公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 垂直应用软件 ＃investSuggestion＃ ＃ ＃dyC 指om 南pan 针y＃ （ 300803 ） investSug 增持 ( 维ges持tion ）Ch 3008 证03 券 业 务高增， 财＃ 富title＃ 管 理版 图持续完善 ange＃ ＃ createTime1＃ 2024 年 05月 14日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ：2 024年一季度，公司实现营业总收入2.94亿元，同比下降13.17%； 司 市场数据日期 2024-05-13 归母净利润 0.17 亿元，同比下降 70.74%；扣非净利润 0.16 亿元，同比 点 收盘价（元） 45.13 下降71.42%。 评 总股本（百万股） 408.96 报 流通股本（百万股） 404.19 ⚫ 金融信息业务受错月影响，证券业务同比高增。2024年一季度，公司实 净资产（百万元） 1902.46 现营业总收入2.94亿元，同比下降13.17%。金融信息业务方面，公司高 告 总资产（百万元） 652 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.95 yuan, based on a 95 times PE for 2024 [5][7][8]. Core Views - The company's financial information service business is expected to recover as market conditions improve, despite a significant decline in revenue due to seasonal factors [2]. - The securities business, particularly through Mai Gao Securities, continues to be profitable, with substantial year-on-year growth in various income streams [3]. - The company is investing in brand promotion and customer expansion, which has led to a notable increase in paid users [4]. Financial Performance Summary - In Q1 2024, the company reported revenue of 294 million yuan, a year-on-year decrease of 13.17%, and a net profit of 17 million yuan, down 70.74% year-on-year [1]. - The revenue forecast for 2024-2026 is projected at 1.344 billion, 1.587 billion, and 1.879 billion yuan, with growth rates of 36%, 18%, and 18% respectively [5][6]. - The net profit forecast for the same period is expected to be 251 million, 283 million, and 324 million yuan, with growth rates of 245%, 13%, and 14% respectively [5][6]. Business Segments - The financial information service segment is highly correlated with capital market conditions, and while it faced challenges in Q1 2024, recovery is anticipated [2]. - Mai Gao Securities has shown strong performance with brokerage income, net interest income, and net investment income increasing by 179%, 133%, and 192% year-on-year respectively [3]. - The company’s cost structure has been impacted by increased expenses related to the expansion of its securities business, with sales, management, and R&D expense ratios rising [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 61.75 CNY, compared to the current price of 47.37 CNY [1]. Core Views - The traditional business faces pressure, but the securities segment is entering a positive development track. The company is increasing its investment in research and development while expanding brand promotion and customer acquisition efforts [3]. - Despite a decline in financial information service revenue, the company has successfully achieved operational profitability in its securities business, with significant growth in commission income and investment returns [3]. - The first quarter of 2024 shows a notable increase in new paying users, and the securities business continues to be profitable, although overall revenue is down due to timing effects related to the Chinese New Year [3]. Financial Performance Summary - In 2023, the company reported revenue of 1.113 billion CNY, a year-on-year decline of 11.33%. The net profit attributable to shareholders was 73 million CNY, down 78.54% [2]. - For Q1 2024, revenue was 294 million CNY, a decrease of 13.17%, with a net profit of 17 million CNY, down 70.74% [2]. - The company expects revenue growth in the coming years, projecting 1.477 billion CNY in 2024, 1.900 billion CNY in 2025, and 2.188 billion CNY in 2026, with corresponding net profits of 256 million CNY, 391 million CNY, and 502 million CNY respectively [4]. Business Segment Insights - The traditional financial information service business has seen a decline in performance, while the securities business, particularly through the acquisition of Maigao Securities, has achieved operational profitability for the first time [3]. - In 2023, Maigao Securities reported a net profit of 5.93 million CNY, with significant increases in commission income and net interest income [3]. - The first quarter of 2024 saw a 178.61% increase in commission income and a 132.87% increase in net interest income for Maigao Securities, indicating strong growth in its brokerage and proprietary trading operations [3].

Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to a specific company involved in the securities business, particularly focusing on its operations and financial data related to selling high-yield bonds. Core Points and Arguments - The company is currently engaged in a normal process of submitting materials and maintaining communication feedback, indicating a structured approach to its operations [1] - There is an emphasis on timely information disclosure following the progress of matters, suggesting a commitment to transparency and regulatory compliance [1] - Financial data related to the company's high-yield bond selling business is highlighted, indicating a focus on performance metrics and financial health [1] Other Important but Possibly Overlooked Content - The mention of "selling high-yield bonds" suggests a strategic focus on capital markets, which may indicate potential growth opportunities or risks associated with market conditions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.96 CNY, which corresponds to a P/E ratio of 61x for the year 2025 [1]. Core Views - The company's performance has declined due to adjustments in the marketing cycle and increased advertising expenses; however, the securities business continues to grow rapidly, indicating promising future growth potential [1]. - The report highlights that the decline in net profit is primarily due to two reasons: a delay in the marketing cycle of high-end products and an increase in sales expenses [1]. Summary by Sections Financial Performance - In Q1 2024, the adjusted revenue (including investment business income) was 3.24 billion CNY, with a net profit of 0.17 billion CNY, representing a year-on-year decline of 6.99% and 70.74% respectively [1]. - The expected EPS for 2024, 2025, and 2026 are projected to be 0.66 CNY, 1.16 CNY, and 1.61 CNY respectively [1]. Business Segments - The securities business has shown a significant increase, with net income from fees and commissions rising by 178.61% year-on-year, and net interest income increasing by 132.87% [1]. - The report anticipates that the rapid growth in the securities business will drive overall company performance in the future [1]. Market Position - The company is positioned as the first publicly traded enterprise in China focused on financial services for individual investors, offering advanced investment tools and solutions across four major areas: securities, futures, foreign exchange, and funds [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2024 performance was impacted by a "wrong month" effect in software sales, leading to a revenue decline of 13.17% year-on-year to 294 million yuan, and a net profit drop of 70.74% to 17 million yuan [2][3] - The financial information service revenue decreased due to the delayed marketing of high-end products, which affected cash collection timing [2] - Despite the challenges in software sales, the brokerage business of the company showed strong growth, with net commission income increasing by 178.61% year-on-year to 40 million yuan in Q1 2024 [3] Summary by Sections Financial Performance - Total revenue for 2023 was 1,113 million yuan, down 11.33% year-on-year, while the forecast for 2024 is 1,831 million yuan, representing a growth of 64.53% [2][7] - The net profit attributable to shareholders for 2023 was 73 million yuan, a significant decline of 78.54%, with projections of 141 million yuan for 2024, indicating a recovery of 94.66% [2][7] - The latest diluted EPS for 2023 was 0.18 yuan, with expectations of 0.35 yuan in 2024 [2][7] Business Segments - The software sales segment faced a decline due to the timing of product launches, while the brokerage segment continued to grow, with a 40.86% increase in client trading volume [3] - The self-operated business saw a remarkable increase in investment income, up 429.77% year-on-year to 29 million yuan in Q1 2024 [3] Valuation Metrics - The company is projected to have a P/E ratio of 132 for 2024, decreasing to 82 by 2026 [2][7] - The market capitalization is approximately 18.61 billion yuan, with a closing price of 45.51 yuan [4][5]

业绩简评 2024 年 4 月 26日，公司发布 2024 年一季报。公司2024年第一 季度实现营收 2.9 亿元，同比下滑 13.2%；实现扣非后归母净利 润 0.16 亿元，同比下滑-71.4%。 经营分析 麦高证券2024 年第一季度保持高速增长势头，且继2023年实现 盈利后，报告期内继续保持盈利。经纪业务净收入为0.40 亿元， 同比增长178.6%；利息净收入为0.13 亿元，同比增长132.9%； 报告期末代理买卖证券款为33.94亿元，较2023年末增长40.9%。 此外，公司实现 0.29 亿元投资收益，同比增长 429.8%，主要系 麦高证券自营业务经营较好。 非麦高证券业务营收为2.41 亿元，同比下滑24.3%；销售商品、 提供劳务收到的现金为2.6 亿元，同比下滑29.4%。主要系：1） 市场整体一季度交投平淡，日均成交额同比增长 1.9%；2）公司 本年度高端产品全赢系列私享家版软件于3 月 6 日至 4 月 12 日 之间展开营销，相较2023 年该产品的销售周期（2023 年 2 月 3 人民币(元) 成交金额(百万元) 日至 3 月17 日）滞后了约1 个月时间，从而导致了 ...

北京指南针科技发展股份有限公司 第十三届董事会第二十五次会议决议公告 证券代码：300803 证券简称：指南针 公告编号：2024-021 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 1. 北京指南针科技发展股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日以邮件方式发出第十三届董事会第二十五次会议通知。 2. 本次董事会于 2024 年 4 月 26 日以通讯方式召开。 3. 本次董事会由董事长顿衡先生主持，本次会议应出席会议的董事 7 人，实 际出席会议的董事 7 人。 4. 本次董事会会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一） 审议通过《2024 年第一季度报告》 具体内容详见公司于同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2024 年第一季度报告》（公告编号：2024-023）。 本议案已经独立董事专门会议审议通过。 （二） 审议通过《关于调整控股股东向 ...

