丨证券研究报告丨 公司研究丨点评报告丨东方财富（300059.SZ） [Table_Title] 东方财富 2024 年报点评：自营及证券业务高增， 平台及生态优势凸显 报告要点 [Table_Summary] 2024 年四季度，东财业绩随市场大幅改善，自营及证券业务为主要驱动。分业务条线来看，证 券业务市场份额继续提升，费率端延续下降趋势；得益于扩表及债券牛市，自营收益维持高增； 基金代销仍受降费影响，主动权益代销市场份额环比回升。东财作为互联网券商的标杆，在获 客端和成本控制端的竞争优势显著，在市场回暖背景下，看好其证券业务的成长性，短期内业 绩预计受到公募降费及债市震荡制约，中长期来看公司拥有较强的成长确定性及生态优势。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东方财富（300059.SZ） cjzqdt11111 [Table_Title 东方财富 2024 2] 年报点评：自营及证券业 ...

东方财富(300059)：证券业务全面复苏 基金业务仍 然承压 事件：东方财富发布2024 年年报，公司实现营业总收入116 亿元，同比+5%；归母净利润96 亿 元，同比+17%。 证券业务全面复苏，基金业务仍然承压。2024 年公司实现营业总收入116 亿，同比+5%，归母净利 润96 亿，同比+17%。其中，东财证券营收108 亿元，同比+26%，天天基金营收28.5 亿元，同比-22%。 公司总资产规模3064 亿，同比+28%；归母净资产807 亿，同比+12%。四季度股债双牛、加之往年低基 数效应，营收净利润同比高增，营业总收入43 亿元，同比+66%，归母净利润36 亿元，同比+80%。受 益市场景气度向好，证券业务全面复苏，2024年净利润率83%，上行9pct。2024 年公司ROE 为12.6%， 同比+0.7pct。 费率优惠挑战分成收入模式，基金业务整体承压。公司基金业务收入31 亿元，同比-20%。 （1）低基数影响，基金销售额同比高增。公司基金销售规模18812 亿元，同比+22%，其中非货基 金10867 亿元，同比+20%。 （2）迎合市场偏好，发力"固收+"和股票型指数基金。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 11.6 billion yuan in 2024, a year-on-year increase of 4.7%, and a net profit of 9.61 billion yuan, up 17.3% year-on-year [5][6] - The company's performance was positively influenced by the recovery in the capital market, with significant growth in both revenue and profit in Q4 2024 [6][9] - The company is leveraging its leading position in internet finance and a large customer base to accelerate its "AI + Finance" strategy, aiming to enhance its service ecosystem [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 116 billion yuan, with a net profit of 96.1 billion yuan, reflecting a 17.3% increase year-on-year [5][6] - The company's securities business and information technology service revenue were 84.9 billion yuan and 31.1 billion yuan, respectively, accounting for 73.2% and 26.8% of total revenue [6][8] Revenue Breakdown - The average daily trading volume in the A-share market was 12,102 billion yuan, a 22% increase year-on-year, contributing to a net income from commissions of 6.11 billion yuan, up 23.1% [7] - The company's proprietary trading income increased by 50.8% to 3.37 billion yuan, driven by improved fixed income business performance [7][8] Future Outlook - The company forecasts net profits of 10.75 billion yuan, 11.91 billion yuan, and 12.54 billion yuan for 2025, 2026, and 2027, respectively, with an EPS of 0.68, 0.75, and 0.79 yuan [9][11] - The report predicts a PE ratio of 35.86, 32.39, and 30.75 for the years 2025, 2026, and 2027, respectively [9][11]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.80 CNY per share, up from the previous forecast of 28.61 CNY [2][15]. Core Views - The report highlights that active trading in the fourth quarter has driven the company's performance growth, with a continued optimistic outlook for the company's earnings due to high market trading volumes and the integration of AI capabilities to enhance competitiveness [3][15]. Financial Summary - For 2023, the company reported a revenue of 11,081 million CNY, which is expected to increase to 11,604 million CNY in 2024, reflecting a growth of 4.7%. By 2025, revenue is projected to reach 13,743 million CNY, marking an 18.4% increase [6][16]. - The net profit attributable to the parent company for 2023 was 8,193 million CNY, anticipated to rise to 9,610 million CNY in 2024, representing a 17.3% growth. By 2025, net profit is expected to reach 12,213 million CNY, a 27.1% increase [6][16]. - The earnings per share (EPS) is projected to grow from 0.52 CNY in 2023 to 0.61 CNY in 2024, and further to 0.77 CNY in 2025 [6][16]. Market Data - The company's total market capitalization is reported at 385,641 million CNY, with a current share price of 24.43 CNY [7]. - The stock has traded within a range of 9.96 CNY to 30.00 CNY over the past 52 weeks [7]. Investment Drivers - The report identifies active trading in the capital markets and a sustained demand for wealth management among residents as key catalysts for growth [5][15]. - The company’s commission income is expected to increase by 23.07% to 61.13 million CNY in 2024, contributing significantly to revenue growth [15]. Future Outlook - The report anticipates that the active trading environment will continue to support the company's performance, with daily average stock trading volumes reaching 1.56 trillion CNY, a year-on-year increase of 80% [15]. - The integration of the "Miaoxiang" financial AI model is expected to enhance the company's competitive edge and open up new growth opportunities [15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.91 CNY for the next six months [5][12]. Core Views - The company's 2024 performance is expected to exceed expectations, driven by securities brokerage and