行业报告 | 行业点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------- ...

Investment Rating - Buy (maintained) [1] Core Views - The company's market share in securities brokerage and margin trading has increased, with a significant growth in customer deposits [1][2] - The company's net profit for the first three quarters of 2024 was 6.04 billion yuan, a year-on-year decrease of 2.7%, with Q3 net profit at 1.99 billion yuan, a slight year-on-year increase of 0.1% [2] - The company's fund distribution income was slightly below expectations, but an improvement is expected in Q4 [2] - The company's investment income contributed 28% to the profit in the first three quarters [2] - The company's net profit forecast for 2024-2026 has been revised upward to 9.3/12.2/14.1 billion yuan, with expected EPS of 0.6/0.8/0.9 yuan [2] - The current stock price corresponds to a PE ratio of 38.5/29.3/25.4 times for 2024-2026 [2] Brokerage and Margin Trading - The company's net income from fees and commissions (mainly securities brokerage) for the first three quarters was 3.56 billion yuan, a year-on-year decrease of 5.3% [2] - The estimated market share of stock and fund trading volume in Q3 2024 increased compared to the mid-year report [2] - The scale of client deposits reached 112.8 billion yuan at the end of Q3, a quarter-on-quarter increase of 64% [2] - The net interest income for the first three quarters was 1.65 billion yuan, a year-on-year decrease of 1%, with a margin trading market share of 3.06%, up 0.06 percentage points quarter-on-quarter [2] - The scale of margin financing at the end of Q3 was 43.8 billion yuan, a 5% decrease from the beginning of the year [2] - The company's self-operated investment income for the first three quarters was 2.41 billion yuan, a year-on-year increase of 49%, with an annualized investment return rate of 3.7% [2] Fund Distribution - The company's revenue from fund distribution for the first three quarters was 2.24 billion yuan, a year-on-year decrease of 27%, with Q3 revenue at 720 million yuan, a quarter-on-quarter decrease of 7% [2] - The market sentiment was relatively weak from July to mid-September, leading to pressure on the net value of equity funds and a decline in front-end subscription and redemption fees [2] - The total issuance of equity funds in Q3 was 46.9 billion yuan, a quarter-on-quarter decrease of 16% [2] - The market turned around at the end of September, with the equity fund index rising by 12% in Q3, and the total scale of equity funds reaching 8.02 trillion yuan, a quarter-on-quarter increase of 21% [2] - The company's AUM growth is expected to drive an improvement in trailing commission income, with a significant improvement in fund distribution income expected in Q4 [2] Financial Summary and Valuation - The company's revenue for 2024E is forecasted at 11.26 billion yuan, with a net profit of 9.3 billion yuan [3] - The company's gross margin for 2024E is expected to be 95.5%, with a net margin of 82.6% [3] - The company's ROE for 2024E is forecasted at 12.2%, with an EPS of 0.59 yuan [3] - The company's P/E ratio for 2024E is 38.5 times, with a P/B ratio of 4.4 times [3] Company Information - The current stock price is 22.70 yuan, with a total market capitalization of 358.33 billion yuan [4] - The company's total share capital is 15.786 billion shares, with a circulating share capital of 13.359 billion shares [4] - The company's turnover rate in the past three months was 261.61% [4]

上 市 公 司 非银金融 证 券 研 究 报 告 2024 年 10 月 26 日 东方财富 (300059) ——投资收益高增长提振业绩，看好后续盈利弹性 报告原因：有业绩公布需要点评 买入（维持） 事件：10/25，东方财富披露 2024 年三季报，业绩符合预期。公司前三季度累计营业总收入 为 73.04 亿元，同比下降 13.96%；归母净利润为 60.42 亿元，同比下降 2.69%。其中，公司 三季度的营业总收入为 23.59 亿元，同比下降 13.86%，归母净利润为 19.86 亿元，同比增长 0.09%，环比下降 5.5%。 ⚫ 三季度市场交投承压背景下，公司证券业务表现稳健。1）代理买卖业务表现稳健。前三 季度沪深两市日均股基成交额为 9210 亿元，同比下降 8.6%；其中三季度的股基成交额为 8046 亿元，环比下降 15.2%，同比下降 12.3%。公司前三季度的手续费及佣金净收入（主 要是以代理买卖证券业务净收入为主）为 35.6 亿元，同比下降 5.33%；其中，三季度的 手续费及佣金净收入为 11.6 亿元，同比下降 8%，环比下降 4.4%。值得关注的是，公司 的货币资金以及代 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has experienced a decline in revenue and profit in the first three quarters of 2024, with revenue at 7.3 billion yuan, down 14.0% year-on-year, and net profit at 6.04 billion yuan, down 2.7% year-on-year [3][4] - The decline in performance is attributed to the sluggish capital market and a decrease in traditional business revenue, despite a significant increase in proprietary trading income [4][5] - The company is focusing on AI development to enhance its financial services and is expected to benefit from the intelligent finance trend [5] Financial Performance Summary - For the first three quarters of 2024, the company's revenue from securities and information technology services was 5.06 billion yuan and 2.24 billion yuan, respectively, accounting for 69.3% and 30.7% of total revenue [4] - The average daily trading volume in the A-share market was 921 billion yuan, down 8.6% year-on-year, impacting the company's commission income [4] - The company’s proprietary trading assets increased by 19.4% year-on-year to 84.5 billion yuan, contributing significantly to its performance [4] - The company’s fund distribution scale has increased, with the number of funds distributed reaching 10,390, up 10.3% year-on-year [5] Earnings Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 8.281 billion yuan, 8.804 billion yuan, and 9.451 billion yuan, respectively, with EPS projected at 0.52 yuan, 0.56 yuan, and 0.60 yuan [5][6]

