EASTMONEY(SZ:300059) CMS·2025-08-16 09:04Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company's securities business shows significant elasticity, while the fund business still needs breakthroughs [1][3] - The company achieved total revenue of 6.86 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 5.57 billion yuan, up 37% year-on-year [1] - The company’s total assets reached 355.3 billion yuan, an increase of 16% from the beginning of the year, with a return on equity (ROE) of 13.4%, up 0.74 percentage points from 2024 [1] Summary by Sections Securities Business - The brokerage business shows strong growth with net commission income of 3.36 billion yuan, up 68% year-on-year, and trading volume of 16.03 trillion yuan, up 74% year-on-year [2] - Interest income from credit business increased by 49% year-on-year to 1.25 billion yuan, supported by the expansion of non-bank deposits [2] - Proprietary trading income decreased by 17% year-on-year to 1.39 billion yuan, indicating relative weakness under base pressure [2] Fund Business - Fund sales reached 1.0573 trillion yuan, a year-on-year increase of 24%, with non-monetary fund sales at 626 billion yuan, up 25% [3] - The company’s non-monetary fund holding scale was 675.3 billion yuan, up 10% from the beginning of the year, while equity fund holdings remained stable [3] - The company is focusing on high-net-worth clients and integrating AI capabilities to enhance service quality [3] Financial Data and Valuation - The company’s projected net profit for 2025, 2026, and 2027 is expected to be 11.745 billion yuan, 13.002 billion yuan, and 14.425 billion yuan, respectively, with year-on-year growth rates of 22%, 11%, and 11% [8] - The current stock price is 26.76 yuan, with a total market capitalization of 42.29 billion yuan [4] - The company’s financial metrics include a price-to-earnings (PE) ratio of 36.0 for 2025 and a price-to-book (PB) ratio of 4.6 [9]