EASTMONEY(SZ:300059) EBSCN·2024-08-14 02:38Investment Rating - The report assigns an "Accumulate" rating, which has been adjusted downwards [1]. Core Views - The company has shown resilience in its performance, with self-operated contributions supporting its results and AI initiatives empowering business development [1][6]. - The company reported a revenue of 4.94 billion yuan for the first half of 2024, a year-on-year decrease of 14.0%, and a net profit of 4.06 billion yuan, down 4.0% year-on-year [6][7]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 49.4 billion yuan, with a slight increase of 1.3% in Q2 compared to Q1. The net profit for H1 was 40.6 billion yuan, with a 7.6% increase in Q2 compared to Q1 [6]. - The revenue from securities and information technology services was 34.2 billion yuan and 15.2 billion yuan, respectively, accounting for 69.2% and 30.7% of total revenue [6]. - The decline in performance is attributed to the downturn in the capital market and the drop in traditional business revenue [6]. Business Segment Analysis - Brokerage business remains under pressure, with a year-on-year decrease of 9.7% in net income from brokerage fees and commissions, totaling 2.0 billion yuan [7]. - Self-operated income saw a significant increase of 42.1% year-on-year, contributing 1.64 billion yuan to the company's performance [7]. - Fund management revenue decreased by 29.6% year-on-year, totaling 1.42 billion yuan, due to a sluggish fund market and changes in public fund fees [7]. AI and Future Outlook - The company is increasing its investment in AI, with R&D expenses rising by 9.9% year-on-year to 560 million yuan [7]. - The launch of the "AI+DATA" intelligent financial terminal and the ongoing development of AI models are expected to enhance the company's financial services and operational efficiency [7]. - Future net profit forecasts for 2024-2026 have been adjusted downwards, with EPS estimates of 0.52, 0.56, and 0.60 yuan, respectively [7].