平安证券：晨会纪要-20250207

Group 1: Company Overview - The company is a leading provider of internet financial information services and a top online securities trading system supplier in China, with nearly 30 years of industry experience [4][9] - The company's revenue growth is closely tied to the activity level of the capital market, with a significant increase in trading volume expected to drive revenue performance [4][12] - The company has a large C-end user base, with approximately 625 million registered users on its financial service platform as of mid-2024 [10] Group 2: Financial Performance and Projections - Revenue projections for the company from 2024 to 2026 are estimated at 4.002 billion, 4.511 billion, and 5.106 billion yuan, with year-on-year growth rates of 12.3%, 12.7%, and 13.2% respectively [4][12] - The company's net profit attributable to shareholders is projected to be 1.516 billion, 1.736 billion, and 2.050 billion yuan for the same period, with growth rates of 8.1%, 14.5%, and 18.1% respectively [4][12] - The earnings per share (EPS) are expected to be 2.82, 3.23, and 3.81 yuan for 2024, 2025, and 2026 respectively [4][12] Group 3: Industry Insights - In the food and beverage sector, the demand for high-end liquor remains strong, with recommendations for brands like Moutai and Wuliangye, while the mid-range liquor market is also expanding [5][16] - The white liquor market is experiencing a rational supply-side control, with manufacturers managing inventory and pricing to maintain channel health and stability [5][16] - The AI sector is seeing significant investment opportunities, with recommendations for companies involved in domestic computing infrastructure and algorithm development, such as Inspur Information and iFlytek [5][21] Group 4: Market Trends - The overall consumer demand during the Spring Festival showed resilience, with notable growth in tourism and retail sales, indicating a positive outlook for the consumer market in 2025 [23][24] - The film industry is entering a new era dominated by major intellectual properties (IPs), as evidenced by record box office numbers during the Spring Festival [27][28] - The banking sector, particularly Ningbo Bank, is showing steady growth in revenue and profit, with a focus on maintaining asset quality and expanding its loan portfolio [29][30]