proprietary trading, benefiting from market recovery and improved market share [1][3]. - The company's revenue and profit growth are supported by a steady increase in market competitiveness, with key metrics such as stock fund market share and margin financing balance showing upward trends [1][3]. - The current valuation is at the upper end of its historical range, but there is still significant room for growth compared to previous peaks, indicating potential for elastic release in a favorable market environment [1][12]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 11.6 billion CNY and net profit attributable to shareholders of 9.61 billion CNY, representing year-on-year increases of 4.7% and 17.3%, respectively [2][3]. - The fourth quarter alone saw a revenue of 4.3 billion CNY, up 65.9% year-on-year, and a net profit of 3.57 billion CNY, up 79.8% year-on-year, indicating strong performance driven by market recovery [2][3]. Revenue Breakdown - Revenue growth is primarily attributed to securities brokerage, with a projected revenue of 6.11 billion CNY from commission income in 2024, reflecting a year-on-year growth of 23.1% [3][4]. - The company’s market share in stock fund trading reached approximately 4.14%, an increase of 0.12 percentage points year-on-year, showcasing improved competitiveness in the brokerage sector [3][4]. Profitability Analysis - Profit growth is largely driven by proprietary trading, particularly in fixed-income investments, with trading financial assets expected to grow to 73.55 billion CNY, generating 3.37 billion CNY in income, a 50.8% increase year-on-year [4][11]. - The company has effectively controlled costs, with sales and management expense ratios decreasing, contributing positively to profit growth, resulting in a net profit margin increase of 8.9 percentage points to 82.8% [4][11]. Future Projections - The company forecasts total revenue of 13.46 billion CNY, 14.64 billion CNY, and 16.47 billion CNY for 2025 to 2027, with corresponding net profits of 11.19 billion CNY, 12.44 billion CNY, and 14.23 billion CNY, indicating robust growth [11][12]. - The projected dynamic PE ratios for 2025 to 2027 are 34.5x, 31.0x, and 27.1x, suggesting that the company remains competitively valued within its historical context [12].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [15]. Core Insights - The company reported better-than-expected performance for 2024, achieving total revenue of 11.6 billion RMB, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion RMB, up 17.3% year-on-year [4][3]. - The company's return on equity (ROE) for 2024 was 12.64%, reflecting a year-on-year increase of 0.70 percentage points [3]. - The report highlights a significant increase in investment income, which rose by 51.0% year-on-year to 3.35 billion RMB, with an estimated annual investment return rate of 4.71% [4]. - The fourth quarter of 2024 saw a record net profit of 3.57 billion RMB, a remarkable year-on-year increase of 79.8%, with total revenue reaching 4.3 billion RMB, up 65.9% [4]. Revenue Breakdown - In 2024, the company's revenue was composed of net commission income (primarily from brokerage), net interest income (mainly from margin financing), and operating income (from fund distribution), contributing 61.1 billion RMB, 23.8 billion RMB, and 31.1 billion RMB respectively [4]. - The brokerage business revenue increased by 19.8% year-on-year to 51.4 billion RMB, with a market share of 4.10%, up 0.09 percentage points [5]. - The margin financing business saw a funding scale of 58.9 billion RMB, a 27.2% increase from 2022, with a market share of 3.16%, up 0.35 percentage points [5]. Fund Distribution Business - The fund distribution business faced challenges, with financial e-commerce service revenue declining by 21.6% year-on-year to 2.84 billion RMB, accounting for 24.5% of total revenue [6]. - The total fund sales for the year reached 1.8812 trillion RMB, a year-on-year increase of 21.5% [6]. - The company maintained a leading position in the market, with a total stock and mixed fund holding scale of 399.2 billion RMB, despite a year-on-year decline of 10.7% [6]. AI and Financial Strategy - The company is enhancing its AI and financial strategy, with a focus on integrating AI capabilities into its financial ecosystem, leading to a 5.7% year-on-year increase in R&D expenses, totaling 1.14 billion RMB [7]. - The self-developed "Miaoxiang" model has been launched and is being applied across various financial research processes [7]. Future Profit Forecast - The company is expected to achieve net profits of 11.7 billion RMB, 13.0 billion RMB, and 14.5 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.7%, 11.4%, and 10.9% [9].

