EASTMONEY(SZ:300059) Shenwan Hongyuan Securities·2025-03-15 07:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-over-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion yuan, up 17.3% year-over-year [4][5] - In Q4 2024, the company achieved a record high quarterly revenue of 4.3 billion yuan, reflecting a year-over-year growth of 65.9% and a quarter-over-quarter increase of 82.3% [4] - The report highlights that the company's performance is expected to remain resilient due to market recovery and improved business conditions [7] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 12.5 billion yuan, 13.4 billion yuan, and 14.2 billion yuan respectively, with corresponding net profits of 9.7 billion yuan, 10.6 billion yuan, and 10.9 billion yuan [5][8] - The report indicates a decrease in the estimated profit for 2025-2026 due to adjustments in assumptions regarding fund sales and investment returns [7] - The company’s return on equity (ROE) is projected to be 12.6% for 2024, decreasing to 10.7% by 2027 [5][8] Business Segment Performance - The company’s commission income from brokerage services is expected to grow to 7.1 billion yuan by 2025, while net interest income is projected to reach 2.7 billion yuan [8] - The report notes a significant increase in the company's market share in securities trading, with a daily average trading volume of 1.2 trillion yuan in 2024, up 22% year-over-year [7] - The fund distribution business saw a decline in revenue, attributed to a drop in fund sales, but is expected to recover as market conditions improve [7]