EASTMONEY(SZ:300059) Xin Lang Cai Jing·2025-11-01 08:48Core Viewpoint - Dongfang Caifu reported strong financial performance for Q3 2025, with significant year-on-year growth in revenue and net profit [2][3]. Financial Performance - In Q3 2025, the company achieved total operating revenue of 4.733 billion yuan, a year-on-year increase of 100.65% [2]. - The net profit attributable to shareholders reached 3.53 billion yuan, reflecting a year-on-year growth of 77.74% [2]. - For the first three quarters, the net profit attributable to shareholders was 9.097 billion yuan, up 50.57% year-on-year, nearing last year's total [3]. Business Segments - The primary driver of revenue growth was the securities business, with net commission and fee income reaching 6.640 billion yuan, an increase of 86.79% compared to 3.555 billion yuan in the same period last year [3]. - Interest net income from margin financing and securities lending was 2.405 billion yuan, showing a year-on-year growth of 59.71% [3]. - As of Q3 2025, the scale of funds lent reached 76.578 billion yuan, a growth of 30.11% since the beginning of the year [3]. Balance Sheet - As of the end of Q3 2025, total assets amounted to 380.255 billion yuan, a 24.12% increase from the beginning of the year [3]. - The company actively financed on the liability side, with short-term financing bonds and short-term loans increasing to 27.250 billion yuan and 8.159 billion yuan, respectively, marking significant growth of 71.55% and 47.51% [3]. Profit Forecast and Investment Rating - The company maintains a "buy" rating, with revenue forecasts for 2025-2027 at 15.443 billion yuan, 17.682 billion yuan, and 20.124 billion yuan, representing year-on-year growth rates of 33.08%, 14.50%, and 13.81% [4]. - Projected net profits for the same period are 12.815 billion yuan, 14.773 billion yuan, and 16.971 billion yuan, with growth rates of 33.35%, 15.28%, and 14.88% [4]. - Earnings per share (EPS) are expected to be 0.81 yuan, 0.93 yuan, and 1.07 yuan, with corresponding price-to-earnings (PE) ratios of 32.67, 28.34, and 24.67 [4].