EASTMONEY(SZ:300059) Xinda Securities·2024-08-11 12:30Investment Rating - The investment rating for Dongfang Caifu (300059) is "Buy" [1] Core Views - The report highlights that the brokerage's margin financing and securities lending market share continues to rise, indicating a second growth driver for the company [1] - The self-operated business is expected to improve performance sequentially, with slight increases in market share for brokerage and margin financing [1][3] Revenue Breakdown - In H1 2024, the company achieved revenue of 4.945 billion yuan, a year-on-year decrease of 14.00%. The net profit attributable to the parent company was 4.056 billion yuan, down 4.00% year-on-year [3] - The securities business generated revenue of 5.057 billion yuan in H1 2023, an increase of 6.3% year-on-year. The breakdown includes commission income of 2.395 billion yuan, net interest income of 1.027 billion yuan, and self-operated business income of 1.634 billion yuan, with year-on-year changes of -4.0%, -8.0%, and +42.5% respectively [4] - The fund business revenue in H1 2024 was 1.523 billion yuan, a decrease of 28.8% year-on-year [4] Market Performance - The report notes that despite a decline in market transactions and margin financing scale, the company's margin financing market share increased to 2.86%, up 14 percentage points from the beginning of the year [4] - The company's financial investment asset scale increased significantly to 100.873 billion yuan, a growth of 20.1% year-to-date [4] Future Outlook - The report predicts that the company will benefit from the trend of wealth management becoming more equity-oriented and institutionalized, with expected net profits of 9.386 billion yuan, 10.678 billion yuan, and 12.351 billion yuan for 2024-2026, corresponding to PE ratios of 17.59x, 15.46x, and 13.37x respectively [6] - The application of AI models is expected to enhance operational and product capabilities, further driving market share growth [6]