EASTMONEY(SZ:300059) Huachuang Securities·2024-08-12 23:30Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 14.3 yuan [2][3]. Core Insights - The company reported a total operating revenue of 4.94 billion yuan for the first half of 2024, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 4.06 billion yuan, down 4% year-on-year [2]. - The report highlights a decline in market trading activity, impacting brokerage and credit businesses, with a notable drop in stock trading volume [3]. - The company has made significant advancements in AI research, launching the "Miaoxiang" financial model to enhance digital solutions in the financial sector [3]. Financial Performance Summary - Total operating revenue for the first half of 2024 was 4.94 billion yuan, with a year-on-year decline of 14% [2]. - Net profit attributable to shareholders for the same period was 4.06 billion yuan, reflecting a 4% decrease year-on-year [2]. - The company’s brokerage business net income was 2 billion yuan, down 9.7% year-on-year, while the average daily trading volume in A-shares decreased by 8.5% [3]. - The company’s self-operated business revenue increased by 42.5% year-on-year, reaching 1.63 billion yuan [3]. - R&D expenses for the first half of 2024 amounted to 560 million yuan, up 9.9% year-on-year [3]. Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.53 yuan, 0.58 yuan, and 0.62 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19.7, 18.2, and 16.8 [3][4].