证券代码：300059 证券简称：东方财富 公告编号：2025-020 | 短期融资券名称 | | | | 东方财富证券股份有限公司 | | 2025 | 年度第二期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 东财证券 | | | CP002 | 短期融资券代码 | 072510040 | | | | 发行价格 | 100.00 | 元 | | | | 币种 | 人民币 | | | | 短期融资券期限 | 179 天 | | | | | 息票类型 | 固息 | | | | 发行日期 | 2025 | 年 3 | 月 | 14 | 日 | 起息日期 | 2025 年 | 3 月 | 17 日 | | 兑付日期 | 2025 | 年 9 | 月 | 12 | 日 | 票面利率 | 2.02% | | | | 计划发行总额 | 30.00 | 亿元 | | | | 实际发行总额 | 30.00 | 亿元 | | 本期发行短期融资券的相关文件已在中国货币网（http://www.c ...

请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 金融公司|公司点评|东方财富（300059） 证券业务市占率提升，固收投资收益表 现亮眼 2025年03月15日 证券研究报告 |报告要点 东方财富发布 2024 年年报，2024 年实现营业总收入 116.0 亿元，yoy+4.7%；归母净利润 96.1 亿元，yoy+17.3%；ROE12.6%，较去年同期增加 0.7pct。2024Q4 单季度营业总收入 43.0 亿元， yoy+65.8%/qoq+82.3%；归母净利润 35.7 亿元，yoy+79.8%/qoq+79.7%。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 7 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 金融公司|公司点评 glzqdatemark2 2025年03月15日 东方财富(300059) 证券业务市占率提升，固收投资收益表现亮 眼 | 行 | 业： | 非银金融/证券Ⅱ | | --- | --- | --- | | 投资评级： | | 买入（维持） | | 当前价格： | | 24.43 元 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][9]. Core Insights - The company achieved a revenue of 11.6 billion yuan in 2024, a year-on-year increase of 4.7%, and a net profit of 9.61 billion yuan, up 17.3% year-on-year [5][6]. - The company's performance was positively influenced by the recovery in the capital market, with significant growth in both revenue and profit in Q4 2024 [6][9]. - The company is focusing on its "AI + Finance" strategy, leveraging its internet finance leadership and large customer base to expand its business [9]. Financial Performance Summary - In 2024, the company's revenue from securities and information technology services was 8.49 billion yuan and 3.11 billion yuan, respectively, accounting for 73.2% and 26.8% of total revenue [6][8]. - The average daily trading volume in the A-share market was 12.1 trillion yuan, a year-on-year increase of 22%, contributing to a 23.1% rise in net commission income to 6.11 billion yuan [7][8]. - The company's self-operated business revenue increased by 50.8% to 3.37 billion yuan, driven by significant improvements in fixed income business returns [7][8]. Future Earnings Forecast - The company is expected to benefit from the recovery in the capital market, with projected net profits of 10.75 billion yuan, 11.91 billion yuan, and 12.54 billion yuan for 2025, 2026, and 2027, respectively [9][11]. - Earnings per share (EPS) are forecasted to be 0.68 yuan, 0.75 yuan, and 0.79 yuan for the same years, with a price-to-earnings (P/E) ratio of 35.86, 32.39, and 30.75 [9][11].

公司点评 | 东方财富 业绩表现亮眼，经纪两融市占率提升 东方财富（300059.SZ）2024 年报点评 东方财富发布 2024 年报，24 年实现营业总收入和归母净利润 116.04、96.10 亿元，同比分别+4.7%、+17.3%，加权平均 ROE 同比+0.7pct 至 12.64%； 其中 24Q4 实现营业总收入和归母净利润 43.01、35.68 亿元，环比分别 +82.3%、+79.7%，显著受益于交投活跃。收入方面，2024 年公司营业收入、 利息净收入和手续费及佣金净收入分别为 31.11、23.81、61.12 亿元，同比 -20.0%、+6.9%、+23.1%；除销售费用下降 31.2%，其他费用基本持平。 公司营业收入有所承压。公募降费影响下营业收入同比下降，天天基金非货 基金销售额同比+19.6%至 10867 亿元，根据中基协数据，截至 2024 年末 天天基金非货、ETF 保有规模分别较 24 上半年+4.2%、+14.6%至 5754、 925 亿元，预计营业收入下降主要由权益基金管理费率下调和低费率 ETF 规 模扩张所带来；预计后续公募基金改革方案会对销售机构环节进行规 ...