研報掘金丨國泰海通:維持中國銀河“增持”評級,目標價19.60元
國泰海通證券研報指出,中國銀河(601881.SH)2025年第一季度營收/歸母淨利潤75.6/30.2億元, 同比+4.8%/+84.9%,與業績預吿一致(+70~90%)。新“國九條”聚焦行業迴歸本源、做優做強,支持頭部機構通過併購重組、組織創新等方式提升核心競爭力,行業供給側改革進程持續演進。公司三年戰略推進過半,加速健全“五位一體”的業務模式,不斷提升業務專業化能力。機構業務迭代推出“銀河天弓2.0”平台,進一步深化拓展機構服務體系;投行業務推動專業化改革,成效漸顯;國際業務正式推出“銀河海外”品牌,致力於成為立足亞洲的國際現代投資銀行。年初以來資本市場新一輪改革加速推進,公司有望把握機遇加速一流投行建設,實現超預期發展。維持目標價19.60元,對應2025年1.8xPB,維持“增持”評級。
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