Beijing (SZ:300803) GUOTAI HAITONG SECURITIES·2026-02-04 10:30Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 144.90 CNY, compared to the current price of 121.61 CNY [6][13]. Core Insights - The company has experienced significant revenue growth driven by active trading in the capital market, with a notable increase in marketing efforts and the consolidation of Maigao Securities contributing to higher expenses. The acquisition of Pioneer Fund is expected to enhance wealth management capabilities, providing new growth momentum for the future [2][13]. - The company's adjusted revenue for 2025 (including investment income) is projected to be 2.366 billion CNY, representing a year-on-year increase of 41.01%, while the net profit attributable to the parent company is expected to reach 228 million CNY, up 118.7% year-on-year [13]. Financial Summary - Total revenue is forecasted to grow from 1.529 billion CNY in 2024 to 4.527 billion CNY by 2028, with annual growth rates of 37.4%, 40.4%, 32.2%, 30.2%, and 22.6% respectively [4]. - Net profit attributable to the parent company is expected to increase from 104 million CNY in 2024 to 1.38 billion CNY in 2028, with growth rates of 43.5%, 118.7%, 146.0%, 74.9%, and 40.8% respectively [4]. - Earnings per share (EPS) is projected to rise from 0.17 CNY in 2024 to 2.26 CNY in 2028 [4]. Business Performance - The company's securities business is experiencing rapid growth, with net commission income from brokerage and proprietary trading expected to reach 505 million CNY in 2025, a 110% increase year-on-year. Interest income is projected to be 101 million CNY, up 33% year-on-year, and investment income is expected to be 221 million CNY, reflecting a 47.3% increase [13]. - The financial information services and advertising business is also expected to grow, with revenue projected at 1.539 billion CNY in 2025, a 28% increase year-on-year [13]. Market Position - The company is positioned to benefit from a robust demand for wealth management services amid active capital market conditions. The number of active users on its securities app is expected to reach 175 million by December 2025, marking a 2.26% year-on-year increase [13]. - The report emphasizes the dual-driven strategy of financial information services and securities business, aiming to create a comprehensive wealth management service platform [13].