Beijing (SZ:300803) Soochow Securities·2025-01-25 23:32Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][2]. Core Insights - The company achieved a total revenue of 1.529 billion yuan in 2024, reflecting a year-on-year increase of 37%, while the net profit attributable to shareholders rose by 44% to 104 million yuan [1][2]. - The company is focusing on enhancing its financial information services and securities business, aiming for a synergistic development model that strengthens its comprehensive wealth management capabilities [2]. - The report projects net profits for 2025, 2026, and 2027 to be 153 million yuan, 211 million yuan, and 282 million yuan respectively, with corresponding P/E ratios of 246, 178, and 133 [2][8]. Revenue and Profit Forecast - Total revenue is expected to grow from 1.113 billion yuan in 2023 to 1.529 billion yuan in 2024, with a projected increase to 2.132 billion yuan in 2025 [1][8]. - The net profit attributable to shareholders is forecasted to increase from 73 million yuan in 2023 to 104 million yuan in 2024, and further to 153 million yuan in 2025 [1][8]. - Earnings per share (EPS) is anticipated to rise from 0.18 yuan in 2023 to 0.25 yuan in 2024, reaching 0.37 yuan in 2025 [1][8]. Business Development and Strategy - The company is actively integrating its stake in Vanguard Fund, which is expected to enhance its service offerings in financial information and public fund services [2]. - The implementation of stock incentive plans is ongoing, aimed at establishing a long-term incentive mechanism for employees [2]. - The report highlights a significant increase in brokerage business, with net commission income rising by 163% to 241 million yuan in 2024, driven by a bullish market environment [2][7].