EASTMONEY(300059) 光大证券·2025-03-17 01:30Investment Rating - The report maintains an "Accumulate" rating for the company [5][9]. Core Insights - The company achieved a revenue of 11.6 billion yuan in 2024, a year-on-year increase of 4.7%, and a net profit of 9.61 billion yuan, up 17.3% year-on-year [5][6]. - The company's performance was positively influenced by the recovery in the capital market, with significant growth in both revenue and profit in Q4 2024 [6][9]. - The company is focusing on its "AI + Finance" strategy, leveraging its internet finance leadership and large customer base to expand its business [9]. Financial Performance Summary - In 2024, the company's revenue from securities and information technology services was 8.49 billion yuan and 3.11 billion yuan, respectively, accounting for 73.2% and 26.8% of total revenue [6][8]. - The average daily trading volume in the A-share market was 12.1 trillion yuan, a year-on-year increase of 22%, contributing to a 23.1% rise in net commission income to 6.11 billion yuan [7][8]. - The company's self-operated business revenue increased by 50.8% to 3.37 billion yuan, driven by significant improvements in fixed income business returns [7][8]. Future Earnings Forecast - The company is expected to benefit from the recovery in the capital market, with projected net profits of 10.75 billion yuan, 11.91 billion yuan, and 12.54 billion yuan for 2025, 2026, and 2027, respectively [9][11]. - Earnings per share (EPS) are forecasted to be 0.68 yuan, 0.75 yuan, and 0.79 yuan for the same years, with a price-to-earnings (P/E) ratio of 35.86, 32.39, and 30.75 [9][11].