EASTMONEY(SZ:300059) Western Securities·2025-03-17 01:29Investment Rating - The report maintains a "Buy" rating for Dongfang Caifu (300059.SZ) [6][3] Core Views - Dongfang Caifu reported a total revenue of 11.604 billion and a net profit attributable to shareholders of 9.610 billion for 2024, representing year-on-year increases of 4.7% and 17.3% respectively [6][3] - The company experienced significant growth in Q4 2024, with revenues and net profits reaching 4.301 billion and 3.568 billion respectively, reflecting quarter-on-quarter increases of 82.3% and 79.7% due to active trading [6][3] - The brokerage's market share in margin trading increased, with a year-on-year growth of 27.2% in margin balance, reaching 58.9 billion, and a market share increase of 0.35 percentage points to 3.16% [2][3] Financial Performance Summary - For 2024, the company's operating revenue, net interest income, and net commission income were 3.111 billion, 2.381 billion, and 6.113 billion respectively, with year-on-year changes of -20.0%, +6.9%, and +23.1% [2][4] - The company's self-operated investment performance was strong, with investment income and fair value changes totaling 3.371 billion, a year-on-year increase of 50.8% [2][3] - The projected net profits for 2025 and 2026 are 10.502 billion and 11.302 billion respectively, with year-on-year growth rates of 9.3% and 7.6% [3][4] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 0.61, with a price-to-earnings (P/E) ratio of 40.1 [4][12] - The return on equity (ROE) for 2024 is expected to be 12.64%, reflecting a year-on-year increase of 0.7 percentage points [6][3] - The total revenue for 2025 is estimated to reach 14.491 billion, representing a growth rate of 24.9% [4][12]