九方智投控股：2025业绩预告及行政监管点评：合同负债创历史新高，客户留存持续向好-20260211

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Insights - The company has released a performance forecast indicating a significant increase in net profit and a record high in contract liabilities, laying a solid foundation for 2026 performance. The retention of existing customers remains strong, and market trading continues to be active, leading to an optimistic outlook for future performance [2][10]. - The company reported a revenue of 34.3 billion RMB for 2025, representing a year-on-year increase of 48.74%. The adjusted net profit forecast for 2025-2027 is 9.01 billion, 13.77 billion, and 15.74 billion RMB, reflecting year-on-year growth of 231%, 53%, and 14% respectively [10][11]. - The company maintains a target price of 89 HKD, corresponding to a 27x P/E ratio for 2026 [10]. Financial Summary - Total revenue is projected to grow from 2,306 million RMB in 2024 to 3,430 million RMB in 2025, with a growth rate of 48.74%. The net profit is expected to increase from 272 million RMB in 2024 to 901 million RMB in 2025, marking a growth of 230.76% [4][11]. - The company's contract liabilities reached 1.53 billion RMB, the highest in its history, with approximately 80% expected to be recognized as revenue in the following year, which is anticipated to support the company's performance in 2026 [10][11]. - The company has a strong cash position with cash and cash equivalents projected to increase from 2,209 million RMB in 2024 to 2,813 million RMB in 2025 [11].