Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company's revenue for 2024 is projected to be 19.19 billion yuan, representing a year-on-year increase of 12.3%, while the net profit attributable to shareholders is expected to reach 3.35 billion yuan, up 21.7% year-on-year [7]. - Investment income has significantly increased, with a reported 49.3 billion yuan in investment income for 2024, marking a 106.3% year-on-year growth [7]. - The brokerage business has seen a decline in revenue, with a 9.7% drop to 2.51 billion yuan, while the company has been optimizing its financial product distribution [7]. - The investment banking segment experienced a revenue decrease of 22.6%, with a notable drop in equity underwriting [7]. - The asset management business also faced challenges, with a 33.9% decline in revenue [7]. - The report highlights the company's efforts in wealth management transformation and fund management as key growth areas moving forward [7]. Financial Summary - Total revenue for 2023 was 17.09 billion yuan, with a projected increase to 19.19 billion yuan in 2024 [1]. - The net profit for 2023 was 2.75 billion yuan, expected to rise to 3.35 billion yuan in 2024 [1]. - The earnings per share (EPS) for 2024 is forecasted at 0.39 yuan, with a price-to-earnings (P/E) ratio of 20.85 [1]. - The company's return on equity (ROE) for 2024 is estimated at 4.1%, an increase of 0.7 percentage points year-on-year [7].

风险提示：政策风险，资本市场波动，汇率波动，经济增速不及预期等。 投资建议：基于公司年报数据及资本市场表现，我们对公司2025-2026 年的归母净利润预测分别上调 12.51%和12.35%，前值分别为31.99/33.56 亿元，预计2025-2027 年公司归母净利润为36.0/37.7/39.2 亿 元，同比增长7.4%/4.8%/4.1%，当前股价对应的PE 为22.8/21.8/20.9x,PB 为1.1/1.1/1.0x。 公司综合实力强劲、持续推进业务转型，对公司维持"优于大市"评级。 东方证券发布2024 年年报。公司2024 年实现营业收入191.90 亿元，同比+12.29%；实现归母净利润 33.50 亿元,同比+21.66%；基本每股收益为0.37，同比+23.33%；加权平均ROE4.14%，同比+0.69pct。分 条线看，2024 年营收同比增速：经纪-9.71%、投行-22.65%、资管-33.89%、利息-25.11%、投资 +106.31%；占比分别为13.08%、6.09%、6.99%、6.89%、25.67%。公司业绩增长的主因系受债券及权 益市场回暖影响，自营业务大 ...

Core Viewpoint - The company, Beiqing Song (688793), is focusing on the development of smart portable massage devices that cater to the elderly, integrating traditional Chinese medicine with modern technology, and is expanding its international marketing strategies to enhance brand recognition and sales growth [2][3][4]. Group 1: Product and Market Strategy - The company offers a range of products designed to alleviate pain and improve blood circulation for elderly users, with 13 products listed in a government initiative for smart home upgrades by the end of 2024 [2]. - The overseas marketing strategy combines online and offline approaches, utilizing major e-commerce platforms like Amazon and TikTok, and establishing a physical presence with an airport experience store in Singapore [3][4]. - The company is implementing localized operations by setting up subsidiaries to better understand and meet market demands, which supports the expansion of its international channels [4]. Group 2: Financial Performance - For the first three quarters of 2024, the company's overseas revenue increased by 28% year-on-year, indicating a successful international expansion [4]. - The company's main revenue for the third quarter of 2024 was 233 million yuan, a decrease of 31.92% year-on-year, while the net profit attributable to shareholders was -13.03 million yuan, down 244.58% year-on-year [4]. - The company reported a gross margin of 63.21% and a debt ratio of 48.47%, with investment income of 556,600 yuan and financial expenses of 2.08 million yuan [4]. Group 3: Analyst Ratings and Predictions - In the last 90 days, five institutions provided ratings for the stock, with two buy ratings, two hold ratings, and one neutral rating, and the average target price was set at 28.14 yuan [5]. - Detailed profit forecasts from various institutions indicate a projected net profit of 9 million yuan for 2024, increasing to 63 million yuan in 2025 and 90 million yuan in 2026 [6].

