EASTMONEY(SZ:300059) Guoxin Securities·2024-08-11 04:55Investment Rating - The investment rating for the company is "Outperform the Market" [3][14]. Core Views - The company reported a total revenue of 4.945 billion yuan for H1 2024, a year-on-year decrease of 14.0%, and a net profit attributable to shareholders of 4.056 billion yuan, down 4.0% year-on-year [1]. - The company's market share in the securities business has increased despite a decline in the overall capital market, with a market share of 4.1% in stock trading and 2.9% in margin financing as of H1 2024 [1]. - Investment income has seen significant growth, reaching 1.277 billion yuan in H1 2024, a year-on-year increase of 30.5%, primarily due to increased returns from fixed-income securities [1]. - The company maintains a strong competitive position with its internet traffic pools and a comprehensive range of financial licenses, indicating substantial growth potential [1]. Financial Performance Summary - For H1 2024, the company achieved total revenue of 49.45 billion yuan, with a breakdown showing securities business contributing 69.2%, financial e-commerce 28.6%, financial data services 1.8%, and advertising 0.4% [1]. - The company’s average return on equity (ROE) for H1 2024 was 5.52%, down 0.78 percentage points year-on-year [1]. - The company’s fund sales amounted to 851.4 billion yuan in H1 2024, reflecting a year-on-year increase of 4.4%, although non-monetary fund sales decreased by 0.9% [1][15]. Future Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 10.599 billion yuan, 11.591 billion yuan, and 12.753 billion yuan, respectively, with expected growth rates of -4%, 9%, and 10% [2][15]. - The net profit attributable to shareholders is forecasted to be 8.055 billion yuan for 2024, with a slight decrease of 2% year-on-year, followed by an increase to 8.694 billion yuan in 2025 and 9.565 billion yuan in 2026 [2][15].