EASTMONEY(SZ:300059) Soochow Securities·2025-03-15 15:10Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-on-year increase of 4.72%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.29% year-on-year [1] - The company's market share in brokerage and margin trading has shown significant improvement, while the fund distribution business continues to be impacted by fee reductions [1][8] - The company is expected to maintain its leading position in retail brokerage and leverage financial AI to enhance traditional securities business [8] Revenue and Profit Forecast - Total revenue is projected to reach 13.37 billion yuan in 2025, with a year-on-year growth of 15.21%, and net profit is expected to be 11.51 billion yuan, reflecting a growth of 19.79% [1][22] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 31.47 [1][22] Business Segments - Brokerage business revenue is expected to grow to 9.92 billion yuan in 2025, with a significant increase in market share [22] - Fund distribution revenue is anticipated to decline to 3.14 billion yuan in 2025 due to ongoing fee reductions [8][22] - The company’s financial data services and advertising revenue are projected to remain stable, with slight growth expected [22] Cost Management - The company has effectively controlled its operating costs, which are expected to be 4.74 billion yuan in 2025, reflecting a year-on-year increase of 11.36% [22] - Research and development expenses are projected to increase to 1.34 billion yuan in 2025, indicating a continued investment in technology and AI capabilities [22]