FCSC(002797) 东吴证券·2025-04-27 01:23Investment 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 3.53 billion yuan, a year-on-year increase of 41.9%, and a net profit of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an advisory platform, with brokerage revenue reaching 380 million yuan in 2024, a growth of 8.1% year-on-year [8]. - The investment banking segment showed resilience with a revenue increase of 46.4% in 2024, despite a significant drop in IPO underwriting volume [8]. - Asset management revenue saw a slight increase of 1.8% in 2024, with the company maintaining a competitive edge in ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, with a notable increase in investment net income in 2024 [8]. Financial Summary - The company forecasts net profits of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 16% in 2025, followed by growth in subsequent years [8]. - The projected price-to-earnings ratios for 2025 to 2027 are 39.51, 34.83, and 31.22 respectively, indicating a favorable valuation trend [8].