宏 观 研 究 2024.08.10 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|------------|--------------|------------------------------------------------------------------------------|-------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

公司研究 2024.08.09 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------|------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | TCL | ...

数据来源：wind 方正证券研究所 公司研究 2024.08.09 东方财富（ 300059） 公司点评报告 1H24 业绩点评：利润略超预期，投资收益高增 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 许旖珊 登记编号：S1220523100003 联系人 张轩铭 | --- | --- | |-------------------------|------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 证券Ⅲ | | 最新收盘价(人民币/元 ) | 10.46 | | 总市值 (亿)( 元 ) | 1,651.17 | | 52 周最高/最低价(元 ) | 16.97/9.96 | 历史表现 -40% -32% -24% -16% -8% 0% 23/8/9 23/11/8 24/2/7 24/5/8 24/8/7 东方财富 沪深300 相关研究 《东方财富(300059)：Choice 终端携手妙想 大模型，AI 赋能业务生态加速》2024.06.25 《东方财富(300059)：1Q24 业绩点评：投资 收益高增驱动业绩好于预期，两融市占率持续 提 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

宏 观 研 究 2024.08.10 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------------------------|-----------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------------|---------|----------------------------------------------------------------------|------------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | |---------------------------------------------------------|----------------|-----------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|---------------------------------------------|-----------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 每 | 日 | 宏 | 观 动 | 态 | | | | | | | | | 方 | 正 | 证 | 券 | 宏观政策追踪日报 ——2024 年 8 月 研 究 所 证 | 9 日 券 研 究 | 报 告 | | | | | | 分析师 芦哲 登记编号：S1220523120001 逆回购：8 月 9 日以固定利率、数量招标方式开展了 129 亿元 7 天期逆回购 操作，操作利率 1.70%，与之前持平。数据显示，当日 11.7 亿元逆回购到 期。 潘京 登记编号：S1220523120 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 6.5 billion and 7.3 billion RMB for the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [3][4]. - The significant growth in net profit is driven by the performance of the Tank brand and increased exports, with a notable improvement in the sales structure domestically [4]. - The company has successfully expanded its global market presence, exporting to over 170 countries and establishing a sales network of more than 1,000 outlets [4]. Financial Performance Summary - For Q2 2024, the company anticipates a net profit of 3.27 billion to 4.07 billion RMB, reflecting a year-on-year increase of 175.5% to 243% [4]. - The expected net profit for 2024 is projected to be between 12.19 billion and 14.35 billion RMB, with corresponding PE ratios of 18, 15, and 13 for the years 2024 to 2026 [5][6]. - The company’s total revenue is forecasted to grow from 225.22 billion RMB in 2024 to 286.19 billion RMB in 2026, with a compound annual growth rate of approximately 8.80% [6][7]. Sales and Market Expansion - In Q2 2024, the company sold 284,000 vehicles, a decrease of 4.9% year-on-year but an increase of 3.3% quarter-on-quarter, with Tank sales reaching 67,000 units, up 96.2% year-on-year [4]. - The export volume increased significantly, with 109,000 units sold abroad, marking a year-on-year growth of 51.1% [4]. - The company is actively pursuing a global strategy, with new models launched in international markets, contributing to a diversified revenue stream [4].

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