EASTMONEY(SZ:300059)2025-03-15 12:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-over-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion yuan, up 17.3% year-over-year [4] - The fourth quarter of 2024 saw a significant increase in revenue and net profit, with figures reaching 4.3 billion yuan and 3.6 billion yuan respectively, marking year-over-year growth of 65.9% and 80.0% [4] - The report highlights that the company's revenue growth is primarily driven by cost reduction and efficiency improvements, with sales expenses down 31% year-over-year [5] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 12.5 billion yuan, 13.4 billion yuan, and 14.2 billion yuan respectively, with year-over-year growth rates of 8.1%, 6.7%, and 6.4% [5] - The net profit attributable to shareholders is expected to be 9.7 billion yuan in 2025, 10.6 billion yuan in 2026, and 10.9 billion yuan in 2027, reflecting growth rates of 0.8%, 9.1%, and 2.9% respectively [5] - The report indicates a decrease in the company's investment income assumptions, leading to a downward revision of profit forecasts for 2025-2027 [5] Business Segments Analysis - The company’s revenue from commission and fee income is projected to grow from 6.1 billion yuan in 2024 to 7.9 billion yuan in 2027 [6] - The report notes that the company’s securities business performed well, with a market share increase in margin financing and securities lending [5] - The fund distribution business saw a decline in revenue, attributed to a decrease in fund sales, but showed signs of recovery in the fourth quarter of 2024 [5]