机构：信达证券 研究员：庞倩倩 智通财经消息，截至2025 年6 月末，A 股投资者总数已突破2.4 亿。从结构看，个人投资者占绝对主 导，2024 年底占比超99.76%，2025 年上半年新增开户中个人占比达99.63%，机构投资者占比不足 0.24%且新增数量逐年下降。与此同时，弗若斯特沙利文数据显示，2026 年国内个人可投资金融资产规 模中股票资产有望达到41.4 万亿，接近2020 年的两倍。叠加散户本身缺乏专业投资经验及知识储备， 专业投顾市场有望持续扩容。 盈利预测与投资评级：公司作为金融科技及服务行业领先企业，以新颖高效的商业模式和扎实的投教内 容快速打开市场，并有望从未来国内居民端的财富增长中不断受益，我们预计公司 2025 - 2027 年营业 收入 38.05/44.14/50.76 亿元，同比增长 65%/16%/15%；归母净利润为 13.78/16.78/19.58 亿元，对应当前 股价 PE 分别为15.66/12.86/11.02 倍。首次覆盖，给予"买入"评级。 深度把握短视频流量风口，商业模式创新带来高斜率成长。近年来短视频流量入口快速崛起，用户数量 达10 亿以上（20 ...

Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is positioned to benefit from the growing demand for retail investment consulting services as the number of individual investors in the A-share market continues to rise, with over 240 million investors reported by mid-2025 [4][34] - The company has successfully leveraged the short video trend to innovate its business model, achieving high growth rates through effective customer engagement and content distribution [4][11] - Strategic acquisitions and capital raises are expected to diversify the company's business and enhance its international market presence, particularly in the areas of stablecoins and RWA (Real World Assets) [4][13] Summary by Sections Company Overview - The company focuses on high-end investment education and consulting, utilizing AI technology to enhance its service offerings and customer engagement [15][26] - It has developed a range of products, including high-value VIP services and a unique learning machine aimed at educating new investors [11][24] Market Demand and Growth - The demand for investment consulting services is increasing, driven by the growing wealth of individual investors and the need for professional guidance [4][39] - The online investment decision-making solutions market is projected to grow significantly, with estimates reaching RMB 872 billion by 2026 [50] Business Model Innovation - The company has adopted a new business model that integrates content production, multi-channel distribution, and precise customer targeting, resulting in a sustainable growth mechanism [11][59] - The use of AI and big data analytics allows the company to provide personalized investment advice and enhance user experience [12][26] Financial Performance and Projections - Revenue is expected to grow from RMB 3.8 billion in 2025 to RMB 5.1 billion in 2027, with a corresponding increase in net profit from RMB 1.4 billion to RMB 2 billion [5] - The company's P/E ratio is projected to decrease from 15.66 in 2025 to 11.02 in 2027, indicating potential for valuation improvement [5] Strategic Initiatives - The company plans to expand its international footprint through strategic acquisitions and partnerships, particularly in Hong Kong and the Middle East [4][13] - Recent capital raises have been directed towards building a blockchain financial ecosystem and enhancing digital asset services [4][13]

Core Viewpoint - Jiufang Zhituo has established itself as a reliable player in the securities investment advisory industry, leveraging its compliance, technological advancements, and industry recognition to provide a unique investment experience for investors [1][8]. Group 1: Qualification Certification - Jiufang Zhituo is one of the earliest professional institutions in China to obtain securities investment consulting qualifications, having been established in 1996 and recognized as a member of the China Securities Association [2]. - The company received its securities investment advisor license in 1998, becoming one of the first licensed institutions in the industry [2]. - As of the end of 2024, Jiufang Zhituo has over 300 qualified investment advisors, placing it among the top in the industry [2]. Group 2: Business Layout - The business model of Jiufang Zhituo is characterized by a "technology + research" dual-drive strategy, focusing on investor education through a comprehensive year-round educational system [4]. - The company has developed an app that offers AI stock diagnosis and intelligent monitoring tools, providing personalized investment decision support [4]. - In 2024, Jiufang Zhituo launched the industry's first stock learning machine, "Yizhi Gudao," featuring nine dimensions of courses and AI interaction capabilities [4]. Group 3: Honor Recognition - Jiufang Zhituo has received multiple awards, including the "Most Improved Securities Data Provider" from the Hong Kong Stock Exchange in 2024, marking it as the first mainland advisory institution to achieve this honor [6]. - The company was recognized as the "Outstanding Financial Technology Company" at the "Golden Ding Award" organized by the Daily Economic News in 2024 [6]. - Jiufang Zhituo's intelligent advisory digital assistant, "Jiugo," served 472,000 users and recorded over 32.4 million service instances in 2024, with its technological achievements receiving multiple national patent certifications [6].