证券研究报告·公司点评报告·软件服务(HS) 九方智投控股（09636.HK） 收购 Yintech Financial+核心信息系统，进军 海外金融 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,965 | 2,306 | 3,579 | 4,139 | 4,692 | | 同比（%） | 6.23% | 17.33% | 55.22% | 15.64% | 13.36% | | 归母净利润（百万元） | 191 | 272 | 1,293 | 1,701 | 2,245 | | 同比（%） | -58.59% | 42.81% | 374.64% | 31.55% | 32.00% | | EPS-最新摊薄（元/股） | 0.46 | 0.66 | 3.13 | 4.12 | 5.44 | | P/E（现价&最新摊薄） | 62.83 | 44.00 | 9.27 | 7.05 | 5.34 | [Ta ...

证券研究报告 公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 营口碑等优势，充分受益于市场走势回暖，业绩有望进一步改善。我 们预计 2025-2027 年 EPS 分别为 1.70/1.77/1.95 元。 风险因素：客群开拓发展不及预期；市场波动加剧；在手投资的资产 价格波动。 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进 ...

公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 证券研究报告 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进步。得益于市场活跃度、公司投研体 系、运营能力的多方面提升，公司总订单金额达约人民币 35.06 百 万元，较同期增长 49.3%，付费用户数量达 18.1 万名，较同期增加 约 149.4%。退款率方面，金融软件销售及 ...

Group 1 - The company, Jiufang Zhitu Holdings, has entered into a conditional agreement to acquire 100% equity of Yintech Financial and its core information system for approximately HKD 108.8 million and HKD 18.16 million respectively [1][2] - The target group operates in regulated activities defined under the Securities and Futures Ordinance, focusing on securities and futures brokerage, investment consulting, asset management, discretionary account management, and wealth management services [1] - This acquisition marks the company's first step into overseas financial markets, leveraging the target group's resources and experience to enhance its competitive edge and influence in key markets such as the Hong Kong Stock Exchange and the US Securities Exchange [1] Group 2 - As of Q1 2025, the target group has reported profitability, with expected monthly trading volume increasing by over 80% compared to 2024, fund distribution scale expected to rise by over 20%, and assets under management for discretionary services projected to grow by over 100% [2] - The acquisition is anticipated to provide long-term benefits by diversifying revenue sources, optimizing income structure, and reducing risks associated with market concentration, thereby enhancing the company's adaptability in a volatile financial environment [2] - The core information system being acquired is specifically designed for the target group, supporting centralized trading management, clearing and settlement, and risk management across various business scenarios, ensuring stable business operations and minimizing transition risks [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 2.3 billion yuan in 2024, representing a year-on-year increase of 17% [1] - Total order amount reached a historical high of 3.5 billion yuan, up 49% year-on-year [1] - Net profit attributable to shareholders increased by 43% to 270 million yuan [1] - The company is expected to continue its growth trajectory with significant increases in net profit projected for 2025-2027 [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 1,965 million yuan - 2024A: 2,306 million yuan - 2025E: 3,579 million yuan - 2026E: 4,139 million yuan - 2027E: 4,692 million yuan - Year-on-year growth rates: 6.23% (2023A to 2024A), 17.33% (2024A to 2025E), 55.22% (2025E to 2026E), 15.64% (2026E to 2027E) [1][24] - **Net Profit Forecasts**: - 2023A: 191 million yuan - 2024A: 272 million yuan - 2025E: 1,293 million yuan - 2026E: 1,701 million yuan - 2027E: 2,245 million yuan - Year-on-year growth rates: -58.59% (2023A to 2024A), 42.81% (2024A to 2025E), 374.64% (2025E to 2026E), 31.55% (2026E to 2027E) [1][24] - **Earnings Per Share (EPS)**: - 2023A: 0.46 HKD - 2024A: 0.66 HKD - 2025E: 3.13 HKD - 2026E: 4.12 HKD - 2027E: 5.44 HKD [1][24] - **Price-to-Earnings (P/E) Ratios**: - 2023A: 86.94 - 2024A: 60.88 - 2025E: 12.83 - 2026E: 9.75 - 2027E: 7.39 [1][24] Market Dynamics - The company benefited from a vibrant market environment, with A-share daily trading volume increasing by 21% year-on-year in 2024 [7] - The number of paying customers surged by 149% to 180,000, indicating strong demand for the company's services [7] - The company is focusing on enhancing its product matrix and leveraging AI capabilities to maintain its competitive edge in the online investment education market [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 2.306 billion yuan in 2024, representing a year-on-year increase of 17%. The total order amount reached a historical high of 3.506 billion yuan, up 49% year-on-year, while the net profit attributable to shareholders increased by 43% to 272 million yuan [1][7] - The report highlights strong cost control with a decrease in various expense ratios, indicating effective management of operational costs [7] - The company is expected to maintain robust growth in the online investment education market, with a significant increase in paid customer numbers and a diversified product matrix [7] Summary by Sections Financial Performance - Total revenue for 2023 was 1.965 billion yuan, with a projected increase to 2.306 billion yuan in 2024, and further growth expected to 3.579 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 55.22% from 2024 to 2025 [1][24] - The net profit attributable to shareholders is forecasted to rise from 272 million yuan in 2024 to 1.293 billion yuan in 2025, indicating a significant growth trajectory [1][24] Market Dynamics - The report notes that the average daily trading volume of A-shares increased by 21% year-on-year in 2024, which positively impacted the company's order amounts and customer engagement [7] - The number of paying customers surged by 149% year-on-year to 180,000, demonstrating strong market demand for the company's services [7] Cost Management - Operating costs increased by 28% to 410 million yuan in 2024, primarily due to investments in content development and team expansion. However, the sales expense ratio decreased by 2.76 percentage points to 46% [7] - Research and development expenses rose by 11% to 320 million yuan, with the R&D expense ratio declining by 0.80 percentage points to 14% [7] Future Outlook - The company has a contract liability of 1.49 billion yuan as of 2024, which is expected to be recognized as revenue in 2025, indicating a strong revenue pipeline [7] - The introduction of new product lines and the transformation of the company's app platform are expected to enhance user engagement and retention [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan in 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, marking increases of 1.5% and 18.3% respectively. The number of live broadcasts surged to 26,500, totaling over 49,800 hours, a growth of 110% [2]. - The product matrix has been optimized, leading to a significant increase in paying users. The number of paying users for large products and small products reached 181,500, with a notable decrease in the overall refund rate to 21.8% [2]. - The introduction of AI tools has enhanced operational efficiency, with a reduction in employee numbers by 11.1% while still supporting revenue growth. The company's cost expenses increased by 14.0%, but the expense ratios for sales, management, and R&D decreased [2]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00% respectively. Net profit forecasts for the same period are 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% respectively [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan for 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, showing year-on-year growth of 1.5% and 18.3%, respectively. The number of live broadcasts increased by 110% to 26,500 sessions, totaling over 49,800 hours [2]. - The company has optimized its product matrix, resulting in a significant increase in paid users for its large product offerings, with 181,500 paying users and a reduced refund rate of 21.8% compared to the first half of 2024 [2]. - The introduction of AI tools has enhanced operational efficiency, allowing revenue growth despite a reduction in employee numbers by 11.1%. Cost expenses increased by 14.0%, but the ratios for sales, management, and R&D expenses decreased [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00%, respectively. Net profit attributable to shareholders is forecasted to be 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027, respectively [3].

