EASTMONEY(300059) 方正证券·2025-03-17 11:28Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [15]. Core Insights - The company reported better-than-expected performance for 2024, achieving total revenue of 11.6 billion RMB, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion RMB, up 17.3% year-on-year [4][3]. - The company's return on equity (ROE) for 2024 was 12.64%, reflecting a year-on-year increase of 0.70 percentage points [3]. - The report highlights a significant increase in investment income, which rose by 51.0% year-on-year to 3.35 billion RMB, with an estimated annual investment return rate of 4.71% [4]. - The fourth quarter of 2024 saw a record net profit of 3.57 billion RMB, a remarkable year-on-year increase of 79.8%, with total revenue reaching 4.3 billion RMB, up 65.9% [4]. Revenue Breakdown - In 2024, the company's revenue was composed of net commission income (primarily from brokerage), net interest income (mainly from margin financing), and operating income (from fund distribution), contributing 61.1 billion RMB, 23.8 billion RMB, and 31.1 billion RMB respectively [4]. - The brokerage business revenue increased by 19.8% year-on-year to 51.4 billion RMB, with a market share of 4.10%, up 0.09 percentage points [5]. - The margin financing business saw a funding scale of 58.9 billion RMB, a 27.2% increase from 2022, with a market share of 3.16%, up 0.35 percentage points [5]. Fund Distribution Business - The fund distribution business faced challenges, with financial e-commerce service revenue declining by 21.6% year-on-year to 2.84 billion RMB, accounting for 24.5% of total revenue [6]. - The total fund sales for the year reached 1.8812 trillion RMB, a year-on-year increase of 21.5% [6]. - The company maintained a leading position in the market, with a total stock and mixed fund holding scale of 399.2 billion RMB, despite a year-on-year decline of 10.7% [6]. AI and Financial Strategy - The company is enhancing its AI and financial strategy, with a focus on integrating AI capabilities into its financial ecosystem, leading to a 5.7% year-on-year increase in R&D expenses, totaling 1.14 billion RMB [7]. - The self-developed "Miaoxiang" model has been launched and is being applied across various financial research processes [7]. Future Profit Forecast - The company is expected to achieve net profits of 11.7 billion RMB, 13.0 billion RMB, and 14.5 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.7%, 11.4%, and 10.9% [9].