Beijing (SZ:300803) Guohai Securities·2024-09-03 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 3, 2024 [1][4]. Core Views - The company's performance is under short-term pressure due to market downturns and increased expenses, with a focus on the progress of future capital increases [1][3]. - The company reported a total revenue of 545 million yuan in the first half of 2024, a year-on-year increase of 6.58%, but a net profit attributable to shareholders of -49 million yuan, indicating a shift from profit to loss [2][3]. - The company is increasing its business investment against the market trend, aiming for long-term growth potential [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 545 million yuan, with a year-on-year growth of 6.58%. The revenue for the second quarter was 251 million yuan, showing a year-on-year increase of 45.09% but a quarter-on-quarter decline of 14.34% [2][3]. - The net profit attributable to shareholders was -49 million yuan, reflecting a year-on-year transition from profit to loss [2][3]. - The company's financial information service revenue was 423 million yuan, down 4.40% year-on-year, while the net income from fees and commissions increased by 138.08% to 82 million yuan [3][4]. Business Segments - The financial information service segment accounted for 97.27% of total revenue, while the advertising business contributed only 2.70% [3]. - The company’s gross profit margin was 83.97%, a decrease of 2.78 percentage points year-on-year, and the net profit margin was -11.25%, down 15.21 percentage points year-on-year [3][4]. Future Outlook - The company is expected to see total revenues of 1.241 billion yuan, 1.853 billion yuan, and 2.573 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 173 million yuan, 306 million yuan, and 458 million yuan [4][5]. - The earnings per share (EPS) are forecasted to be 0.42 yuan, 0.75 yuan, and 1.12 yuan for the same years [5][6]. - The company is focusing on the progress of its capital increase, which is anticipated to create a positive development space for its securities business [3][4].