一季度业绩略低于预期，成本管控良好。1）1Q 利润增速略低于预期： 1Q25 公司净利润1.2 亿元/yoy+15.9%，我们认为子公司责令改正期间暂停客户新增一定程度影响C 端软 件销售，叠加部分业务尚未确收（合同负债yoy+67%、经营活动现金流yoy+720%），是拖累公司单季 利润略低于预期主要原因。2）成本管控看：1Q25 公司研发费用为2.9 亿/yoy-3.7%，研发费用率 38.9%/yoy-9.94pct；管理费用0.63 亿/yoy-2.3%，管理费用率为8.4%/yoy-2.01pct；销售费用为1.7 亿/yoy+47.4%，销售费用率22.2%/yoy+3.98pct，销售费率提升主因公司持续扩大推广力度。 事件：4 月25 日，同花顺公布2025 年一季报。1Q25 公司实现净利润1.2亿元/yoy+15.9%，实现营业总收 入7.5 亿元/yoy+20.9%。 大模型技术与金融信息服务业务深度融合，引领金融AI 行业发展。公司持续加大对机器学习、自然语 言处理、智能语音等关键技术攻关，加速人工智能大模型与现有产品和服务体系融合，提升产品竞争 力；1Q25 同花顺推出问财2.0，对 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-on-year increase of 4.72%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.29% year-on-year [1] - The company's market share in brokerage and margin trading has shown significant improvement, while the fund distribution business continues to be impacted by fee reductions [1][8] - The company is expected to maintain its leading position in retail brokerage and leverage financial AI to enhance traditional securities business [8] Revenue and Profit Forecast - Total revenue is projected to reach 13.37 billion yuan in 2025, with a year-on-year growth of 15.21%, and net profit is expected to be 11.51 billion yuan, reflecting a growth of 19.79% [1][22] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 31.47 [1][22] Business Segments - Brokerage business revenue is expected to grow to 9.92 billion yuan in 2025, with a significant increase in market share [22] - Fund distribution revenue is anticipated to decline to 3.14 billion yuan in 2025 due to ongoing fee reductions [8][22] - The company’s financial data services and advertising revenue are projected to remain stable, with slight growth expected [22] Cost Management - The company has effectively controlled its operating costs, which are expected to be 4.74 billion yuan in 2025, reflecting a year-on-year increase of 11.36% [22] - Research and development expenses are projected to increase to 1.34 billion yuan in 2025, indicating a continued investment in technology and AI capabilities [22]

证券研究报告·公司点评报告·证券Ⅱ 2025 年 03 月 15 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 东方财富（300059） 2024 年年报点评：经纪及两融市占率上行显 著，基金代销仍受降费影响 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,081 | 11,604 | 13,369 | 15,338 | 17,615 | | 同比（%） | -11.25% | 4.72% | 15.21% | 14.72% | 14.85% | | 归母净利润（百万元） | 8,193 | 9,610 | 11,512 | 13,541 | 15,854 | | 同比（%） | -3.71% | 17.29% | 19.79% | 17.63% | 17.08% | | EPS-最新摊薄（元/股） | 0.52 | 0.61 | 0.73 | 0.86 | ...

[Table_Tag] [事件： Table_Summary] 公司发布 2024 年年报，①2024 年，营业总收入同比+5%至 116 亿 元，归母净利润同比+17%至 96 亿元，归母净资产 807 亿元，较 2023 年 末+12%。②2024Q4 单季度，实现营业总收入同比+66%至 43 亿元，归母 净利润同比+80%至 36 亿元。③ROE 同比+0.65pct 至 12.59%。 投资要点 ◼ 风险提示：公募费改幅度超预期；权益市场大幅波动；行业竞争加剧。 2025 年 03 月 15 日 证券分析师 孙婷 证券研究报告·公司点评报告·证券Ⅱ 东方财富（300059） 2024 年年报点评：经纪及两融市占率上行显 著，基金代销仍受降费影响 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,081 | 11,604 | 13,369 | 15,338 | 17,615 | | 同比（%） | - ...