证券代码：600958 证券简称：东方证券 公告编号：2025-015 东方证券股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 4 月 11 日（星期五）15:15-16:30 会议召开方式：视频和网络互动 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） 投资者可于 2025 年 4 月 3 日（星期四）至 4 月 10 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@orientsec.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 11 日（星期五）15:15-16:30 （二）会议召开方式：视频和网络互动 （三）会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.co ...

Core Viewpoint - The report outlines the findings from the on-site inspection of Haimer Technology (Group) Co., Ltd., conducted by Dongfang Securities Co., Ltd., focusing on corporate governance, internal control, information disclosure, and performance expectations for 2024 [1][2][5]. Group 1: Corporate Governance - The inspection confirmed that the company has complied with corporate governance requirements, including the completeness of meeting materials and adherence to relevant regulations [1][3]. - The management's independence was assessed, and no conflicts of interest with controlling shareholders were identified [1][3]. Group 2: Internal Control - The internal control system was reviewed, and it was found that the company has established a complete and compliant internal control framework [2][5]. - The internal audit department's reports and plans were examined, indicating effective oversight of internal controls [2][5]. Group 3: Information Disclosure - The company's information disclosure practices were evaluated, and it was noted that the management has fulfilled its disclosure obligations [2][5]. - The report highlighted that the company has maintained transparency in its financial reporting and compliance with disclosure regulations [2][5]. Group 4: Performance Expectations - The company is expected to report a net loss of between 190 million yuan and 190 million yuan for the fiscal year 2024, attributed to strategic adjustments and increased competition [2][5]. - Revenue is anticipated to decline compared to 2023, influenced by market conditions and internal restructuring efforts [2][5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 7,434,639,540 | | 34,843,324 | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 7,434,639,540 | | 34,843,324 | | 7,469,482,864 | | 2. 股份分類 | ...

Core Viewpoint - Dongfang Securities reported its 2024 annual results, aligning with preliminary performance forecasts, showing significant growth in revenue and net profit [1] Group 1: Financial Performance - In 2024, Dongfang Securities achieved operating revenue of 19.19 billion, a year-on-year increase of 12.3% [1] - The net profit attributable to shareholders reached 3.35 billion, reflecting a year-on-year growth of 21.7% [1] - The weighted average ROE for 2024 was 4.14%, up by 0.69 percentage points year-on-year [1] Group 2: Revenue Breakdown - The main revenue from securities reached 12.20 billion, with a year-on-year increase of 5.1% [2] - Revenue contributions from various segments include: brokerage (2.51 billion, -9.7%), investment banking (1.17 billion, -22.6%), asset management (1.34 billion, -33.9%), net interest (1.32 billion, -25.1%), net investment (4.99 billion, +114%), and long-term stock investment (460 million, -21.6%) [2] - In Q4 2024, the company recorded a main securities revenue of 3.09 billion, a year-on-year increase of 52.0% but a quarter-on-quarter decrease of 10.1% [2] Group 3: Asset and Investment Metrics - By the end of 2024, total assets amounted to 417.7 billion, an increase of 8.9% from the beginning of the year [3] - Net assets reached 81.4 billion, up by 3.4% year-to-date [3] - The investment asset scale was 223.9 billion, reflecting a year-on-year increase of 13.3% [3] - The investment return rate for 2024 was 2.37%, an increase of 1.09 percentage points year-on-year [3] Group 4: Asset Management Performance - The large asset management segment contributed a profit of 880 million, down 11.2% year-on-year, accounting for 26.3% of total profits [4] - Dongfang Asset Management reported revenue of 1.435 billion, a decrease of 30.4%, and a net profit of 330 million, down 32.2% [4] - Huatai Fund, in which Dongfang holds a 35.41% stake, achieved revenue of 4.83 billion, a decrease of 10.1%, but a net profit increase of 9.3% to 1.55 billion [4] Group 5: Wealth Management and Brokerage - The company is deepening its transformation towards "buy-side advisory" in wealth management, with non-cash product holdings reaching 55.8 billion, an increase of 8.1% year-on-year [5] - The company generated net income of 1.5 billion from agency buying, a decrease of 3.6% year-on-year [5] - Margin financing and securities lending income was 1.12 billion, down 2.5% year-on-year, with a margin balance of 27.5 billion, up 32.2% from the beginning of the year [5]

