EASTMONEY(300059) 华鑫证券·2025-04-20 15:20Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Insights - The company is expected to achieve record highs in both revenue and net profit in 2024, with projected revenue of 11.604 billion yuan, a year-on-year increase of 4.72%, and a net profit of 9.610 billion yuan, up 17.29% [3]. - The "Miaoxiang" financial model, a significant innovation, has been integrated into the company's services, enhancing its capabilities in financial analysis and decision-making [4][6]. - The company is positioned to leverage its strong research and development capabilities to build a comprehensive internet wealth management ecosystem, which is expected to drive long-term growth [6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 11.604 billion yuan and a net profit of 9.610 billion yuan, with significant growth in Q4 net profit of 35.68 billion yuan, reflecting a year-on-year increase of 79.66% [3]. - Revenue projections for 2025, 2026, and 2027 are 13.265 billion yuan, 14.653 billion yuan, and 16.485 billion yuan, respectively, with corresponding EPS of 0.66 yuan, 0.73 yuan, and 0.80 yuan [7][9]. Business Strategy - The company is focusing on an "AI + Finance" strategy, enhancing its technological capabilities to improve financial services and customer engagement [4][6]. - The integration of the "Miaoxiang" model into the company's operations is expected to streamline processes and improve efficiency in investment research and trading decisions [4]. Market Position - The company maintains a leading position in the domestic internet financial services sector, benefiting from a large user base and high user engagement [3][6]. - The report highlights the company's unique business model that combines various financial services, creating a robust competitive advantage in the market [6].