EASTMONEY(SZ:300059) ZHONGTAI SECURITIES·2025-08-21 08:47Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive performance with a 39% year-on-year increase in total revenue to 6.9 billion yuan and a 37% increase in net profit attributable to shareholders to 5.6 billion yuan in the first half of 2025 [5] - The securities business is the main growth driver, benefiting from a 68% year-on-year increase in the average daily trading volume of A-shares to 1.61 trillion yuan [5] - The company has effectively controlled costs, with total operating costs rising only 2.5% year-on-year, while sales and R&D expenses decreased by 7% and 10%, respectively [5] Financial Forecasts - Revenue projections for the company are as follows: 2023A at 11,081 million yuan, 2024A at 11,604 million yuan, 2025E at 14,279 million yuan, 2026E at 15,798 million yuan, and 2027E at 17,655 million yuan [2] - Net profit attributable to shareholders is forecasted to be 8,193 million yuan in 2023A, 9,610 million yuan in 2024A, and expected to grow to 12,055 million yuan in 2025E, 13,848 million yuan in 2026E, and 15,896 million yuan in 2027E [2] - The projected P/E ratios are 52.23 for 2023A, 44.53 for 2024A, and expected to decrease to 35.50 for 2025E, 30.90 for 2026E, and 26.92 for 2027E [2] Market Position - The company is positioned as a leading player in the internet finance brokerage sector, with advantages in traffic and AI technology that continue to enhance market share [5]