Group 1 - The company plans to issue shares through a simplified procedure to specific investors, with the total amount raised not exceeding 227.39 million yuan, which is capped at 30 million yuan and 20% of the net assets at the end of the previous year [1] - The funds raised will be allocated to the Southwest production base project (Phase I) and to supplement working capital [1] - The issuance will involve up to 35 specific investors, all subscribing at the same price in cash, with no related party transactions involved [1][2] Group 2 - The controlling shareholders, Zhou Xiaonan and Zhou Xiaodong, currently hold 89,103,840 shares, representing 33.94% of the total share capital, and will hold 30.75% post-issuance, maintaining their status as controlling shareholders [2] - The lead underwriter for this issuance is Dongfang Securities Co., Ltd., with representatives Zhang Tong and Xu Hengdong [2] Group 3 - In 2023, the company successfully raised 436.22 million yuan through a non-public share issuance, with a net amount of 423.96 million yuan after deducting issuance costs [3] - The issuance involved 44,062,929 shares at a price of 9.90 yuan per share, with a face value of 1.00 yuan [3] - The funds raised have been confirmed to be fully in place as per the verification report issued by Tianheng Accounting Firm [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company's revenue for 2024 is projected to be 19.19 billion yuan, representing a year-on-year increase of 12.3%, while the net profit attributable to shareholders is expected to reach 3.35 billion yuan, up 21.7% year-on-year [7]. - Investment income has significantly increased, with a reported 49.3 billion yuan in investment income for 2024, marking a 106.3% year-on-year growth [7]. - The brokerage business has seen a decline in revenue, with a 9.7% drop to 2.51 billion yuan, while the company has been optimizing its financial product distribution [7]. - The investment banking segment experienced a revenue decrease of 22.6%, with a notable drop in equity underwriting [7]. - The asset management business also faced challenges, with a 33.9% decline in revenue [7]. - The report highlights the company's efforts in wealth management transformation and fund management as key growth areas moving forward [7]. Financial Summary - Total revenue for 2023 was 17.09 billion yuan, with a projected increase to 19.19 billion yuan in 2024 [1]. - The net profit for 2023 was 2.75 billion yuan, expected to rise to 3.35 billion yuan in 2024 [1]. - The earnings per share (EPS) for 2024 is forecasted at 0.39 yuan, with a price-to-earnings (P/E) ratio of 20.85 [1]. - The company's return on equity (ROE) for 2024 is estimated at 4.1%, an increase of 0.7 percentage points year-on-year [7].

风险提示：政策风险，资本市场波动，汇率波动，经济增速不及预期等。 投资建议：基于公司年报数据及资本市场表现，我们对公司2025-2026 年的归母净利润预测分别上调 12.51%和12.35%，前值分别为31.99/33.56 亿元，预计2025-2027 年公司归母净利润为36.0/37.7/39.2 亿 元，同比增长7.4%/4.8%/4.1%，当前股价对应的PE 为22.8/21.8/20.9x,PB 为1.1/1.1/1.0x。 公司综合实力强劲、持续推进业务转型，对公司维持"优于大市"评级。 东方证券发布2024 年年报。公司2024 年实现营业收入191.90 亿元，同比+12.29%；实现归母净利润 33.50 亿元,同比+21.66%；基本每股收益为0.37，同比+23.33%；加权平均ROE4.14%，同比+0.69pct。分 条线看，2024 年营收同比增速：经纪-9.71%、投行-22.65%、资管-33.89%、利息-25.11%、投资 +106.31%；占比分别为13.08%、6.09%、6.99%、6.89%、25.67%。公司业绩增长的主因系受债券及权 益市场回暖影响，自营业务大 ...

Core Viewpoint - The company, Beiqing Song (688793), is focusing on the development of smart portable massage devices that cater to the elderly, integrating traditional Chinese medicine with modern technology, and is expanding its international marketing strategies to enhance brand recognition and sales growth [2][3][4]. Group 1: Product and Market Strategy - The company offers a range of products designed to alleviate pain and improve blood circulation for elderly users, with 13 products listed in a government initiative for smart home upgrades by the end of 2024 [2]. - The overseas marketing strategy combines online and offline approaches, utilizing major e-commerce platforms like Amazon and TikTok, and establishing a physical presence with an airport experience store in Singapore [3][4]. - The company is implementing localized operations by setting up subsidiaries to better understand and meet market demands, which supports the expansion of its international channels [4]. Group 2: Financial Performance - For the first three quarters of 2024, the company's overseas revenue increased by 28% year-on-year, indicating a successful international expansion [4]. - The company's main revenue for the third quarter of 2024 was 233 million yuan, a decrease of 31.92% year-on-year, while the net profit attributable to shareholders was -13.03 million yuan, down 244.58% year-on-year [4]. - The company reported a gross margin of 63.21% and a debt ratio of 48.47%, with investment income of 556,600 yuan and financial expenses of 2.08 million yuan [4]. Group 3: Analyst Ratings and Predictions - In the last 90 days, five institutions provided ratings for the stock, with two buy ratings, two hold ratings, and one neutral rating, and the average target price was set at 28.14 yuan [5]. - Detailed profit forecasts from various institutions indicate a projected net profit of 9 million yuan for 2024, increasing to 63 million yuan in 2025 and 90 million yuan in 2026 [6].

