According to the Dongwu Securities Research Report, Everbright Securities' profits have benefited from market recovery, and wealth management has built a solid foundation. 26H1 achieved net profit of 2.23 billion yuan, +32.5% year-on-year; in the second quarter, net profit to mother was 1.06 billion yuan, +23.1% year-on-year. The brokerage business benefited from a recovery in market conditions. The investment banking business showed a pattern of strong bonds and weak stocks. The asset management sector refined the diversified product matrix, and proprietary investment adhered to the idea of absolute return. Based on the company's 2026H1 business situation, we slightly raised our previous profit forecast. We expect the company's net profit to be 42/44/4.6 billion yuan respectively in 2026-2028, corresponding year-on-year growth rates of 13%/4%/4%, respectively, and the corresponding EPS of 0.91/0.95/0.99 yuan/share, respectively. The PB valuation corresponding to the current market value is 0.88x/0.84x/0.81x, respectively. The company focuses on the steady development of its main business, and is optimistic about continuing to strengthen competitiveness and maintain a “buy” rating.

According to the Dongwu Securities Research Report, Everbright Securities' profits have benefited from market recovery, and wealth management has built a solid foundation. 26H1 achieved net profit of 2.23 billion yuan, +32.5% year-on-year; in the second quarter, net profit to mother was 1.06 billion yuan, +23.1% year-on-year. The brokerage business benefited from a recovery in market conditions. The investment banking business showed a pattern of strong bonds and weak stocks. The asset management sector refined the diversified product matrix, and proprietary investment adhered to the idea of absolute return. Based on the company's 2026H1 business situation, we slightly raised our previous profit forecast. We expect the company's net profit to be 42/44/4.6 billion yuan respectively in 2026-2028, corresponding year-on-year growth rates of 13%/4%/4%, respectively, and the corresponding EPS of 0.91/0.95/0.99 yuan/share, respectively. The PB valuation corresponding to the current market value is 0.88x/0.84x/0.81x, respectively. The company focuses on the steady development of its main business, and is optimistic about continuing to strengthen competitiveness and maintain a “buy” rating.