东方财富(300059) / 证券Ⅱ / 公司点评 / 2024.10.26 业绩好于预期，深度受益 A 股交投复苏 ——3Q2024 业绩点评 证券研究报告 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 22.70 | | 流通股本 ( 亿股 ) | 133.59 | | 每股净资产 ( 元 ) | 4.87 | | 总股本 ( 亿股 ) | 157.86 | | 最近 12 月市场表现 | | -33% -12% 8% 28% 48% 68% 东方财富 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《行业份额稳固，业绩保持韧性》 2024-08-12 2. 《证券业务贡献韧性，静待财富管理 市场回暖》 2024-04-26 3. 《短期业绩承压，市场份额提升驱动 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a positive outlook for Q4 profit elasticity release [1] - Despite a decline in market trading activity, the company's securities business outperformed the overall market [1] - The company's securities brokerage business demonstrated leading advantages, with a 5% YoY increase in net income from commissions and fees in Q1-Q3 2024 [1] - The proprietary investment business remained stable, with a 50% YoY increase in income in Q1-Q3 2024 [1] - The market share of margin trading increased by 0.32 percentage points to 3.04% by the end of Q3 2024 [1] - The fund business faced pressure due to a cooling fund issuance market and public fund fee reforms, with a 27% YoY decline in revenue in Q1-Q3 2024 [1] - The company's Q4 performance is expected to benefit from increased market activity and potential investment gains [1] Financial Forecasts and Valuation - Revenue for 2024E, 2025E, and 2026E is projected at 11,004, 12,243, and 14,186 million RMB, respectively [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected at 8,731, 10,195, and 12,175 million RMB, respectively [1] - EPS for 2024E, 2025E, and 2026E is projected at 0.55, 0.65, and 0.77 RMB per share, respectively [1] - The current P/E ratio is 40.12x for 2024E, 34.36x for 2025E, and 28.77x for 2026E [1] Market Data - Closing price: 22.70 RMB [3] - One-year low/high: 9.87/29.00 RMB [3] - P/B ratio: 4.77x [3] - Market capitalization: 358,331.81 million RMB [3] Financial Data - Net asset per share: 4.75 RMB [4] - Asset-liability ratio: 71.48% [4] - Total shares outstanding: 15,785.54 million [4] - A-shares outstanding: 13,359.28 million [4] Historical Performance - Revenue for 2020, 2021, 2022, and 2023 was 8,239, 13,094, 12,486, and 11,081 million RMB, respectively [6] - Net profit attributable to the parent company for 2020, 2021, 2022, and 2023 was 4,778, 8,553, 8,509, and 8,193 million RMB, respectively [6] - EPS for 2020, 2021, 2022, and 2023 was 0.30, 0.54, 0.54, and 0.52 RMB per share, respectively [6]

