EASTMONEY(300059) 长江证券·2025-03-18 03:38Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q4 2024, the company's performance improved significantly alongside the market, driven mainly by proprietary and securities businesses. The market share in securities continues to rise, while fee rates are on a downward trend. The self-operated income remains high due to balance sheet expansion and a bull market in bonds. Fund distribution is still affected by fee reductions, but the market share for actively managed equity funds has rebounded quarter-on-quarter. The company, as a benchmark internet brokerage, shows significant competitive advantages in customer acquisition and cost control, and its securities business growth is promising in the context of market recovery [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.6 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.3%. The weighted average return on equity increased by 0.7 percentage points to 12.6% [6][12]. Business Segments - The company's revenue from various business lines in 2024 includes e-commerce at 3.11 billion yuan (down 20.0%), net interest income at 2.38 billion yuan (up 6.9%), net commission income at 6.11 billion yuan (up 23.1%), and investment income at 3.37 billion yuan (up 50.8%). The decline in fund distribution revenue is noted, while securities brokerage and bond self-operation maintain high growth [12]. Market Share and Fee Trends - In 2024, the company’s agency trading volume for stock funds reached 24.2 trillion yuan, with a market share of 8.21%, an increase of 0.18 percentage points year-on-year. The estimated net commission rate for securities brokerage is 0.010%, down 4.4% year-on-year. The financing balance at the end of 2024 was 58.86 billion yuan, with a market share of 3.2%, up 0.24 percentage points year-on-year [12][14]. Self-Operated Income - The company’s investment asset scale reached 85.38 billion yuan at the end of 2024, a year-on-year increase of 7.4%. The estimated static investment return rate is 4.75%, up 1.36 percentage points year-on-year, benefiting from balance sheet expansion and a bull market in bonds [12][14]. Cost Control and Profitability - The company effectively controlled costs, with sales, management, and R&D expenses at 320 million yuan, 2.33 billion yuan, and 1.14 billion yuan respectively, showing a decrease in sales expenses by 31.2% year-on-year. The net profit margin improved to 64.2%, up 2.6 percentage points year-on-year, indicating significant enhancement in profitability [12][14]. Growth Outlook - The company is viewed positively for its securities business growth potential, with expected net profits of 9.67 billion yuan and 10.91 billion yuan for 2025 and 2026, corresponding to price-to-earnings ratios of 39.9 and 35.3 times [12][14].