EASTMONEY(SZ:300059) Great Wall Securities·2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company is expected to see performance improvement in 2024, supported by its self-operated business, which has shown significant growth [1][2]. - The report highlights the company's strong market share in brokerage and margin financing, which is anticipated to continue its upward trend [2][6]. - The integration of AI capabilities is expected to enhance the company's competitive edge and operational efficiency [2][6]. Financial Summary - The company's projected revenue for 2024 is 12,485.58 million, with a year-on-year growth rate of 14.67% [1][7]. - The net profit for 2024 is estimated at 8,509.46 million, reflecting a growth rate of 6.70% [1][7]. - The return on equity (ROE) is projected to be 14.40% in 2024, with an expected EPS of 0.64 yuan [1][7]. - The P/E ratio for 2024 is forecasted at 20.27 times, while the P/B ratio is expected to be 3.16 times [1][7]. Market Position and Performance - The company reported a total revenue of 2,456 million for Q1 2024, a decrease of 12.60% year-on-year, with a net profit of 1,954 million, down 3.70% [1][2]. - The average daily trading volume for stock-based funds increased by 3.01% year-on-year in Q1 2024, indicating a slight recovery in market activity [2]. - The company's self-operated business saw a remarkable year-on-year growth of 64.90% in Q1 2024, contributing positively to overall performance [2][6]. Strategic Outlook - The report emphasizes the potential for continued growth driven by the new regulatory environment and the company's strategic focus on AI development [2][6]. - The company is positioned favorably compared to other A-share fintech companies in terms of valuation, suggesting a strategic window for investment [2].