EASTMONEY(300059) 国泰君安·2025-03-17 15:16Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.80 CNY per share, up from the previous forecast of 28.61 CNY [2][15]. Core Views - The report highlights that active trading in the fourth quarter has driven the company's performance growth, with a continued optimistic outlook for the company's earnings due to high market trading volumes and the integration of AI capabilities to enhance competitiveness [3][15]. Financial Summary - For 2023, the company reported a revenue of 11,081 million CNY, which is expected to increase to 11,604 million CNY in 2024, reflecting a growth of 4.7%. By 2025, revenue is projected to reach 13,743 million CNY, marking an 18.4% increase [6][16]. - The net profit attributable to the parent company for 2023 was 8,193 million CNY, anticipated to rise to 9,610 million CNY in 2024, representing a 17.3% growth. By 2025, net profit is expected to reach 12,213 million CNY, a 27.1% increase [6][16]. - The earnings per share (EPS) is projected to grow from 0.52 CNY in 2023 to 0.61 CNY in 2024, and further to 0.77 CNY in 2025 [6][16]. Market Data - The company's total market capitalization is reported at 385,641 million CNY, with a current share price of 24.43 CNY [7]. - The stock has traded within a range of 9.96 CNY to 30.00 CNY over the past 52 weeks [7]. Investment Drivers - The report identifies active trading in the capital markets and a sustained demand for wealth management among residents as key catalysts for growth [5][15]. - The company’s commission income is expected to increase by 23.07% to 61.13 million CNY in 2024, contributing significantly to revenue growth [15]. Future Outlook - The report anticipates that the active trading environment will continue to support the company's performance, with daily average stock trading volumes reaching 1.56 trillion CNY, a year-on-year increase of 80% [15]. - The integration of the "Miaoxiang" financial AI model is expected to enhance the company's competitive edge and open up new growth opportunities [15].