Core Insights - The article highlights a significant shift in the global capital market, characterized by the rise of Chinese technology companies leveraging policy advantages, technological equality, and industry chain integration, with AI technology driving industrial upgrades [1] - The traditional investment advisory model in China's fintech sector faces challenges in efficiency, personalization, and professionalism, revealing structural contradictions [1][2] Group 1: User Pain Points - The investment advisory industry in China suffers from two core pain points that hinder decision-making quality and market health [2] - The first pain point is information overload and difficulty in discerning truth from falsehood, leading ordinary investors into a "data fog" [3] - The second pain point is the knowledge gap and lack of a structured research framework, creating cognitive barriers for investors [4] Group 2: Innovative Solutions by Jiufang Zhitu - Jiufang Zhitu has introduced a "soft and hard combination" solution to redefine intelligent investment advisory services, launching the "Yizhi Gudao" stock learning machine with over 230 courses and 17,000 hours of content [4][5] - The company’s AI assistant, "Xiao Jiu," and the digital investment advisor "Jiu Ge" have served over 472,000 clients, demonstrating the integration of technology and personalized service [5] Group 3: Restructuring the Research Value Chain - Jiufang Zhitu's Jiufang Zhiyan platform aims to address the supply-demand disconnect in the investment research ecosystem by utilizing AI for intelligent data cleaning and generating user-friendly reports [6] - The company has invested approximately 319 million RMB in R&D in 2024, maintaining a stable R&D expense ratio above 10% since 2019 [7] Group 4: Technological Ecosystem Barriers - The competition in the investment advisory industry has evolved from a focus on single technological advantages to a systemic battle of "technology foundation × ecological strategy" [8] - Jiufang Zhitu has built a comprehensive traffic matrix across major platforms, supported by a research team that covers over 4,000 companies and 20+ industries [8][9] Group 5: Compliance and Risk Management - The company employs AI technology in its compliance and risk management platform, ensuring that all business activities adhere to regulations and enhancing operational efficiency [10] - Jiufang Zhitu's practices serve as a model for the industry, transitioning from "wild growth" to "refined cultivation" [10] Group 6: Conclusion - The evolution of China's fintech is marked by a shift from "traffic frenzy" to "value excavation," emphasizing the importance of the synergy between technological potential and business ecology [11] - The ultimate value of fintech lies in building a "human-machine collaboration" system, where AI handles information filtering and risk alerts, allowing human advisors to focus on emotional resonance and complex strategies [11]

