EASTMONEY(SZ:300059) Xin Lang Cai Jing·2025-05-08 12:40Core Viewpoint - The recent Q1 2025 financial report from Dongfang Caifu shows strong year-on-year growth in revenue and net profit, indicating a solid performance despite some quarter-on-quarter pressures [1][2]. Financial Performance - Total revenue for Q1 2025 reached 3.486 billion yuan, a year-on-year increase of 41.93% [1]. - Net profit attributable to shareholders was 2.715 billion yuan, reflecting a year-on-year growth of 38.96% [1]. - The weighted ROE was 3.31%, up by 0.62 percentage points year-on-year [1]. Quarterly Analysis - Q1 2025 net profit decreased by 23.91% compared to Q4 2024 [2]. - Year-on-year revenue growth was 41.92%, but there was a quarter-on-quarter decline of 18.95% [2]. - Daily average stock fund trading volume increased by 70.96% year-on-year but decreased by 15.56% quarter-on-quarter [2]. Business Segments - Revenue from fund distribution and other financial services grew by 7.95% and 56.90% year-on-year, respectively [2]. - The margin for self-operated business faced pressure, with a year-on-year decline of 13.88% and a quarter-on-quarter decline of 27.41% [3]. - The company’s market share for margin financing reached 3.18%, up by approximately 0.02 percentage points from the end of 2024 [3]. Cost and Expenses - Total operating costs increased by 0.19% year-on-year but decreased by 10.51% quarter-on-quarter [4]. - Sales expenses decreased by 16.05% year-on-year and 33.69% quarter-on-quarter [4]. - R&D expenses saw a year-on-year decrease of 12.64% [4]. Strategic Initiatives - The company is enhancing its "AI + Finance" strategy, focusing on AI research and development [4]. - The proprietary "Miaoxiang" financial model has achieved significant advancements in various technical fields [4]. - The integration of AI capabilities aims to improve the financial ecosystem and create more value for users [4]. Investment Outlook - The ongoing implementation of new policies is expected to boost market confidence and support the growth of core business segments [5]. - The company’s market share in brokerage and margin financing is anticipated to continue its upward trend [5]. - Projected diluted EPS for 2025, 2026, and 2027 are 0.68, 0.72, and 0.77 yuan, respectively, with corresponding PE ratios of 30.46, 28.54, and 26.81 [5].