Revenue and Profit - Total operating revenue for the quarter was RMB 2.36 billion, a decrease of 13.86% year-over-year[3] - Net profit attributable to shareholders was RMB 1.99 billion, a slight increase of 0.09% year-over-year[3] - Total operating income decreased to 7.30 billion yuan from 8.49 billion yuan, a decline of 14.0%[19] - Operating profit slightly decreased to 6.99 billion yuan from 7.18 billion yuan, a 2.6% decline[20] - Total profit for the period was 6,990,072,319.11, a decrease from the previous period's 7,176,450,401.34[21] - Net profit attributable to the parent company's shareholders was 6,041,773,745.62, down from 6,208,920,957.81 in the previous period[21] - Basic earnings per share (EPS) were 0.3826, compared to 0.3916 in the previous period[21] - Total comprehensive income was 6,095,662,948.41, slightly lower than the previous period's 6,268,100,093.08[21] Assets and Liabilities - Total assets increased by 36.27% to RMB 326.48 billion compared to the end of the previous year[3] - Total assets increased to 326.48 billion yuan from 239.58 billion yuan, a growth of 36.3%[17] - Total liabilities rose to 249.54 billion yuan from 167.62 billion yuan, an increase of 48.9%[17] - Short-term borrowings surged to 10.13 billion yuan from 2.36 billion yuan, a 329.7% increase[17] - The company's total current assets increased to RMB 294.44 billion as of September 30, 2024, compared to RMB 215.97 billion at the beginning of the period[15][16] - Monetary funds grew by 82.42% to RMB 112.00 billion due to increased customer funds and company deposits[6] - Monetary funds grew significantly to RMB 112.00 billion, up from RMB 61.40 billion at the start of the period[15] - Trading financial assets rose to RMB 84.50 billion from RMB 68.29 billion[15] - Other receivables increased to RMB 20.03 billion from RMB 14.50 billion[16] - The company's financial assets for resale decreased slightly to RMB 8.04 billion from RMB 7.53 billion[16] - The company's other equity instrument investments saw a substantial increase to RMB 13.84 billion from RMB 4.46 billion[16] - The company's long-term equity investments decreased slightly to RMB 320.41 million from RMB 343.18 million[16] Cash Flow - Operating cash flow surged by 825.66% to RMB 64.12 billion year-to-date[3] - Cash flow from operating activities was 64,120,818,904.37, a significant improvement from the previous period's -8,836,163,082.95[22] - Cash flow from investing activities was -10,421,573,598.32, compared to -6,517,183,898.41 in the previous period[23] - Cash flow from financing activities was 6,123,493,482.45, down from 9,452,607,454.81 in the previous period[23] - Net increase in cash and cash equivalents was 59,804,593,296.01, compared to -5,839,832,685.55 in the previous period[24] - Cash received from selling goods and providing services was 2,440,958,304.73, down from 3,313,373,224.54 in the previous period[22] - Cash paid for employee benefits was 1,919,434,262.08, an increase from 1,893,110,584.15 in the previous period[22] Investment and Income - Investment income rose by 32.21% to RMB 2.10 billion year-to-date[8] - Fair value change income increased significantly by 1115.46% to RMB 308.39 million year-to-date[8] - Interest income dropped to 1.51 billion yuan from 1.67 billion yuan, a decrease of 9.7%[20] - Net income from fees and commissions fell to 3.55 billion yuan from 3.75 billion yuan, a 5.3% decline[20] - Investment income rose to 2.10 billion yuan from 1.59 billion yuan, a 32.2% increase[20] Expenses - Sales expenses decreased by 38.54% to RMB 216.18 million due to reduced market promotion spending[7] - Operating costs decreased to 3.09 billion yuan from 3.27 billion yuan, a 5.5% reduction[20] - R&D expenses increased to 848.48 million yuan from 790.88 million yuan, a 7.3% rise[20] Shareholder and Equity Information - The company's largest shareholder, Qi Shi, holds 19.40% of the shares, totaling 3.06 billion shares[9] - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding 765,540,565 shares[10] - The company's total restricted shares remained unchanged at 2,426,263,792 shares, primarily due to executive shareholding restrictions[13] Reserves and Funds - Settlement reserves increased by 82.28% to RMB 19.52 billion due to higher customer reserves[6] - The company's settlement reserve funds increased to RMB 19.52 billion from RMB 10.71 billion[15]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司（以下简称"公司"）子公司东方财富证券股份 有限公司（以下简称"东方财富证券"）于 2024 年 4 月 24 日成功发行了东方财 富证券股份有限公司 2024 年度第五期短期融资券（以下简称"24 东财证券 CP005"），发行金额为人民币 10 亿元，票面利率为 1.99%，期限为 180 天，兑 付日期为 2024 年 10 月 22 日。详情见公司于 2024 年 4 月 26 日在深圳证券交易 所网站和符合中国证监会规定条件的信息披露媒体披露的相关公告。 2024 年 10 月 22 日，东方财富证券完成了 24 东财证券 CP005 的本息兑付 工作。 特此公告。 证券代码：300059 证券简称：东方财富 公告编号：2024-083 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2024 年度第五期 短期融资券兑付完成的公告 二〇二四年十月二十三日 东方财富信息股份有限公司董事会 ...

证券代码：300059 证券简称：东方财富 公告编号：2024-082 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2024 年度第十三期 | 短期融资券名称 | | | 东方财富证券股份有限公司 | | 2024 | 年度第十三期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 24 | 东财证券 | | CP013 | 短期融资券代码 | 072410184 | | | | 发行价格 | 100.00 | 元 | | | 币种 | 人民币 | | | | 短期融资券期限 | 182 天 | | | | 息票类型 | 固息 | | | | 发行日期 | 2024 年 | 10 | 月 | 16 日 | 起息日期 | 2024 年 | 10 月 | 17 日 | | 兑付日期 | 年 2025 | 4 | 月 17 | 日 | 票面利率 | 2.02% | | | | 计划发行总额 | 20 亿元 | | | | 实际发行总额 | 20 亿元 | | | 本期发行短期融资券的相关文件 ...