HHTG(SH:600095) Tai Ping Yang·2024-04-24 02:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved a significant turnaround in performance, with a net profit of 119.42 million yuan, a year-on-year increase of 136.60% [4] - The self-operated business saw a remarkable revenue increase of 1552.25% year-on-year, reaching 36.6 million yuan [4] - The investment banking business also showed robust growth, with revenue rising by 77.70% year-on-year to 15.8 million yuan [4] - The company is expected to see revenue growth of 20.75%, 11.92%, and 10.61% for the years 2024 to 2026, respectively [4][5] - Projected net profit growth for the same period is 283.35%, 346.94%, and 382.21% [4][5] Summary by Sections Financial Performance - The company reported total revenue of 2.32 billion yuan for 2023, a decrease of 33.98% year-on-year [4] - Total assets stood at 33.04 billion yuan, down 5.02% year-on-year, while net assets increased slightly by 0.17% to 11.88 billion yuan [4] Business Segments - The subsidiary, Xiangcai Securities, generated total revenue of 1.48 billion yuan, up 37.98% year-on-year, with a net profit of 244 million yuan, reflecting a 523.44% increase [4] - The self-operated business's revenue growth was attributed to significant increases in investment income and fair value changes [4] - The investment banking segment focused on differentiated competition, achieving notable success in both equity and fixed income businesses [4] Future Projections - Earnings per share (EPS) are projected to be 0.10, 0.12, and 0.13 yuan for 2024, 2025, and 2026, respectively [5] - The price-to-earnings (PE) ratios corresponding to these EPS figures are expected to be 66.90, 54.64, and 49.60 [5]