Beijing (SZ:300803) SINOLINK SECURITIES·2025-01-26 08:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Views - The company achieved a total revenue of 1.53 billion RMB in 2024, representing a year-on-year increase of 37.4%, and a net profit attributable to shareholders of 100 million RMB, up 43.5% year-on-year [1]. - The internet financial services segment accounted for 79.2% of total revenue, growing by 22.8% year-on-year, while the securities services business saw a remarkable revenue increase of 151.98% year-on-year [2]. - The company is expected to benefit from the active trading in the A-share market, with projected revenues of 2.04 billion RMB, 2.50 billion RMB, and 3.00 billion RMB for 2025, 2026, and 2027, respectively [3]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 750 million RMB, a year-on-year increase of 75.2%, and a net profit of 210 million RMB, up 89.3% year-on-year, driven by revenue growth and significant investment returns from its proprietary business [1]. Business Analysis - The internet financial services segment generated 1.18 billion RMB in revenue, with financial information services and advertising services contributing 1.18 billion RMB and 30 million RMB, respectively [2]. - The securities services business generated 320 million RMB in revenue, with a net profit of approximately 70.91 million RMB, reflecting a year-on-year increase of 1,095% [2]. - The company has implemented a new equity incentive plan aimed at achieving a revenue or net profit growth of no less than 12% for 2025 and 2026, covering 15.5% of employees [2]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 150 million RMB, 201 million RMB, and 272 million RMB for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 250.1, 186.4, and 138.2 [3].