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 ...

2025 年 3 月 16 日 公司研究 投资收益贡献业绩增量，股票激励计划提振员工信心 ——东方财富（300059.SZ）2024 年年报点评 增持（维持） 当前价：24.43 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-56513033 wangyf@ebscn.com 联系人：李爱娅 liaiya@ebscn.com 市场数据 | 总股本(亿股) | 157.86 | | --- | --- | | 总市值(亿元)： | 3,856.41 | | 一年最低/最高(元)： | 9.87/31 | | 近 3 月换手率： | 357.9% | 股价相对走势 -50% 0% 50% 100% 150% 24-03 24-04 24-05 24-06 24-07 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 东方财富 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.5 | -9.4 | 67.2 | | 绝对 | 1.1 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 03 月 16 日 [Table_Title] 2024 年年报点评：交易融资市占率提升，业绩全线回暖 [Table_Title2] 东方财富(300059) [Table_Summary] 事件概述 公司公布 2024 年报，全年营业总收入 116.0 亿元，同比+5%； 归母净利润为 96.1 亿元，同比+17%; ROE 为 12.64%，同比 +0.70pct。单四季度营业总收入 43.0 亿元，同比+66%，环比 +82%；归母净利润 35.7 亿元，同比+80%，环比+80%。 分析判断: ► 四季度证券交易、利息大幅提升 全年公司手续费及佣金收入同比+23%，利息净收入同比+7%，营 业收入（主要为基金代销业务）同比-20%，投资收益+公允价值 变动同比+51%%。销售费用、管理费用与研发费用分别同比- 31%、+1%、+6%，利润率同比提升 2.8pct 至 62.7%。其中单四季 度公司手续费及佣金收入同比+111%，环比+121%；利息净收入同 比+57%，环比+83%；营业收入同比+6%，环比+21%。 收入结构来看，公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5][15] Core Views - The company achieved a revenue of 11.604 billion yuan in 2024, representing a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.610 billion yuan, up 17.3% year-on-year. The weighted average ROE was 12.64%, an increase of 0.7 percentage points year-on-year [1][4] - The capital market's trading activity has significantly increased since Q4 2024, driving substantial growth in the company's securities business revenue, particularly in brokerage and margin financing services [1][2] - The company holds a leading position in fund management, with a total fund holding of 575.4 billion yuan, of which equity funds account for 60.7% [3][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 4.301 billion yuan, a year-on-year increase of 65.9%, and a net profit of 3.568 billion yuan, up 79.8% year-on-year [1] - The total trading volume of A-shares in 2024 was approximately 257.33 trillion yuan, a year-on-year increase of 21.2%, with Q4 trading volume reaching 113.02 trillion yuan, up 126.3% year-on-year [2] - The company's margin financing balance at the end of 2024 was 57.482 billion yuan, with a market share increase of 0.36 percentage points [2] Market Position and Competitive Advantage - The company has a strong market share in stock brokerage and margin financing, with a market share of 4.71% and 3.08% respectively, both showing year-on-year increases [2] - The company benefits from significant internet traffic through its platforms, enhancing user engagement and retention [3] - The AI model "Miaoxiang" is continuously upgraded, leveraging user scale, AI technology, and data reserves to empower investment advisory and research [3] Future Outlook - The company has adjusted its profit estimates for 2025 and 2026, increasing the net profit forecasts by 7.8% and 10.1% respectively, with an expected net profit of 13.051 billion yuan in 2027, a year-on-year increase of 11.0% [4][5] - The current PE ratio is 48.05x, positioned at the 64.16% percentile over the past five years, indicating a favorable valuation relative to historical performance [4][5]

公司发布 2024 年年报。全年实现营收 116.04 亿元、同比+4.7%，实现归母 净利润 96.10 亿元、同比+17.3%。加权平均 ROE 12.64%，同比+0.7pct。Q4 实现营收43.01 亿元、同比+65.9%，实现归母净利润35.68 亿元、同比+79.8%。 2024 年 Q4 以来，资本市场交投活跃度显著提升，驱动公司证券业务收入显 著增长，尤其是证券经纪业务和两融业务显著增长，带动公司整体业绩改善。 证券研究报告 | 2025年03月16日 东方财富（300059.SZ） 优于大市 市占延续提升，AI 赋能推进 风险提示：股票市场景气度下降，证券业务市占率下降，基金代销承压等。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,081 | 11,604 | 12,761 | 14,163 | 15,724 | | (+/-%) | -11.2% | 4.7% | 10.0% | 11.0% | 11.0% | | 归母 ...

东方财富（300059） 证券研究报告·公司点评报告·证券Ⅱ 2024 年年报点评：经纪及两融市占率上行显 著，基金代销仍受降费影响 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） | 11,081 | 11,604 | 13,369 | 15,338 | 17,615 | | 同比（%） | -11.25% | 4.72% | 15.21% | 14.72% | 14.85% | | 归母净利润（百万元） | 8,193 | 9,610 | 11,512 | 13,541 | 15,854 | | 同比（%） | -3.71% | 17.29% | 19.79% | 17.63% | 17.08% | | EPS-最新摊薄（元/股） | 0.52 | 0.61 | 0.73 | 0.86 | 1.00 | | P/E（现价&最新摊薄） | 44.22 | 37.70 | 31.47 | 26.75 | 22.85 ...

+ 非银金融/证券Ⅱ 东方财富（300059.SZ） 证券市占率提升，持续深化 AI+金融战略布局 2025 年 03 月 15 日 投资评级：买入（维持） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 24.43 | | 一年最高最低(元) | 31.00/9.87 | | 总市值(亿元) | 3,856.41 | | 流通市值(亿元) | 3,263.67 | | 总股本(亿股) | 157.86 | | 流通股本(亿股) | 133.59 | | 近 3 个月换手率(%) | 207.59 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-03 2024-07 2024-11 东方财富 沪深300 相关研究报告 《证券市占率提升，客户入金规模高 增—东方财富 2024 三季报点评》 -2024.10.27 《代销收入环比见底，大模型助力新 一代金融终端—东方财富 2024年中报 点评》-2024.8.10 《代销收入明显下降，证券业务相对 亮眼—东方财富 2024 年一季报点评》 -2024.4.25 高超（分析师） ...