Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company demonstrated robust performance with a revenue of 1.529 billion yuan in 2024, reflecting a year-on-year growth of 37.37%, and a net profit of 104 million yuan, up 43.50% year-on-year. The fourth quarter alone contributed 752 million yuan in revenue, a 75.18% increase year-on-year, and a net profit of 214 million yuan, up 89.25% year-on-year. For Q1 2025, revenue reached 542 million yuan, a staggering 84.68% increase year-on-year, with a net profit of 139 million yuan, soaring 725.93% year-on-year [2][6]. Financial Performance Summary - **2024 Financials**: - Revenue: 1,529 million yuan - Year-on-year growth: 37.4% - Net profit: 104 million yuan - Year-on-year growth: 43.5% - Earnings per share: 0.17 yuan - Price-to-earnings ratio: 344 times - Price-to-book ratio: 16.0 times [2][7] - **2025 Projections**: - Revenue: 1,961 million yuan (28.3% growth) - Net profit: 294 million yuan (182.1% growth) - Earnings per share: 0.49 yuan - Price-to-earnings ratio: 122 times - Price-to-book ratio: 13.1 times [2][7] - **2026 and 2027 Projections**: - 2026 Revenue: 2,376 million yuan (21.2% growth) - 2026 Net profit: 372 million yuan (26.4% growth) - 2027 Revenue: 2,796 million yuan (17.7% growth) - 2027 Net profit: 479 million yuan (28.9% growth) [2][7] Business Segments Overview - **Financial Information Services**: - Revenue for 2024 was 1.211 billion yuan, a 22.75% increase, accounting for 79.22% of total revenue. The fourth quarter saw a significant recovery due to increased market activity, with new product launches enhancing user engagement [6]. - **Securities Business**: - The securities segment, primarily through the subsidiary Maigao Securities, reported a net income from fees and commissions of 241 million yuan in 2024, up 162.83%. The first quarter of 2025 continued this growth trend, with net income from fees and commissions reaching 97.28 million yuan, a 143.26% increase [6]. Market Position and Future Outlook - The company is positioned to benefit from the synergy of its full-license operations, with expectations of continued growth in both its financial information services and securities business. The report anticipates revenue growth of 28.3% in 2025, followed by 21.2% in 2026 and 17.7% in 2027, alongside significant increases in net profit [6][2].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company demonstrated robust performance with a revenue of 1.529 billion yuan in 2024, reflecting a year-on-year increase of 37.37%, and a net profit of 104 million yuan, up 43.50% year-on-year. The fourth quarter alone contributed 752 million yuan in revenue, marking a 75.18% increase year-on-year, and a net profit of 214 million yuan, up 89.25% year-on-year. For Q1 2025, revenue reached 542 million yuan, a staggering 84.68% increase year-on-year, with net profit soaring to 139 million yuan, a 725.93% increase year-on-year [2][6]. Financial Performance Summary - **2024 Financial Metrics**: - Revenue: 1,529 million yuan - Year-on-Year Growth: 37.4% - Net Profit: 104 million yuan - Year-on-Year Growth: 43.5% - Earnings Per Share: 0.17 yuan - Price-to-Earnings Ratio: 344 times - Price-to-Book Ratio: 16.0 times [2][7]. - **2025 Financial Projections**: - Revenue: 1,961 million yuan - Year-on-Year Growth: 28.3% - Net Profit: 294 million yuan - Year-on-Year Growth: 182.1% - Earnings Per Share: 0.49 yuan - Price-to-Earnings Ratio: 122 times - Price-to-Book Ratio: 13.1 times [2][7]. - **2026 and 2027 Projections**: - 2026 Revenue: 2,376 million yuan (21.2% growth) - 2026 Net Profit: 372 million yuan (26.4% growth) - 2027 Revenue: 2,796 million yuan (17.7% growth) - 2027 Net Profit: 479 million yuan (28.9% growth) [2][7]. Business Segment Insights - **Financial Information Services**: - In 2024, the internet financial services segment generated 1.211 billion yuan, accounting for 79.22% of total revenue, with a year-on-year growth of 22.75%. The fourth quarter saw a significant recovery due to increased market activity, and new product launches are expected to enhance user engagement [6][2]. - **Securities Business**: - The securities segment, primarily through the subsidiary Maigao Securities, reported a net income from fees and commissions of 241 million yuan in 2024, a 162.83% increase year-on-year. The first quarter of 2025 continued this growth trend, with net income from fees and commissions reaching 97.28 million yuan, up 143.26% year-on-year [6][2]. Market Position and Future Outlook - The company is positioned to benefit from the synergy of its full-license operations, with expectations of continued growth in both its financial information services and securities business. The report anticipates revenue growth of 28.3%, 21.2%, and 17.7% for 2025, 2026, and 2027 respectively, alongside significant increases in net profit [6][2].

Group 1 - The company's Q1 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, showing year-on-year growth of 85% and 726% [1] - The non-recurring net profit was 72 million yuan, with a year-on-year increase of 347%, aligning with expectations, primarily due to a non-recurring investment income of 66 million yuan from the acquisition of Pioneer Fund [1] - The company adjusted its profit forecast for 2025, expecting net profits of 360 million, 560 million, and 770 million yuan for 2025-2027, reflecting year-on-year growth of 249%, 55%, and 37% respectively [1] Group 2 - The company achieved a revenue of 420 million yuan in Q1, a year-on-year increase of 76%, with cash inflow from sales reaching 510 million yuan, up 93% year-on-year [2] - The pre-receivable accounts (contract liabilities + non-current liabilities) amounted to 870 million yuan, showing a quarter-on-quarter increase of 4% and a year-on-year increase of 25% [2] - Sales expenses increased to 260 million yuan, a year-on-year rise of 80%, primarily due to higher advertising and online promotion costs [2] Group 3 - The company's net commission income and net interest income for Q1 were 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67% [3] - The average daily trading volume of stock funds increased by 72% year-on-year, and the number of new accounts opened rose by 32% [3] - The company's investment income, including fair value changes, reached 100 million yuan, a year-on-year increase of 228%, with 66 million yuan attributed to non-recurring investment income from the acquisition [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（元） | 24.43 | | 一年内最高/最低（元） | 31.00/9.87 | | 市净率 | 5.0 | | 息率（分红/股价） | 0.16 | | 流通 A 股市值（百万元） | 326,367 | | 上证指数/深证成指 | 3,419.56/10,978.30 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 5.11 | | 资产负债率% | 73.65 | | 总股本/流通 A 股(百万) | 15,786/13,359 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11-14 12-14 01-14 02-14 03-14 -100% 0% 100% 200% 东方财富 沪深300指数 (收 ...