中信证券（600030）：各项业务稳定增长，投资净收益亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable growth across various business segments, with notable performance in investment net income [1] - The company achieved a significant increase in total revenue and net profit in Q1 2025, with total revenue reaching 17.76 billion and net profit at 6.55 billion, representing year-on-year growth of 29.1% and 32.0% respectively [8] - The brokerage business saw a substantial increase in revenue due to a surge in trading volume, while investment income also experienced significant growth [8] Financial Performance Summary - Total revenue forecast for 2023A is 60.068 billion, with a projected increase to 70.842 billion by 2025E, reflecting a year-on-year growth of 11.06% [1] - Net profit attributable to shareholders is expected to rise from 19.721 billion in 2023A to 25.669 billion in 2025E, indicating an 18.27% increase [1] - The latest diluted EPS is projected to be 1.73 for 2025E, with a P/E ratio of 15.58 [1] Business Segment Performance - Brokerage revenue increased by 36.2% year-on-year, contributing 20.5% to total revenue [8] - Investment banking revenue grew by 12.2%, with a significant increase in underwriting scale [8] - Asset management revenue rose by 8.7%, maintaining the company's leading position in the market [8] - Investment income saw a remarkable increase of 62.3% year-on-year, with adjusted net investment income up by 35.6% [8]