Investment Rating - The investment rating for Dongfang Securities is "Buy" (maintained) [1] Core Views - The company reported total operating revenue and net profit attributable to shareholders of 19.19 billion and 3.35 billion yuan for 2024, representing year-on-year growth of 12.3% and 21.7% respectively. The annualized weighted average ROE is 4.14%, up by 0.69 percentage points year-on-year. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 5 billion, 6.4 billion, and 7.6 billion yuan, reflecting year-on-year growth of 51%, 27%, and 18% respectively, with corresponding EPS of 0.6, 0.8, and 0.9 yuan. The company has a competitive advantage with its asset management brands, Oriental Asset Management and Huatai-PineBridge, and is focusing on deepening wealth management transformation [4][6][7]. Summary by Sections Financial Performance - In 2024, Dongfang Securities' total revenue was 19.19 billion yuan, with a year-on-year increase of 12.3%. The net profit attributable to shareholders was 3.35 billion yuan, up 21.7% year-on-year. The gross margin improved to 18.4% and the net margin to 17.5% [4][7][10]. - The company’s self-operated investment income reached 4.9 billion yuan in 2024, a significant increase of 106% year-on-year, with a self-operated investment return rate of 4.41%, up by 2.1 percentage points year-on-year [6][7]. Asset Management and Market Position - Dongfang Securities' asset management revenue decreased to 1.44 billion yuan, down 30% year-on-year, while net profit fell by 32% to 330 million yuan. The market share for non-monetary and equity AUM was 0.73% and 1.15%, respectively [5]. - Huatai-PineBridge reported a revenue of 4.83 billion yuan, with a net profit of 1.55 billion yuan, reflecting a 9% increase year-on-year [5]. Brokerage and Investment Banking - The brokerage business net income decreased by 10% year-on-year, with the buy-side service model maturing and fund advisory business growing to 15.37 billion yuan, up 7.05% year-on-year [6]. - The investment banking segment saw a 23% decline in net income, primarily due to a sluggish IPO market, while the bond underwriting business increased by 36% year-on-year, ranking 6th in the market [6]. Valuation Metrics - The current stock price corresponds to a PB ratio of 1.04, 0.98, and 0.91 for 2025-2027, indicating a favorable valuation outlook [4][7].

Investment Rating - The report maintains a "Buy" rating for Dongfang Securities [4] Core Views - Dongfang Securities reported a 2024 revenue increase of 12.3% year-on-year, with a net profit attributable to shareholders rising by 21.7%, resulting in a return on equity (ROE) of 4.14% [2][3] - The significant growth in revenue is primarily driven by the investment business, which saw a 106% increase year-on-year [2][3] - In Q4 2024, the company achieved a revenue of 5.11 billion yuan, reflecting a 50.5% year-on-year increase, although the net profit for the quarter decreased by 146.6% to 0.05 billion yuan [2][3] Summary by Sections Revenue Breakdown - For the full year 2024, the revenue from various business segments is as follows: - Brokerage: 2.51 billion yuan, down 10% - Investment Banking: 1.17 billion yuan, down 23% - Asset Management: 1.34 billion yuan, down 34% - Investment: 4.93 billion yuan, up 106% - Credit Business: 1.32 billion yuan, down 25% [2][3] Financial Performance - The total revenue for 2024 was 19.19 billion yuan, with a net profit of 3.35 billion yuan [2][3] - The company’s financial investment assets reached 221.93 billion yuan, a 13% increase year-on-year [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 20.9 billion yuan and 22.5 billion yuan, respectively, with year-on-year growth rates of 9% and 8% [3] - Expected net profits for 2025 and 2026 are 4.6 billion yuan and 5.1 billion yuan, with growth rates of 38% and 11% [3]

智通财经APP获悉，东方证券发布研报称，认为，逆全球化与贸易壁垒大背景下，受特朗普关税政策反 复变动、美国经济数据及美联储降息预期，全球央行购金有望持续增长，推动黄金价格持续新高。该行 看好金价的长期上涨空间，建议关注全球布局的国内黄金民营企业、2026年后产量增量较大的赤峰黄金 (600988.SH，买入)，世界级一流矿企、铜、金双轮驱动的紫金矿业(601899.SH，买入)，同时建议关注 山金国际(000975.SZ，未评级)。 截止2025年2月28日，中国央行黄金在外汇储备中的占比仅为6.58%，与其他国家相比存在较大差距。 假设未来其他资产数额不变，如果外汇储备中黄金占比提升至对标西班牙水平的21.9%，则对应的总计 理论增量空间为6265.6吨黄金;如果提升黄金外汇储备占比至对标埃及水平23.7%，则对应的总计理论增 量空间为7166.9吨黄金。 央行购金对黄金价格的影响 根据Wind数据，2022至2024年全球央行月度净购金量除2023年3月至5月为负值以外，总体维持稳定， 月度购金量约为50至100吨。其中，全球央行单月购金量的激增，可能推动黄金价格近5%的上涨。需要 注意的是，由于全球央行 ...

