研報掘金丨華創證券:維持浙商證券“推薦”評級,目標價12.25元
華創證券研報指出,浙商證券(601878.SH)全年ROE同比降低,槓桿回落明顯。從其他負債結構變化來看,公司衍生品業務能力較強,受市場變化影響,衍生品業務規模有所回落。公司報吿期內ROE為5.5%,同比-1pct。單季度ROE為1.9%,環比+0.2pct,同比+0.3pct。公司與國都證券併購整合推進,看好公司供給側改革機會。參考公司歷史估值,考慮到市場目前總體景氣度較高,以及公司當前業務總體情況,給予2025年業績1.50倍PB估值預期,目標價12.25元,維持“推薦”評級。
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