Guotai Junan Securities: Maintains a "buy" rating on CITIC Securities and sets a target price of 31.93 yuan.

Guotai Haitong Securities research report pointed out that CITIC Securities' revenue/net profit attributable to mothers in the first quarter of 2025 was RMB 17.76 billion / RMB 6.55 billion, a year-on-year increase of +29.1% / +32.0%. Investment improvement drives profit growth, consistent with performance forecasts. Currently, the construction of top-tier investment banks is facing a historical opportunity, and the company's leading industry advantage continues to be consolidated, with the potential to continue benefiting from industry supply-side reforms. In the long term, supply-side reforms remain the main theme of the industry, and the company is expected to accelerate transformation during the industry's opportunity period, and to advance the construction of top-tier investment banks; maintain the company's profit forecast, maintain the target price of RMB 31.93, corresponding to 1.7x PB in 2025, and maintain a "buy" rating.