Investment Rating - The investment rating for Dongfang Securities is "Buy" (maintained) [1] Core Views - The company reported total operating revenue and net profit attributable to shareholders of 19.19 billion and 3.35 billion yuan for 2024, representing year-on-year growth of 12.3% and 21.7% respectively. The annualized weighted average ROE is 4.14%, up by 0.69 percentage points year-on-year. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 5 billion, 6.4 billion, and 7.6 billion yuan, reflecting year-on-year growth of 51%, 27%, and 18% respectively, with corresponding EPS of 0.6, 0.8, and 0.9 yuan. The company has a competitive advantage with its asset management brands, Oriental Asset Management and Huatai-PineBridge, and is focusing on deepening wealth management transformation [4][6][7]. Summary by Sections Financial Performance - In 2024, Dongfang Securities' total revenue was 19.19 billion yuan, with a year-on-year increase of 12.3%. The net profit attributable to shareholders was 3.35 billion yuan, up 21.7% year-on-year. The gross margin improved to 18.4% and the net margin to 17.5% [4][7][10]. - The company’s self-operated investment income reached 4.9 billion yuan in 2024, a significant increase of 106% year-on-year, with a self-operated investment return rate of 4.41%, up by 2.1 percentage points year-on-year [6][7]. Asset Management and Market Position - Dongfang Securities' asset management revenue decreased to 1.44 billion yuan, down 30% year-on-year, while net profit fell by 32% to 330 million yuan. The market share for non-monetary and equity AUM was 0.73% and 1.15%, respectively [5]. - Huatai-PineBridge reported a revenue of 4.83 billion yuan, with a net profit of 1.55 billion yuan, reflecting a 9% increase year-on-year [5]. Brokerage and Investment Banking - The brokerage business net income decreased by 10% year-on-year, with the buy-side service model maturing and fund advisory business growing to 15.37 billion yuan, up 7.05% year-on-year [6]. - The investment banking segment saw a 23% decline in net income, primarily due to a sluggish IPO market, while the bond underwriting business increased by 36% year-on-year, ranking 6th in the market [6]. Valuation Metrics - The current stock price corresponds to a PB ratio of 1.04, 0.98, and 0.91 for 2025-2027, indicating a favorable valuation outlook [4][7].

Investment Rating - The report maintains a "Buy" rating for Dongfang Securities [4] Core Views - Dongfang Securities reported a 2024 revenue increase of 12.3% year-on-year, with a net profit attributable to shareholders rising by 21.7%, resulting in a return on equity (ROE) of 4.14% [2][3] - The significant growth in revenue is primarily driven by the investment business, which saw a 106% increase year-on-year [2][3] - In Q4 2024, the company achieved a revenue of 5.11 billion yuan, reflecting a 50.5% year-on-year increase, although the net profit for the quarter decreased by 146.6% to 0.05 billion yuan [2][3] Summary by Sections Revenue Breakdown - For the full year 2024, the revenue from various business segments is as follows: - Brokerage: 2.51 billion yuan, down 10% - Investment Banking: 1.17 billion yuan, down 23% - Asset Management: 1.34 billion yuan, down 34% - Investment: 4.93 billion yuan, up 106% - Credit Business: 1.32 billion yuan, down 25% [2][3] Financial Performance - The total revenue for 2024 was 19.19 billion yuan, with a net profit of 3.35 billion yuan [2][3] - The company’s financial investment assets reached 221.93 billion yuan, a 13% increase year-on-year [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 20.9 billion yuan and 22.5 billion yuan, respectively, with year-on-year growth rates of 9% and 8% [3] - Expected net profits for 2025 and 2026 are 4.6 billion yuan and 5.1 billion yuan, with growth rates of 38% and 11% [3]