研報掘金丨國泰海通:維持華泰證券“增持” 評級,目標價20.86元
國泰海通證券研報指出,華泰證券(601688.SH)2025Q1投資業務淨收入驅動增長。公司完成金融資產梳理工作,資產負債表恢復平穩增長。維持“增持” 評級,維持目標價20.86元。公司投資業務淨收入同比+66.83%至35.06億元,貢獻了調整後營收(營業收入-其他業務支出)增量的87.05%,是業績改善主因。投資業務高增則源自市場同比改善背景下,股權投資收益顯著改善,投資收益率同比+0.34pct 至0.75%。2025Q1市場交投活躍度同比大幅提升,公司經紀業務淨收入同比+42.6%至19.36億元,佔調整後營收增量的35.84%,進一步提振業績。認為利率波動環境下,公司投資收益的韌性有望持續凸顯。
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