Beijing (SZ:300803) Soochow Securities·2024-08-31 02:05Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company reported a 7% year-on-year increase in total revenue to 550 million yuan for the first half of 2024, while the net profit attributable to shareholders decreased by 366% to -49 million yuan [3] - The financial information service revenue declined by 4.4% to 423 million yuan, accounting for 78% of total revenue, due to a downturn in the capital market and stock trading volume [3] - The company has increased its R&D and advertising investments, resulting in a nearly 50% growth in the number of new paying users [3] - The brokerage business of the company is experiencing rapid growth, with net commission income increasing by 138% to 82 million yuan [3] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 73 million, 87 million, and 105 million yuan respectively, with corresponding P/E ratios of 199, 167, and 139 [3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2023 is projected at 1,113 million yuan, with a forecasted increase to 1,278 million yuan in 2024 and 1,824 million yuan in 2025 [2] - The net profit attributable to shareholders is expected to be 73 million yuan in 2024, up from 73 million yuan in 2023, and projected to reach 105 million yuan by 2026 [2] Financial Performance - The company’s financial information service revenue is expected to recover gradually, with a forecasted growth rate of 14.81% in 2024 and 42.74% in 2025 [2] - The net income from brokerage services is anticipated to grow significantly, reflecting the company's strategic focus on enhancing its brokerage business [3] Market Position and Strategy - The company is successfully directing traffic from its platform to its brokerage, Maigao Securities, which is showing strong user engagement and growth [3] - The company is also preparing to expand its underwriting and sponsorship services, which have begun to generate revenue [3]