FCSC(SZ:002797) Guoxin Securities·2024-04-28 01:32Investment Rating - The investment rating for the company is "Accumulate" [2][3]. Core Views - The company reported a total revenue of 2.489 billion yuan in 2023, a decrease of 4.7% year-on-year, and a net profit attributable to shareholders of 331 million yuan, down 17.5% year-on-year [2][3]. - In Q1 2024, the company achieved a revenue of 673 million yuan, a decline of 2.66% year-on-year, but net profit increased by 1.64% to 143 million yuan [2]. - The company is expected to strengthen its "fixed income + asset management" dual-driven business advantage, benefiting from the support of its largest shareholder, Beijing Guoguan [2][3]. - The investment business saw significant growth, with revenue increasing by 217% in 2023, primarily due to strong performance in bond investments [2][3]. - The company is expanding its business in the Beijing Stock Exchange and enhancing its capabilities in the New Third Board listing [2][3]. Financial Forecasts and Metrics - The company’s projected revenues for 2024, 2025, and 2026 are 3.494 billion yuan, 4.007 billion yuan, and 4.337 billion yuan, respectively, reflecting growth rates of 40.4%, 14.7%, and 8.3% [2][8]. - The net profit attributable to shareholders is forecasted to be 465 million yuan in 2024, 534 million yuan in 2025, and 578 million yuan in 2026, with growth rates of 40.8%, 14.8%, and 8.3% [2][8]. - The company’s diluted earnings per share (EPS) is expected to remain stable at 0.1 yuan from 2024 to 2026 [2][8]. - The return on equity (ROE) is projected to improve from 2.2% in 2023 to 3.9% in 2026 [2][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 70.1 in 2023 to 40.8 in 2026, while the price-to-book (P/B) ratio remains relatively stable around 1.6 [2][8].