Core Viewpoint - The modern financial industry is experiencing a significant trend where large reasoning models enhance the efficiency of financial services through advanced natural language processing and logical reasoning capabilities [1] Group 1 - The application of large model technology allows for effective utilization of vast amounts of unstructured data in the financial sector, uncovering hidden insights and generating real-time dynamic decisions [1] - The transformation of service experience in finance is driven by the ability to process and analyze non-structured data effectively [1] Group 2 - Suggestions include building foundational infrastructure for AI in finance to solidify its development [1] - The establishment of a secure and trustworthy environment is essential for the stable and sustainable growth of AI in the financial sector [1] - Creating an open and collaborative innovation ecosystem is crucial to stimulate the vibrant potential of financial AI [1]

Core Insights - The modern financial industry is experiencing three major trends: the enhancement of financial service efficiency through reasoning large models, the improvement of intelligent risk control capabilities via multimodal information analysis, and the reshaping of the financial service ecosystem through human-machine collaboration [1] Group 1: Trends in Financial Industry - Reasoning large models are enhancing the efficiency of financial services [1] - Multimodal information analysis is improving intelligent risk control capabilities [1] - Human-machine collaboration is reshaping the financial service ecosystem [1] Group 2: Challenges in Financial Industry - There is a need to balance convenient services with data security [1] - The issue of algorithm interpretability is leading to a trust crisis [1] - Strategic choices regarding technology iteration and autonomous control are critical [1] Group 3: Recommendations for Development - It is suggested to build foundational infrastructure for artificial intelligence to solidify the development of financial AI [1] - Creating a secure and trustworthy development environment is essential for the stable advancement of AI [1] - An open and collaborative innovation ecosystem should be established to stimulate the vitality of financial AI [1] - Regulatory bodies are encouraged to act as a bridge to create collaborative innovation platforms across organizations and fields [1]

Group 1 - The securities industry is entering a new development opportunity period, with firms planning to optimize business layouts and enhance investor returns through increased dividend frequency and cautious mergers and acquisitions [1][2] - Many listed securities firms have emphasized maintaining a stable dividend policy, with some planning to increase the proportion of cash dividends from at least 10% to at least 30% of distributable profits from 2024 to 2026 [2] - Companies are focusing on improving information disclosure quality and investor relations management to enhance long-term investment value and protect investor rights [2][3] Group 2 - The trend of mergers and acquisitions in the securities industry is accelerating, with several firms actively pursuing acquisitions, such as Western Securities' acquisition of Guorong Securities [3] - Companies are in various stages of regulatory review and integration planning for their merger activities, indicating a proactive approach to industry consolidation [3] - Despite a recovery in industry performance, challenges remain, including declining commission rates and reduced investment banking projects, which are pressuring smaller firms [4][5] Group 3 - Smaller securities firms are facing increased competition due to rising industry concentration and declining fee rates, prompting them to explore differentiated strategies [5] - Leading firms are enhancing their comprehensive service capabilities, with some adopting advanced technologies like AI to improve service efficiency and quality [5][6] - The industry is experiencing a transformation in its profit models and competitive landscape, with firms like Shenwan Hongyuan focusing on building a first-class investment bank and enhancing core professional capabilities [6]

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 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2024, the company is expected to achieve a total revenue of 11.6 billion yuan, a year-on-year increase of 4.72%, and a net profit attributable to shareholders of 9.61 billion yuan, reflecting a year-on-year growth of 17.29% [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’s return on equity (ROE) increased by 0.65 percentage points to 12.59% [1] Revenue and Profit Forecast - Total revenue is projected to grow from 11.08 billion yuan in 2023 to 11.6 billion yuan in 2024, with further increases expected in subsequent years [1][22] - Net profit is forecasted to rise from 8.19 billion yuan in 2023 to 9.61 billion yuan in 2024, with continued growth anticipated through 2027 [1][22] - Earnings per share (EPS) is expected to increase from 0.52 yuan in 2023 to 0.61 yuan in 2024, with a target of 1.00 yuan by 2027 [1][22] Business Segment Performance - The brokerage business is projected to generate a revenue of 8.49 billion yuan in 2024, up from 7.19 billion yuan in 2023, indicating a year-on-year growth of 18.1% [1][22] - The fund distribution service revenue is expected to decline to 2.84 billion yuan in 2024, down from 3.63 billion yuan in 2023, reflecting a year-on-year decrease of 21.6% [1][22] - The company’s financial data service revenue is projected to remain stable at around 192 million yuan in 2024 [1][22] Cost Management - Total operating costs are expected to decrease by 2% to 4.3 billion yuan in 2024, with significant reductions in sales and operating costs [1][22] - Sales expenses are projected to drop by 31% to 322 million yuan, while R&D expenses are expected to increase by 6% to 1.14 billion yuan [1][22] Strategic Advantages - The company benefits from strong customer loyalty and diverse demand through its leading platforms such as Eastmoney and Tiantian Fund [1] - The integration of AI capabilities is expected to enhance the company's financial services, particularly through the upgraded Choice 8.0 version [1] - The company is well-positioned to maintain its leading position in the retail brokerage sector, leveraging its traffic advantages and low commission strategies [1]