CMS(600999) 东吴证券·2025-04-29 00:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance shows a revenue of 4.71 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.31 billion yuan, up 7.0% year-on-year [7] - The brokerage business revenue surged by 49.0% year-on-year, accounting for 42.5% of total revenue, driven by increased market trading activity [7] - Investment banking revenue has declined, with a 112.0% year-on-year increase in total investment banking revenue, but a significant drop in equity underwriting [7] - Asset management revenue increased by 42.9% year-on-year, indicating strong growth in this segment [7] - The company's self-operated investment income decreased by 26.2% year-on-year due to a high base in the previous year [7] - The report forecasts net profits for 2025-2027 to be 12.3 billion, 13.1 billion, and 14.0 billion yuan respectively, with year-on-year growth rates of 18%, 7%, and 7% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 19.82 billion, 20.89 billion, 23.38 billion, 24.51 billion, and 25.77 billion yuan respectively, with corresponding year-on-year growth rates of 3.13%, 5.40%, 11.92%, 4.82%, and 5.15% [1] - The projected diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 0.94, 1.13, 1.41, 1.50, and 1.61 yuan per share [1] - The P/E ratios for the same years are projected to be 19.33, 16.08, 12.88, 12.08, and 11.30 [1]