HHTG(600095) 浙商证券·2025-03-18 13:59Investment Rating - The report assigns a "Buy" rating for Xiangcai Co., Ltd. (600095) [7] Core Views - Xiangcai Co., Ltd. is planning to acquire Dazhihui through a share swap, which is expected to enhance its business capabilities by integrating technology and customer flow [3][4] - The merger is seen as a significant step towards the third integration of traditional brokerage firms with financial technology, following similar moves by other firms [3] - The anticipated growth in net profit for the company is projected at 98% in 2024, 16% in 2025, and 5% in 2026, indicating strong future performance [4] Summary by Sections Company Overview - Xiangcai Co., Ltd. is in the process of merging with Dazhihui, which has a historical context of previous attempts at collaboration and acquisition dating back to 2014 [2] Financial Performance - The financial forecast indicates a revenue decline of 34% in 2023, followed by a recovery with expected growth of 10% in 2025 and 11% in 2026 [6] - The projected net profit for 2024 is 237 million, increasing to 275 million in 2025 and 288 million in 2026 [6] Valuation Metrics - The report provides a forecast for Book Value Per Share (BPS) at 4.24 in 2024, 4.33 in 2025, and 4.43 in 2026, with a decreasing Price-to-Book (P/B) ratio from 1.66 in 2023 to 1.55 in 2026 [4][6]