Financial Performance - Total revenue for Q1 2024 was CNY 293,508,665, a decrease of 13.17% compared to CNY 338,012,494 in the same period last year[3] - Net profit attributable to shareholders was CNY 16,788,949, down 70.74% from CNY 57,368,704 year-on-year[3] - Basic earnings per share decreased to CNY 0.04, a decline of 71.43% from CNY 0.14 in the previous year[3] - Total revenue for Q1 2024 was CNY 240,821,626, a decrease of 24.3% compared to CNY 318,206,952 in Q1 2023[21] - Net profit for Q1 2024 was CNY 16,787,738, down 70.7% from CNY 57,366,966 in Q1 2023[22] - Basic earnings per share for Q1 2024 was CNY 0.04, compared to CNY 0.14 in Q1 2023[23] Cash Flow and Liquidity - Net cash flow from operating activities was CNY 1,037,765,421, a decrease of 36.88% compared to CNY 1,644,008,826 in the same period last year[9] - The net cash flow from operating activities for the current period is ¥1,037,765,421, a decrease of 37% compared to ¥1,644,008,826 in the previous period[24] - Total cash inflow from investment activities is ¥1,090,954,334, significantly up from ¥150,074,107 in the previous period[25] - The net cash flow from investment activities is -¥120,930,098, an improvement from -¥157,954,702 in the previous period[25] - Cash inflow from financing activities totals ¥108,956,510, down from ¥203,339,116 in the previous period[25] - The net cash flow from financing activities is -¥3,587,705, compared to a positive net flow of ¥47,411,287 in the previous period[25] - The ending balance of cash and cash equivalents is ¥3,723,885,728, an increase from ¥2,895,628,655 in the previous period[25] - Cash received from sales of goods and services is ¥263,167,558, down from ¥372,825,511 in the previous period[24] - Cash received from interest, fees, and commissions is ¥60,918,054, up from ¥23,470,282 in the previous period[24] - Total cash outflow from operating activities is ¥506,255,254, a decrease from ¥1,105,593,449 in the previous period[24] Assets and Liabilities - The company's total assets increased by 20.21% to CNY 6,528,304,887 from CNY 5,430,841,906 at the end of the previous year[3] - Total assets increased to CNY 6,528,304,887 in Q1 2024, up from CNY 5,430,841,906 in Q1 2023, representing an increase of 20.2%[20] - Total liabilities rose to CNY 4,645,712,547 in Q1 2024, compared to CNY 3,577,656,303 in Q1 2023, an increase of 29.9%[20] - The total number of ordinary shareholders at the end of the reporting period was 38,981, with the top ten shareholders holding 40.50% of the shares[10] Investment and Income - Commission and fee income surged by 178.61% to CNY 39,992,128, driven by increased revenue from securities brokerage[9] - Investment income rose significantly by 429.77% to CNY 29,429,208, primarily from proprietary trading activities[9] - The company reported investment income of CNY 29,429,208 in Q1 2024, significantly up from CNY 5,555,046 in Q1 2023[22] - The net income from brokerage and proprietary business at Maigao Securities reached RMB 39.99 million, an increase of 178.61% year-on-year, while net interest income was RMB 12.69 million, up 132.87% year-on-year[15] Operational Metrics - The company's financial information service business experienced a significant decline in revenue compared to the same period last year, primarily due to a delayed marketing cycle for high-end products, resulting in cash flow and revenue being recognized in the second quarter instead of the first[15] - The total amount of securities bought and sold on behalf of clients was RMB 3.394 billion, representing a growth of 40.86% compared to the end of the previous year[15] - The company's advertising and online promotion expenses saw a slight increase year-on-year, contributing to a significant rise in the number of new paying users[15] - The company implemented stock option incentive plans in 2022 and 2023, leading to an increase in share-based payment expenses during the reporting period[15] - The total number of stock options exercised reached 686,200, with 11,850 options remaining unexercised as of the end of the reporting period[16] Equity and Investments - The company's long-term equity investments increased significantly to RMB 126.29 million from RMB 16.08 million, reflecting a growth of 685.66%[18] - The total equity attributable to shareholders of the parent company increased to CNY 1,902,463,856 in Q1 2024, compared to CNY 1,873,055,908 in Q1 2023[20] Inventory and Expenses - The company reported a decrease in inventory from RMB 485,809 to RMB 439,944, indicating a reduction of 9.45%[18] - Operating costs for Q1 2024 were CNY 28,796,579, a decrease of 6.1% from CNY 30,681,224 in Q1 2023[21] - Research and development expenses for Q1 2024 were CNY 34,100,199, slightly down from CNY 35,957,778 in Q1 2023[21] Audit Status - The company has not yet audited the first quarter report for 2024[25]

证券代码：300803 证券简称：指南针 公告编号：2024-024 北京指南针科技发展股份有限公司 关于调整控股股东向公司提供借款利率暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 北京指南针科技发展股份有限公司（以下简称"公司"）与控股股东广州展 新通讯科技有限公司（以下简称"广州展新"）于 2023 年 2 月 17 日签订了《借 款合同》，广州展新向公司提供 5000 万元借款，借款期限不超过 1 年，用于补充 公司流动资金；双方于 2024 年 2 月 7 日签订《借款合同之补充协议》，将上述借 款期限自届满之日起延长 1 年，借款适用的年利率自原合同期限届满后次日起调 整为 5.3385%，其他条款按《借款合同》约定执行。 本次借款来源为广州展新向中信证券股份有限公司（以下简称"中信证券"） 质押其所持有的部分指南针股票获取的资金，因质押利率向下调整，本次借款利 率同步向下调整为 4.2708%，公司已与广州展新于 2024 年 4 月 26 日签订《借款 合同之补充协议（二）》，对借款利率进行重新约定，其他条款按《借款合同》约 ...