EASTMONEY(SZ:300059) GUOTAI HAITONG SECURITIES·2025-10-26 12:21Investment Rating - The investment rating for the company is "Accumulate" with a target price of 31.20 CNY, while the current price is 25.90 CNY [8]. Core Insights - The company's performance in Q3 2025 met expectations, driven by active market trading and increasing AI capabilities, which enhance its competitive edge [2][16]. - The company reported a significant increase in revenue and net profit, with adjusted revenue reaching 135.56 billion CNY, up 40% year-on-year, and net profit attributable to shareholders at 90.97 billion CNY, up 51% year-on-year [16]. - The growth in revenue was primarily attributed to a substantial increase in commission income, which rose by 86.79% to 6.64 billion CNY, contributing 81% to the revenue growth, and net interest income, which increased by 59.71% to 2.405 billion CNY, contributing 18% [16]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 11,081 million CNY - 2024A: 11,604 million CNY - 2025E: 14,611 million CNY (up 25.9%) - 2026E: 16,260 million CNY (up 11.3%) - 2027E: 17,825 million CNY (up 9.6%) [5][17]. - Net profit attributable to shareholders is projected as: - 2023A: 8,193 million CNY - 2024A: 9,610 million CNY (up 17.3%) - 2025E: 12,263 million CNY (up 27.6%) - 2026E: 13,302 million CNY (up 8.5%) - 2027E: 14,145 million CNY (up 6.3%) [5][17]. - The company’s earnings per share (EPS) are forecasted to be: - 2023A: 0.52 CNY - 2024A: 0.61 CNY - 2025E: 0.78 CNY - 2026E: 0.84 CNY - 2027E: 0.90 CNY [5][17]. Market Dynamics - The active trading environment in the capital markets and the growing demand for wealth management among residents are seen as catalysts for the company's growth [4][16]. - The company has experienced a notable increase in its market share in margin financing, with the balance of margin financing reaching 2.4 trillion CNY, up 66.38% year-on-year [16].