-26 10:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company achieved a total revenue of 12.35 billion yuan in 2024, representing a year-on-year increase of 16.25%. The net profit attributable to shareholders was 2.16 billion yuan, up 10.16% year-on-year [7]. - The self-operated business showed significant growth, with investment income (including fair value) reaching 2.82 billion yuan in 2024, a remarkable increase of 370.1% year-on-year [7]. - The wealth management segment has seen effective account growth, surpassing one million accounts, contributing positively to the overall performance [7]. - The brokerage business experienced a slight decline in market share and commission rates, with brokerage income of 2.13 billion yuan in 2024, down 5.5% year-on-year [7]. - The investment banking segment continued to face challenges, with a 32.9% decline in revenue to 700 million yuan in 2024 [7]. - The asset management business reached a five-year high in scale, with total assets under management increasing by 19.7% year-on-year to 101 billion yuan [7]. - The company is expected to achieve net profits of 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 20%, 15%, and 12% [7]. Summary by Sections Financial Performance - Total revenue for 2024 was 12.35 billion yuan, with a year-on-year growth of 16.25% [1]. - Net profit attributable to shareholders for 2024 was 2.16 billion yuan, reflecting a 10.16% increase year-on-year [1]. - Earnings per share (EPS) for 2024 was 0.24 yuan, with a return on equity (ROE) of 3.8% [7]. Business Segments - Brokerage income for 2024 was 2.13 billion yuan, down 5.5% year-on-year, with a market share of 1.32% [7]. - Investment banking revenue decreased by 32.9% to 700 million yuan in 2024, with a significant drop in equity underwriting [7]. - Asset management revenue reached 160 million yuan in 2024, up 7.6% year-on-year, with total assets under management at 101 billion yuan [7]. - Self-operated investment income surged to 2.82 billion yuan in 2024, marking a 370.1% increase year-on-year [7]. Future Projections - The company forecasts net profits of 2.6 billion yuan for 2025, 3.0 billion yuan for 2026, and 3.4 billion yuan for 2027, with respective growth rates of 20%, 15%, and 12% [7].