EASTMONEY(300059) 招商证券·2025-03-18 03:20Investment Rating - The report maintains a "Strong Buy" recommendation for Dongfang Caifu (300059.SZ) [7] Core Views - The company's securities business has fully recovered, while the fund business remains under pressure. In 2024, the company achieved total revenue of 11.6 billion, up 5% year-on-year, and net profit attributable to shareholders of 9.6 billion, up 17% year-on-year. The revenue from Dongcai Securities was 10.8 billion, up 26%, while Tian Tian Fund's revenue was 2.85 billion, down 22% [1][2] - The company is expected to benefit from a favorable market environment, with a projected net profit of 11.2 billion, 12.4 billion, and 13.8 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 16%, 11%, and 11% [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.6 billion, a 5% increase year-on-year, and a net profit of 9.6 billion, a 17% increase year-on-year. The total asset scale reached 306.4 billion, up 28% year-on-year, and the net asset attributable to shareholders was 80.7 billion, up 12% year-on-year [1][2] - The fourth quarter saw a significant increase in revenue and net profit, with total revenue of 4.3 billion, up 66% year-on-year, and net profit of 3.6 billion, up 80% year-on-year [1] Business Segments - The brokerage business showed strong performance with a net income of 5.1 billion, up 20% year-on-year, and a market share increase to 4.14% [2] - The fund business faced challenges, with total revenue of 3.1 billion, down 20% year-on-year, despite a 22% increase in fund sales volume to 1.88 trillion [3] Market Position - Dongcai Securities' margin financing market share increased to 3.10%, with a financing scale of 57.7 billion, up 27% year-on-year [2] - The company is focusing on "fixed income+" and stock index funds to align with market preferences, with a slight decrease in market share to 3.38% [3] Future Outlook - The company is expected to maintain a stable growth trajectory in its securities business, with a projected net profit margin of 83% in 2024, up 9 percentage points year-on-year [1][7] - The report highlights the potential of the "Miaoxiang" financial model and its collaboration with DeepSeek to enhance business capabilities and drive performance growth [7]