2024 年 11 月 09 日 公司点评 买入/维持 东方财富(300059) 目标价: 昨收盘:26.44 非银金融 证券Ⅱ 东方财富 2024 年三季报点评：经纪业务韧性强，自营收入高增 | --- | --- | --- | --- | --- | |----------------------|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy rating maintained for Oriental Wealth (300059 SZ) [7] Core Views - Oriental Wealth demonstrated stable operations in the first three quarters of 2024, with self-operated investment income significantly contributing to performance [1] - Despite market volatility and fee reductions impacting fund distribution and securities business revenues, the company's securities business market share continued to grow, and platform activity significantly rebounded [1] - As a benchmark internet brokerage, Oriental Wealth maintains significant competitive advantages in customer acquisition and cost control, with strong growth certainty and ecosystem advantages in the medium to long term [1] Financial Performance - In Q3 2024, Oriental Wealth achieved operating revenue of RMB 7 3 billion, a year-on-year decrease of 14 0%, and net profit attributable to shareholders of RMB 6 04 billion, a year-on-year decrease of 2 7% [3] - Q3 single-quarter profit growth turned positive, with self-operated investments contributing to performance support [4] - Total operating revenue (including investment income) and net profit attributable to shareholders for the first three quarters were RMB 9 71 billion and RMB 6 04 billion, respectively, with weighted ROE at 8 1% [4] Business Segment Analysis - Securities business market share continued to rise, with platform activity significantly rebounding [5] - Q3 single-quarter market average daily turnover was RMB 677 6 billion, a year-on-year decrease of 15 1%, while Oriental Wealth's securities brokerage business outperformed the market [5] - By the end of Q3, the company's financing balance market share was 3 1%, a year-on-year increase of 0 2 percentage points [5] Investment Performance - The company's financial assets totaled RMB 108 74 billion by the end of Q3 2024, a year-on-year increase of 32 5%, with rapid balance sheet expansion [5] - Investment income for the first three quarters was RMB 2 41 billion, a year-on-year increase of 49 3%, with a static investment return rate of 2 21%, up 0 25 percentage points year-on-year [5] Cost Control - R&D, management, and sales expenses for the first three quarters were RMB 850 million, RMB 1 71 billion, and RMB 220 million, respectively, with sales expenses significantly reduced due to reduced market promotion [6] - The corresponding expense ratios were 8 7%, 17 6%, and 2 2%, respectively, with overall cost control performing well [6] Future Projections - Expected net profits for 2024 and 2025 are RMB 8 79 billion and RMB 11 12 billion, respectively, representing year-on-year growth of 7 2% and 26 6% [6] - Corresponding P/E ratios are 40 8x and 32 2x for 2024 and 2025, respectively [6]

一个电话会那可能绝大部分人对这个东台的这个情况都基本情况非常了解那么我们今天我们分为两部分一个呢是我简单的开个场后面请这个范荣老师来向领导们来汇报一下我们近期的观点以及他的一个详致的一个深度的一个拆分那我自己觉得从四个角度来说在这个点位来看看东台第一呢是说他的核心经济能力现在相比于三年前怎么样因为他现在市值 基本回到三年前那个水平但我们想说也许它应该值得更多因为它从核心经验力角度来说它比三年前更强那怎么去衡量它的核心经验力更强是看它的AI技术的一些研发使它的这个用户数体量更大这些都是一些内在的一些积累看到它的大模型的这样研发投入应该是在A股的公司里面投入最强的特别是在智能投研 智能投雇智能投资这些领域是投入最强的 那么如果去看它的用户数的增长实际上即便是我们不看最近的这个九月底以来用户的一个活跃度的提升实际上在今年六七月份的时候它的这个HP的这个月活也是创了历史的这个新高的这个用户数所以它的核心接力实际上是在增强的另外一个维度从这个市占率的角度来说我们可以看到它的这个股票交易在经济业务里面的市占率两轮的市占率一直在创新高 实际上他现在在这个去年的时候已经是中国最大的这个零售的权商了如果我们看一些传统的权商把他 ...

