EASTMONEY(SZ:300059) KAIYUAN SECURITIES·2025-03-15 15:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2][16]. Core Insights - The company has seen an increase in its market share in securities, with a focus on deepening its "AI + Finance" strategic layout. The total revenue and net profit for 2024 are projected to be 116 billion and 96 billion respectively, reflecting year-on-year growth of 4.7% and 17.3%. The fourth quarter net profit is expected to be 36 billion, showing a significant year-on-year increase of 80% and a quarter-on-quarter increase of 80%, aligning with expectations. The company has revised its net profit forecasts for 2025 and 2026 to 122 billion and 148 billion respectively, with a new forecast for 2027 at 171 billion, corresponding to EPS of 0.8, 0.9, and 1.1 yuan [2][5][7]. Financial Performance Summary - The company's total revenue for 2023 was 11,081 million yuan, with a projected increase to 11,604 million in 2024, and further growth to 15,974 million in 2025, representing a year-on-year growth of 37.7% for 2025. The net profit for 2023 was 8,193 million yuan, expected to rise to 9,610 million in 2024 and 12,180 million in 2025, indicating a year-on-year growth of 26.7% for 2025. The gross margin is projected to improve from 95.1% in 2023 to 96.5% in 2025, while the net margin is expected to be 76.2% in 2025 [8][11][12]. Market Position and Strategy - The company has enhanced its brokerage and margin financing market share, with brokerage net income reaching 51.4 billion yuan in 2024, a year-on-year increase of 20%. The average daily trading volume in the market has increased by 23% year-on-year. The company’s market share in stock trading is 4.10%, showing a slight increase. The company is also focusing on AI development, with its self-developed "Miaoxiang" financial model achieving significant results in various technical fields, which is expected to enhance the application of AI in finance [6][7][8].