EASTMONEY(300059) 光大证券·2025-03-17 16:02Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - 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 leveraging its leading position in internet finance and a large customer base to accelerate its "AI + Finance" strategy, aiming to enhance its service ecosystem [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 116 billion yuan, with a net profit of 96.1 billion yuan, reflecting a 17.3% increase year-on-year [5][6] - The company's securities business and information technology service revenue were 84.9 billion yuan and 31.1 billion yuan, respectively, accounting for 73.2% and 26.8% of total revenue [6][8] Revenue Breakdown - The average daily trading volume in the A-share market was 12,102 billion yuan, a 22% increase year-on-year, contributing to a net income from commissions of 6.11 billion yuan, up 23.1% [7] - The company's proprietary trading income increased by 50.8% to 3.37 billion yuan, driven by improved fixed income business performance [7][8] Future Outlook - The company forecasts net profits of 10.75 billion yuan, 11.91 billion yuan, and 12.54 billion yuan for 2025, 2026, and 2027, respectively, with an EPS of 0.68, 0.75, and 0.79 yuan [9][11] - The report predicts a PE ratio of 35.86, 32.39, and 30.75 for the years 2025, 2026, and 2027, respectively [9][11]