Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan for 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, showing year-on-year growth of 1.5% and 18.3%, respectively. The number of live broadcasts increased by 110% to 26,500 sessions, totaling over 49,800 hours [2]. - The company has optimized its product matrix, resulting in a significant increase in paid users for its large product offerings, with 181,500 paying users and a reduced refund rate of 21.8% compared to the first half of 2024 [2]. - The introduction of AI tools has enhanced operational efficiency, allowing revenue growth despite a reduction in employee numbers by 11.1%. Cost expenses increased by 14.0%, but the ratios for sales, management, and R&D expenses decreased [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00%, respectively. Net profit attributable to shareholders is forecasted to be 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027, respectively [3].
九方智投控股（09636）：产品矩阵丰富优化，AI 赋能利润高增