Orient Securities(600958) 申万宏源证券·2025-04-29 15:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in investment income, with both year-on-year and quarter-on-quarter growth exceeding 100%. The quarterly stock quality impairment provision was reversed, contributing positively to profits [1][6] - For Q1 2025, the company achieved revenue of 5.38 billion yuan, a year-on-year increase of 49.1% and a quarter-on-quarter increase of 5.3%. The net profit attributable to the parent company was 1.44 billion yuan, representing a year-on-year increase of 62.0% and a quarter-on-quarter increase of 28.8 times [4][6] - The company’s weighted ROE for Q1 2025 was 1.79%, an increase of 0.68 percentage points year-on-year [4] Financial Data and Profit Forecast - The company’s revenue for 2025 is projected to be 24.69 billion yuan, with a year-on-year growth rate of 28.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 5.81 billion yuan, reflecting a year-on-year growth of 73.3% [5] - The annualized investment return rate for Q1 2025 reached 8.99%, compared to 5.32% in 2024 and 3.34% in Q1 2024 [6] Business Performance - The company’s management expenses for Q1 2025 were 2.21 billion yuan, showing a year-on-year increase of 38% but a quarter-on-quarter decrease of 18%, leading to a net profit margin of 27%, up 2 percentage points year-on-year [6] - The company’s brokerage and margin financing performance was below industry standards, with a decline in customer assets by 11% compared to the end of 2024 [6] - The company’s financial investment scale at the end of Q1 2025 was 226 billion yuan, a 1% increase from the end of the previous year [6]