证券研究报告·公司点评报告·非银金融 指南针（300803） 2025 年半年报点评：市场活跃，拉升各项业 务收入增长 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） | 1,113 | 1,529 | 2,098 | 2,489 | 2,964 | | 同比（%） | -11.33% | 37.37% | 37.22% | 18.67% | 19.07% | | 归母净利润（百万元） | 73 | 104 | 283 | 378 | 498 | | 同比（%） | -78.54% | 43.50% | 171.47% | 33.60% | 31.67% | | EPS-最新摊薄（元/股） | 0.12 | 0.17 | 0.47 | 0.62 | 0.82 | | P/E（现价&最新摊薄） | 1271.25 | 885.87 | 326.33 | 244.26 | 185.51 | [Table_Tag] [事件 ...

Core Viewpoint - The company achieved significant growth in revenue and net profit in Q1 2025, driven by a recovery in the domestic capital market and effective marketing strategies [1][2]. Financial Performance - Total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while net profit attributable to shareholders surged by 726% to 139 million yuan [1]. - The company's financial information service revenue grew by 76% year-on-year to 424 million yuan, primarily due to concentrated marketing of high-end products [2]. - The net income from brokerage and proprietary trading activities rose significantly, with net commission income increasing by 143% to 97 million yuan and investment income soaring by 259% to 106 million yuan [2]. Cost Structure - Operating costs rose by 45% year-on-year to 42 million yuan, driven by increases in employee compensation and communication expenses [3]. - Research and development expenses increased by 49% to 51 million yuan, with the R&D expense ratio decreasing by 2 percentage points to 9% [3]. - Sales expenses grew by 80% to 260 million yuan, while the sales expense ratio decreased by 1 percentage point to 48% [3]. Strategic Developments - The company is transitioning from a software provider to a comprehensive financial services provider, exploring intelligent stock selection tools and enhancing its investment strategy recommendations [3]. - The "one body, two wings" strategy has been deepened with the acquisition of a 95% stake in Pioneer Fund [3]. - The company’s major shareholder provided loans to support business expansion and enhance liquidity, with commitments to increase returns through dividends and buybacks over the next three years [3]. Profit Forecast and Investment Rating - Based on Q1 2025 performance, profit forecasts for 2025-2027 have been revised upward, with expected net profits of 306 million, 414 million, and 539 million yuan respectively [4]. - The company’s rating has been upgraded to "Buy," reflecting confidence in its long-term growth potential [4].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue for Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software vendor to a comprehensive financial service provider, with significant growth in both software sales and brokerage services [7] - The report anticipates a strong growth trajectory for the company, projecting net profits of 306 million yuan, 414 million yuan, and 539 million yuan for 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,113 million yuan, with a year-on-year decrease of 11.33%, followed by a recovery in 2024 with an increase of 37.37% to 1,529 million yuan [1] - The net profit attributable to shareholders is expected to be 73 million yuan in 2023, with a significant recovery to 104 million yuan in 2024, representing a 43.50% increase [1] - The earnings per share (EPS) is forecasted to rise from 0.12 yuan in 2023 to 0.17 yuan in 2024, and further to 0.51 yuan in 2025 [1] Revenue Breakdown - The financial information service revenue for Q1 2025 was 424 million yuan, reflecting a 76% increase year-on-year [7] - The net commission income from brokerage services increased by 143% year-on-year to 97 million yuan in Q1 2025 [7] - Investment income saw a remarkable increase of 259% year-on-year to 106 million yuan in Q1 2025 [7] Cost and Expense Analysis - Operating costs for Q1 2025 rose by 45% year-on-year to 42 million yuan, primarily due to increased employee compensation and communication expenses [7] - Research and development expenses increased by 49% year-on-year to 51 million yuan, with a slight decrease in the R&D expense ratio [7] - Sales expenses surged by 80% year-on-year to 259 million yuan, driven by higher advertising and sales personnel costs [7] Strategic Developments - The company is enhancing its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [7] - The acquisition of a 95% stake in Pioneer Fund is part of the company's strategy to deepen its "one body, two wings" approach [7] - The company is committed to enhancing shareholder returns through dividends and buybacks over the next three years [7]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software tool provider to a comprehensive financial service provider, enhancing its product offerings and expanding its market presence [7] - The report anticipates significant growth in net profit for 2025-2027, with projections of 306 million yuan, 414 million yuan, and 539 million yuan respectively, reflecting a strong long-term growth outlook [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, a year-on-year increase of 85%, and a net profit of 139 million yuan, up 726% [1][7] - The company's total revenue for 2023 is projected at 1,113 million yuan, with a forecasted growth to 2,022 million yuan by 2025 [1][22] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 112.72 [1][22] Business Segments - The software segment saw a significant increase in revenue, driven by active capital markets and targeted marketing of high-end products, with a 76% year-on-year growth in financial information service revenue [7] - Brokerage and proprietary trading businesses also experienced rapid growth, with net commission income rising by 143% to 97 million yuan in Q1 2025 [7] Cost and Efficiency - Operating costs increased by 45% year-on-year to 42 million yuan, primarily due to rising employee compensation and communication expenses [7] - The report notes a decrease in expense ratios despite rising costs, indicating improved operational efficiency [7] Strategic Initiatives - The company is deepening its "one body, two wings" strategy, including acquiring a 95% stake in Pioneer Fund to enhance its service offerings [7] - The company is exploring advanced tools for stock selection, leveraging AI and deep learning to optimize investment strategies [7]