EASTMONEY(SZ:300059) KAIYUAN SECURITIES·2025-03-15 12:48Investment Rating - The investment rating for the company is "Buy" (maintained) [2][16]. Core Insights - The company has seen an increase in its market share in securities, with a focus on deepening its "AI + Finance" strategic layout. The total revenue and net profit for 2024 are projected to be 116 billion and 96 billion respectively, reflecting a year-on-year growth of 4.7% and 17.3%. The fourth quarter net profit is expected to be 36 billion, showing a significant year-on-year increase of 80% [2][5]. - The company has revised its net profit forecasts for 2025 and 2026 to 122 billion and 148 billion respectively, with a new forecast for 2027 at 171 billion. The corresponding EPS for these years is projected to be 0.8, 0.9, and 1.1 [5][8]. - The company is expected to benefit from an active trading environment among individual investors, with a potential for market share growth exceeding expectations. The company's beta elasticity is noted to be superior to traditional brokers [5][7]. Financial Summary - The company's total revenue for 2023 was 11,081 million, with a projected increase to 15,974 million in 2025, representing a year-on-year growth of 37.7% [8][11]. - The net profit for 2023 was 8,193 million, expected to rise to 12,180 million by 2025, indicating a growth rate of 26.7% [8][11]. - The gross margin is projected to improve from 95.1% in 2023 to 96.5% in 2025, while the net margin is expected to be 76.2% in 2025 [8][12]. - The company's P/E ratio is forecasted to decrease from 47.1 in 2023 to 31.7 in 2025, indicating a more attractive valuation over time [8][12].