事件描述 东方证券发布2024 年年报，报告期内分别实现营业收入和归母净利润191.9、33.5 亿元，同比分别 +12.3%、+21.7%；加权平均净资产收益率同比+0.69pct 至4.14%；剔除客户资金后的经营杠杆较年初 +8.1%至3.74 倍。 事件评论 自营投资高增提振公司整体业绩表现。1）2024 年，东方证券实现营业收入和归母净利润分别为191.9、 33.5 亿元，同比分别+12.3%、+21.7%，加权ROE 同比+0.69pct 至4.14%；2）单季度来看，市场回暖下 Q4 业绩同比明显回升，公司Q4 单季实现营收、归母净利润分别为51.1、0.5 亿元，同比分别+50.5%、 +146.6%；3）分业务条线来看，经纪、投行、资管、利息、自营收入分别为25.1、11.7、13.4、13.2、 53.8 亿元，同比分别-9.7%、-22.6%、-33.9%、-25.1%、+81.2%，经纪、投行、资管降幅有所收窄，自 营业务高增提振整体业绩表现。 市场回暖自营高增，强力支撑业绩表现。1）2024 年权益市场整体回暖，万得全A 指数上涨10.0%，去 年同期下跌5.2%；基本面向上修复下 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 吴一凡 SAC：S0490519080007 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨东方证券（600958.SH） [Table_Title] 东方证券 2024 年报点评：自营高增提振业绩表 现，期待资管及财富优势显现 报告要点 [Table_Summary] 2024 年东方证券自营投资高增提振整体业绩表现，泛财富条线有所承压但降幅逐步收窄。展望 未来，公司仍是券商在财富管理和资产管理中受益的标杆，资本市场高位运行背景下期待公司 大资管+大财富优势逐步显现，维持买入评级。 [Table_Title 东方证券 2024 2] 年报点评：自营高增提振业绩表 现，期待资管及财富优势显现 [Table_Summary2] 事件描述 东方证券发布 2024 年年报，报告期内分别实现营业收入和归母净利润 191.9、33.5 亿元，同 比分别+12.3%、+21.7%；加权平均净资产收益率同比+0.69pct 至 4.14%；剔除客户资金后的 经营杠杆较年初+8.1%至 3.74 倍。 事件评论 风险提示 1 ...

证券研究报告 | 2025年03月30日 东方证券（600958.SH） 优于大市 自营回暖，业绩反转 东方证券发布 2024 年年报。公司 2024 年实现营业收入 191.90 亿元，同比 +12.29%；实现归母净利润 33.50 亿元,同比+21.66%；基本每股收益为 0.37， 同比+23.33%；加权平均 ROE4.14%，同比+0.69pct。分条线看，2024 年营收 同比增速：经纪-9.71%、投行-22.65%、资管-33.89%、利息-25.11%、投资 +106.31%；占比分别为 13.08%、6.09%、6.99%、6.89%、25.67%。公司业绩 增长的主因系受债券及权益市场回暖影响，自营业务大幅提升所致。公司以 "大财富、大投行、大机构"三大业务为主线，推动业务转型。 财富及资产管理：金融产品代销和机构财富业务发力。金融产品代销和机构 理财等方面，2024 年，资本市场交投活跃，公司托管资产总额、非货产品销 售规模、非货币保有规模、机构理财保有规模分别为 8,782.73 亿元、209.56 亿元、558.24 亿元、182.06 亿元，同比分别+17.74%、+26.20 ...

投资业务驱动业绩增长。1）公司投资业务净收入同比+81.16%至53.84 亿元，贡献了调整后营收（营业 收入-其他业务支出）增量的678.28%，是业绩改善主因，主要是权益、固收市场全年同比向好背景下， 投资收益率同比+1.04pct 至2.36%。其中，2024Q4 公司投资净收入19.09 亿元环比-54.57%，主要受Q4 固收市场行情波动影响。 2）此外，公司资管业务（含私募基金管理）、经纪业务收入同比-33.9%及-9.7%，拖累业绩。 政策大力引导中长期机构资金入市，公司有望把握政策机遇，实现业绩增长。1）1 月22 日，中央金融 办等部门联合印发《关于推动中长期资金入市工作的实施方案》并于次日召开新闻发布会，推动中长期 机构资金入市。居民对权益市场的信心持续提振，股基交易持续活跃。2）公司旗下资管业务坚持逆势 布局主动权益基金，持续丰富固定收益和股票指数类产品线，打造客需导向的产品管理体系与产品生命 周期系统。优化投研一体化平台，打造专业投研队伍，投研核心能力持续提升，有望更好地把握增量资 金入市机遇。 本报告导读： 2024 年公司投资业务驱动业绩增长。 政策大力引导中长期机构资金入市，公司 ...