东方财富（300059）：2024年报点评：业绩超预期，Q4经纪业务弹性释放

Investment Rating - The report maintains a "Recommendation" rating for Dongfang Caifu (300059) with a target price of 32.29 CNY [2][8]. Core Views - Dongfang Caifu's 2024 annual report shows better-than-expected performance, with total revenue reaching 11.6 billion CNY (up 4.7% year-on-year) and net profit attributable to shareholders at 9.61 billion CNY (up 17.3% year-on-year). The fourth quarter alone saw total revenue of 4.3 billion CNY (up 65.9% year-on-year and 82.3% quarter-on-quarter) and net profit of 3.57 billion CNY (up 79.8% year-on-year and 79.7% quarter-on-quarter) [2][4]. Financial Performance Summary - Revenue Breakdown: The annual revenue consists of 3.11 billion CNY from operating income, 2.38 billion CNY from interest income, and 6.11 billion CNY from commission income. The proprietary trading income, not included in total revenue, was 3.36 billion CNY (up 51.2% year-on-year) [8]. - Cost Management: Management expenses increased by 0.6% to 2.33 billion CNY, with a management expense ratio of 20.07% (down 0.8 percentage points year-on-year). R&D expenses rose by 5.7% to 1.14 billion CNY, indicating a commitment to enhancing R&D capabilities [8]. - Market Activity: The report highlights a significant increase in trading activity, with the total A-share trading volume for the year rising by 21.2% to 257.3 trillion CNY. Dongfang Caifu's trading volume increased by 25.8% to 24.24 trillion CNY, contributing to a 23.1% rise in commission income [8]. - Future Projections: EPS is projected to be 0.67 CNY in 2025, 0.72 CNY in 2026, and 0.76 CNY in 2027, with corresponding PE ratios of 36.3, 33.9, and 32.4 [4][8]. Investment Recommendations - The report expresses optimism about Dongfang Caifu's ability to consolidate its retail wealth management business and leverage financial technology and artificial intelligence to enhance its securities operations. The projected EPS for 2025, 2026, and 2027 reflects an upward revision from previous estimates [8].