EASTMONEY(SZ:300059) Guotou Securities·2025-11-04 05:02Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][5]. Core Views - The company reported significant year-on-year profit growth, with total revenue for Q1-Q3 2025 reaching 11.59 billion yuan, up 58.7%, and net profit attributable to shareholders at 9.1 billion yuan, up 50.6% [1]. - The fund market has seen substantial growth, with the company's fund distribution revenue improving, primarily benefiting from the recovery in fund issuance and sales due to a rising equity market [1]. - The brokerage business experienced a significant increase in commission income, while the self-operated investment segment faced challenges due to declining fixed-income returns [2]. - The company is advancing its financial technology capabilities, particularly through its proprietary model, which is expected to enhance its research and application in key financial areas [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a net commission income of 6.64 billion yuan, a year-on-year increase of 86.8% [2]. - The interest income from margin financing reached 2.41 billion yuan, up 59.7% year-on-year [2]. - The self-operated investment segment reported a decline in investment income and fair value changes, totaling 1.97 billion yuan, down 18.2% year-on-year [2]. Revenue Projections - The company forecasts total revenue of 15.99 billion yuan for 2025, with net profit expected to reach 12.83 billion yuan [4][10]. - Earnings per share (EPS) are projected to be 0.81 yuan in 2025, increasing to 1.02 yuan by 2027 [3][4]. Market Position - The total market capitalization of the company is approximately 403.95 billion yuan, with a circulating market value of about 341.90 billion yuan [5]. - The stock price as of November 3, 2025, was 25.56 yuan, with a target price set at 29.22 yuan [5].