Financial Performance - Total order amount for the year reached RMB 3,505.9 million, an increase of approximately 49.3% compared to RMB 2,347.7 million in the previous year[4] - Total revenue for the year was RMB 2,306.0 million, up approximately 17.3% from RMB 1,965.4 million in the previous year[4] - Profit attributable to shareholders was RMB 272.4 million, representing a year-on-year increase of approximately 42.8% from RMB 190.7 million[4] - Operating cash flow (net inflow) was RMB 1,627.8 million, a significant increase of approximately 266.6% compared to RMB 444.0 million in the previous year[4] - Cash and cash equivalents as of December 31, 2024, amounted to approximately RMB 3,220.7 million, an increase of about RMB 1,121.4 million year-on-year[39] - The company's debt-to-asset ratio as of December 31, 2024, was 57.7%, up from 38.4% in the previous year[40] - The net profit for the year was approximately RMB 272.4 million, marking a year-on-year growth of about 42.8%[37] - Revenue for the year ended December 31, 2024, was RMB 2,305,986 thousand, representing a 17.3% increase from RMB 1,965,387 thousand in 2023[60] - Operating profit increased to RMB 307,404 thousand in 2024, a 47.6% rise compared to RMB 208,401 thousand in 2023[60] - Basic earnings per share rose to RMB 0.61 in 2024, compared to RMB 0.45 in 2023, marking a 35.6% increase[60] Product Development and Innovation - The company launched several new products, including stock market software and AI-driven investment tools, as part of its strategy to enhance customer engagement[6] - The company has focused on a "technology + research" dual-driven strategy, leveraging AI and big data for product development and operational efficiency[6] - The company launched the first stock learning machine, "Yi Zhi Gu Dao - Jiu Fang Zhi Tou Stock Learning Machine," which includes three core systems: hardware, AI, and research systems, covering nine major areas such as stock selection and risk control[10] - The company introduced the "Jiu Fang Ling Xi" AI investment dialogue assistant, which served approximately 472,000 customers and achieved a total of 3,240.7 million service interactions during the reporting period[12] - The company developed a comprehensive AI-enabled compliance management solution, achieving a monitoring coverage rate of 98% with approximately 1.6 billion monitoring instances[12] - The company has filed for 136 software copyrights and patents related to product functionality, big data, and AI, with 52 new filings compared to the previous year[14] - The company launched an innovative product called "Stock Learning Machine," which integrates hardware, AI systems, and research systems to enhance users' financial knowledge and investment capabilities[108] Customer Engagement and Market Presence - The small-scale product series saw over 2.203 million user interactions during the reporting period, indicating strong customer engagement and satisfaction[10] - The number of paying users increased to 181,543, representing a growth of approximately 149.4% compared to the previous year[19] - The company achieved a high customer satisfaction rate of 4.69 out of 5, with 94% of users rating their experience as satisfactory or above[21] - The company reported a substantial increase in user engagement across multiple media platforms, indicating a growing audience base[111] - The "Jiufang Investment App" offers a comprehensive suite of features including stock analysis, trading, and live expert sessions, catering to diverse user needs[110] Research and Development - R&D investment reached approximately RMB 319 million, a year-on-year increase of 10.9%, accounting for about 13.8% of total revenue[14] - Research and development expenses for the year were approximately RMB 318.8 million, reflecting a year-on-year increase of about 10.9%[34] - The company established a professional AI R&D team and collaborated with academic institutions, resulting in multiple research papers accepted at major AI conferences[14] - The company has developed over 218 self-researched premium courses, totaling more than 12,000 minutes of content[16] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all provisions except for the separation of the roles of Chairman and CEO[49] - The company’s audit committee, consisting of independent non-executive directors, has reviewed the audited annual results for the year ended December 31, 2024[57] - The board of directors emphasized the importance of corporate governance and compliance with the Hong Kong Stock Exchange regulations[109] - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[49] Shareholder Returns and Financial Management - The board proposed a final dividend of approximately HKD 148.0 million, equating to HKD 0.33 per share, subject to shareholder approval[4] - The company repurchased a total of 17,730,000 shares for approximately HKD 198 million, which were subsequently canceled[9] - Proposed final dividend for the year ended December 31, 2024, is approximately HKD 148 million, equating to HKD 0.33 per share, subject to shareholder approval[53] - The company reported a foreign exchange gain of RMB 9,217 thousand in 2024, down from RMB 21,790 thousand in 2023[61] Future Outlook - Future outlook includes continued investment in AI technology and product development to maintain competitive advantage in the financial services sector[110] - The company aims to expand its market presence through the development of standardized products leveraging data analysis and AI technology, targeting lower investment thresholds for clients[109] - The company plans to leverage its extensive experience in investment advisory services to create tailored solutions for investors[110] - The company is committed to ongoing research and development to innovate and improve its product offerings in the financial technology space[110]