EASTMONEY(SZ:300059) Guoxin Securities·2025-05-02 02:05Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Insights - The company reported a Q1 2025 revenue of 3.486 billion yuan, a year-on-year increase of 41.9%, but a quarter-on-quarter decrease of 19.0. The net profit attributable to shareholders was 2.715 billion yuan, up 39.0% year-on-year and down 23.9% quarter-on-quarter [1][4]. - The capital market's trading activity has significantly increased since Q4 2024, driving substantial growth in the company's securities business, particularly in brokerage and margin financing [1][2]. - The company has increased its bond investments in recent years, which has contributed positively to its revenue [1]. - The company holds a leading position in fund distribution, with a total equity fund holding of 349.3 billion yuan, accounting for 60.7% of non-monetary funds [3]. - The company has a strong online presence with its platforms, which enhances user engagement and retention, and it possesses a comprehensive range of financial licenses [3]. Financial Performance and Forecast - The company’s projected revenues for 2025-2027 are 13.265 billion yuan, 14.729 billion yuan, and 16.359 billion yuan, respectively, reflecting growth rates of 14.3%, 11.0%, and 11.1% [5][29]. - The net profit attributable to shareholders is expected to reach 11.010 billion yuan in 2025, with a growth rate of 14.6% [5][29]. - The company’s current price-to-earnings (P/E) ratio is 34.00x, which is at the 48.43% percentile over the past five years [4][26].