证 券 研 究 报 告 东方财富（300059）2024 年三季报点评 推荐（维持） 业绩超预期，市占率持续增长 目标价：29.15 元 当前价：22.70 元 事项： 东方财富发布三季报，第三季度业绩：总营收 23.6 亿元（同比-3.8 亿元，环 比-1.3 亿元），净利润 19.9 亿元（同比+0.02 亿元，环比-1.2 亿元）。 评论： 营收同比下滑但净利润同比提升，主要原因是自营收入增长。今年 Q3 自营收 入为 7.7 亿元（同比+3.1 亿元），形成了营收与净利润变化背离的主要原因。 公司今年 Q3 自营收益率（自营业务收入/自营资产规模）为 0.91%，23Q3 自 营收益率为 0.65%，主要受益于期间主动型股票型基金平均收益率为 11.93% （环比+14.54pct，同比+18.86pct）。 营业收入下滑明显，主要原因或是保有量下滑及基金管理费率下行所致。Q3 公司营业收入（基金销售收入为主）7.2 亿元（同比-2.1 亿元），主要原因一 是受市场景气度影响，公司股混基保有量下滑明显；二是公募基金费率改革， 管理费率下行导致公司管理费尾佣带来的基金销售收入下行。 手续费收入下行明显， ...

公 司 季 报 点 评 公 司 报 告 证 券 研 究 报 告 东方财富(300059.SZ) 非银行金融 2024 年 10 月 28 日 代理买卖证券款快速增长，关注后续业绩修复 推荐（维持） 事项： 股价：22.70 元 | --- | --- | |----------------------------------------------|------------------------------| | 主要数据 | | | 行业 | 非银行金融 www.eastmoney.com | | 公司网址 | | | 大股东 / 持股 实际控制人 | 其实 /19.40% 其实 | | | | | 总股本 ( 百万股 ) 流通 A 股 ( 百万股 ) | 15,786 13,359 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 3,583 | | 流通 A 股市值 ( 亿元 ) | 3,033 | | 每股净资产 ( 元 ) | 4.87 | | 资产负债率 (%) | 76.4 | | 行情走势图 | | · 沪深300指数 相关研究报告 【平安证券】东方财富（300059 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——东方财富三季报点评 [table_Authors] 刘欣琦(分析师) 孙坤(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | |------------------------|-------|-------| | | | | | | | | | 021-38038260 | | | | sunkun024098@gtjas.com | | | | S0880523030001 | | | 股票研究 /[Table_Date] 2024.10.28 利润微降符合预期，交投活跃看好增长 东方财富(300059) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | --- | |--------------------------------|------------|----- ...

证券研究报告 | 2024年10月27日 东方财富（300059.SZ） 优于大市 客户资金增长显著，投资收益保持高增 公司发布 2024 年三季报，业绩符合预期。1-3Q24 公司实现营业总收入 73.04 亿元、同比-13.96%，归母净利润 60.42 亿元、同比-2.69%，加权平均 ROE 8.14%、同比-1.02pct。24Q3 实现营业总收入 23.59 亿元、同比-13.86%、环 比-5.24%，归母净利润 19.86 亿元、同比+0.09%、环比-5.52%。因资本市场 行情于三季度末启动，公司手续费及佣金净收入、利息净收入等主要收入项 受益时间较短，增速未充分体现。公司资产负债表中的货币资金、客户资金、 代理买卖证券款等项目增长显著，我们判断公司后续收入增长可充分体现。 资本市场景气度提高，客户资金增长显著。政策提振市场信心，投资者入市 态度积极、证券交易及基金购买行为活跃。公司期末货币资金 1,120.04 亿 元、较年初+82.42%，主因客户资金和公司存款增加。期末结算备付金 195.22 亿元、较年初+82.28%，主因客户备付金增加。期末代理买卖证券款 1,128.47 亿元 ...

