东方财富（300059）：证券业务市占率提升，固收投资收益表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - In 2024, the company achieved total operating 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% year-on-year [4][13] - The company's return on equity (ROE) was 12.6%, an increase of 0.7 percentage points compared to the same period last year [4] - In Q4 2024, the company reported a single-quarter operating revenue of 4.3 billion yuan, a year-on-year increase of 65.8% and a quarter-on-quarter increase of 82.3% [4][13] Summary by Sections Financial Performance - The company reported a total operating revenue of 11.6 billion yuan in 2024, with a year-on-year growth of 4.7% [4] - The net profit attributable to shareholders was 9.61 billion yuan, reflecting a year-on-year increase of 17.3% [4] - The company’s Q4 2024 revenue reached 4.3 billion yuan, marking a year-on-year increase of 65.8% and a quarter-on-quarter increase of 82.3% [4][13] Market Position and Business Segments - The company saw an increase in market share in brokerage and margin financing businesses, with a significant rise in fixed income investment income [14] - In 2024, the company generated commission income of 6.11 billion yuan, up 23.1% year-on-year, with Q4 2024 commission income reaching 2.56 billion yuan, a year-on-year increase of 111% [14] - The net interest income for 2024 was 2.38 billion yuan, a year-on-year increase of 6.9%, with Q4 2024 net interest income at 870 million yuan, up 56.5% year-on-year [14] Future Projections - The company is expected to benefit from increased trading activity in the securities market, with projected operating revenues of 12.5 billion yuan, 13.4 billion yuan, and 14.6 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 7.6%, 7.1%, and 9.5% [17] - The net profit projections for the same years are 11.5 billion yuan, 12.6 billion yuan, and 14.2 billion yuan, with growth rates of 19.7%, 9.3%, and 13.3% respectively [17]