Beijing (SZ:300803) Guoyuan Securities·2024-02-26 16:00Investment Rating - The report recommends a "Buy" rating for the company, with a target price of 47.09 yuan [2]. Core Views - The company is a comprehensive large-scale financial information service enterprise that has opened up new growth opportunities through the acquisition of Maigao Securities. The company has seen a compound annual growth rate (CAGR) of 15.61% in total revenue from 2019 to 2023. In 2023, the company successfully turned a profit after the acquisition and is actively restoring Maigao Securities' business operations [3][4]. Company Overview - Founded in 1997, the company officially established in 2001, primarily provides timely and professional financial data analysis and securities investment consulting services through its securities tool software terminal. The company has expanded its business to include advertising services. The acquisition of Maigao Securities in 2022 has further enhanced its strategic layout and growth potential [3][14]. Financial Analysis - The company reported total revenue of 1.11286 billion yuan in 2023, a decrease of 11.33% year-on-year. The net profit attributable to shareholders was 72.61 million yuan, down 78.54% year-on-year. The financial information service business accounted for 85.24% of total revenue, while the securities service business contributed 11.32% [5][18][20]. Industry Analysis - The financial information service industry is rapidly developing, with a market size of 440 billion yuan in 2022, growing at a rate of 4.76%. The industry is characterized by a fragmented competitive landscape, with key players including Tonghuashun, Dongfang Caifu, and Dazhihui. The report emphasizes the importance of differentiated competition in this sector [3][31][43]. Growth Prospects - The company has a clear five-year plan for Maigao Securities, aiming to become a distinctive wealth management firm with strong profitability by 2026. The company is focusing on integrating financial technology with its securities services to enhance its operational capabilities and profitability [4][5][14]. Earnings Forecast - The company forecasts revenues of 1.43763 billion yuan, 1.85701 billion yuan, and 2.27896 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 214.15 million yuan, 398.94 million yuan, and 578.51 million yuan for the same years [5].