证券研究报告 金融公司|公司点评|东方财富（300059） 自营高增驱动业绩，费改下代销业务承 压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月27日 证券研究报告 |报告要点 东方财富发布 2024 年三季报，2024 前三季度实现营业总收入 73.04 亿元，yoy-13.96%；归母 净利润 60.42 亿元，yoy-2.69%；ROE8.14%，较去年同期减少 1.02pct。2024Q3 单季度营业总 收入 23.59 亿元，yoy-13.86%/qoq-5.2%；归母净利润 19.86 亿元，yoy+0.09%/qoq-5.52%。 |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年10月27日 glzqdatemark2 东方财富(300059) 自营高增驱动业绩，费改下代销业务承压 | --- | --- | |----------------------------|---------------| | | | | 投资评级： | ...

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Investment Rating - Buy (maintained) [1] Core Views - The company's market share in securities brokerage and margin trading has increased, with a significant growth in customer deposits [1][2] - The company's net profit for the first three quarters of 2024 was 6.04 billion yuan, a year-on-year decrease of 2.7%, with Q3 net profit at 1.99 billion yuan, a slight year-on-year increase of 0.1% [2] - The company's fund distribution income was slightly below expectations, but an improvement is expected in Q4 [2] - The company's investment income contributed 28% to the profit in the first three quarters [2] - The company's net profit forecast for 2024-2026 has been revised upward to 9.3/12.2/14.1 billion yuan, with expected EPS of 0.6/0.8/0.9 yuan [2] - The current stock price corresponds to a PE ratio of 38.5/29.3/25.4 times for 2024-2026 [2] Brokerage and Margin Trading - The company's net income from fees and commissions (mainly securities brokerage) for the first three quarters was 3.56 billion yuan, a year-on-year decrease of 5.3% [2] - The estimated market share of stock and fund trading volume in Q3 2024 increased compared to the mid-year report [2] - The scale of client deposits reached 112.8 billion yuan at the end of Q3, a quarter-on-quarter increase of 64% [2] - The net interest income for the first three quarters was 1.65 billion yuan, a year-on-year decrease of 1%, with a margin trading market share of 3.06%, up 0.06 percentage points quarter-on-quarter [2] - The scale of margin financing at the end of Q3 was 43.8 billion yuan, a 5% decrease from the beginning of the year [2] - The company's self-operated investment income for the first three quarters was 2.41 billion yuan, a year-on-year increase of 49%, with an annualized investment return rate of 3.7% [2] Fund Distribution - The company's revenue from fund distribution for the first three quarters was 2.24 billion yuan, a year-on-year decrease of 27%, with Q3 revenue at 720 million yuan, a quarter-on-quarter decrease of 7% [2] - The market sentiment was relatively weak from July to mid-September, leading to pressure on the net value of equity funds and a decline in front-end subscription and redemption fees [2] - The total issuance of equity funds in Q3 was 46.9 billion yuan, a quarter-on-quarter decrease of 16% [2] - The market turned around at the end of September, with the equity fund index rising by 12% in Q3, and the total scale of equity funds reaching 8.02 trillion yuan, a quarter-on-quarter increase of 21% [2] - The company's AUM growth is expected to drive an improvement in trailing commission income, with a significant improvement in fund distribution income expected in Q4 [2] Financial Summary and Valuation - The company's revenue for 2024E is forecasted at 11.26 billion yuan, with a net profit of 9.3 billion yuan [3] - The company's gross margin for 2024E is expected to be 95.5%, with a net margin of 82.6% [3] - The company's ROE for 2024E is forecasted at 12.2%, with an EPS of 0.59 yuan [3] - The company's P/E ratio for 2024E is 38.5 times, with a P/B ratio of 4.4 times [3] Company Information - The current stock price is 22.70 yuan, with a total market capitalization of 358.33 billion yuan [4] - The company's total share capital is 15.786 billion shares, with a circulating share capital of 13.359 billion shares [4] - The company's turnover rate in the past three months was 261.61% [4]