Industrial Securities(601377) 东吴证券·2025-04-26 13:05Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [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 company's 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 surpassed one million effective accounts, indicating strong growth potential [7]. - The brokerage business saw a slight decline in market share and commission rates, with brokerage revenue at 2.13 billion yuan in 2024, down 5.5% year-on-year [7]. - The investment banking segment continued to decline, with revenue of 700 million yuan in 2024, down 32.9% year-on-year [7]. - The asset management business reached a five-year high, with total assets under management at 101 billion yuan, up 19.7% year-on-year [7]. Financial Projections - The company is projected to achieve net profits of 2.6 billion yuan, 3.0 billion yuan, and 3.4 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 20%, 15%, and 12% [7]. - The report anticipates a price-to-book ratio (PB) of 0.84, 0.81, and 0.77 for the years 2025 to 2027 [7].