Group 1 - The non-bank financial industry experienced a net outflow of 2.856 billion yuan in funds on March 18, with 84 stocks in the sector, of which 39 rose and 34 fell [1] - The top three stocks with the highest net outflow were Dongfang Caifu, Hainan Huatie, and China Galaxy, with net outflows of 557 million yuan, 455 million yuan, and 205 million yuan respectively [1][2] - The industry saw a slight increase of 0.18% in its overall performance, while the Shanghai Composite Index rose by 0.11% [1] Group 2 - The stock with the highest net inflow was Guosheng Jinkong, with a net inflow of 50.75 million yuan, followed by Hatou Shares and Northeast Securities with inflows of 10.41 million yuan and 8.59 million yuan respectively [1][2] - The top five stocks with the largest net outflows included Dongfang Caifu, Hainan Huatie, China Galaxy, Tianfeng Securities, and CITIC Securities, all showing significant negative fund flow [1][2] - The non-bank financial sector had 11 stocks with net inflows, indicating some positive interest despite the overall outflow trend [1]

Summary of East Money Information (300059.SZ) Conference Call Company Overview - **Company**: East Money Information - **Ticker**: 300059.SZ - **Industry**: Online financial services, including brokerage, mutual fund distribution, and market data services [18][19] Key Financial Highlights - **4Q24 NPAT**: Increased by 79.8% year-on-year (y-y) to RMB3.57 billion, exceeding consensus by 11% [1] - **2024 NPAT**: Up 17.3% y-y to RMB9.61 billion [1] - **Brokerage Fee Income**: Rose by 120.6% quarter-on-quarter (q-q) and 111.0% y-y to RMB2.56 billion in 4Q24, accounting for 61% of gross income [2][7] - **Net Interest Income**: Increased by 82.7% q-q and 56.6% y-y to RMB875 million in 4Q24 [2] - **Cost-to-Income Ratio**: Improved to 24.8%, down 15.4 percentage points (ppt) q-q [2] - **Return on Assets (ROA)**: Jumped to 4.5%, up 1.82 ppt q-q [1] - **Return on Equity (ROE)**: Increased to 18.1%, up 7.65 ppt q-q [1] Revenue Drivers - **Brokerage Income**: Primarily volume-driven, with East Money gaining market share of 4.23% in 2H24, up 23 basis points (bp) half-on-half (h-h) [2] - **Mutual Fund Distribution**: Despite a surge in new fund sales (+247.5% q-q), non-brokerage fee revenue growth was weaker than expected, up only 21.9% q-q to RMB737 million [7] Challenges and Risks - **Earnings Growth Momentum**: Expected to taper off due to normalization of Average Daily Trading (ADT) and slowdown in mutual fund sales [8] - **Client Asset Outflow**: Customer funds for securities purchase shrank by 0.9% q-q, indicating a net outflow of RMB1 billion in 4Q24 [7] - **Provision Charge**: Increased to RMB43 million in 4Q24, indicating potential risks in the market [7] Valuation and Investment Strategy - **Target Price**: Raised to RMB19 from RMB18, applying a target PE of 25x for 2025E [1][8] - **Investment Rating**: Maintained at Sell/High Risk due to capped near-term upside and potential long-term growth challenges [19][20] Market Outlook - **Market Cap**: Approximately RMB385.64 billion (US$53.23 billion) [3] - **Expected Total Return**: -21.9% with a dividend yield of 0.4% [3] - **Long-term Positioning**: East Money is well-positioned to capture retail demand for mutual funds and gain market share in the brokerage business, despite current challenges [19][20] Conclusion East Money Information has shown strong financial performance in 2024, particularly in brokerage and interest income. However, challenges such as client asset outflows and a potential slowdown in earnings growth present risks. The investment strategy remains cautious, with a Sell rating reflecting the current market conditions and valuation concerns.

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2] - A total of 3396 stocks had financing funds buying in, with the top three being Dongfang Caifu, Shenghong Technology, and Runhe Software, with buying amounts of 17.42 billion yuan, 13.87 billion yuan, and 11.73 billion yuan respectively [2][3] Fund Issuance - On the previous day, 44 new funds were issued, including various ETFs and mixed funds focused on sectors such as healthcare, technology, and real estate. Notable funds include the Hong Kong Medical ETF and the Southern CSI Science and Technology Innovation Board Comprehensive ETF [4][5][6] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included stocks such as Xiangyang Bearing, with a net purchase amount of 20402.83 million yuan, and Zhongdali De, with 20306.97 million yuan. Other notable stocks include Hailanxin and Quzhou Development [7][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q4 2024, the company's performance improved significantly alongside the market, driven mainly by proprietary and securities businesses. The market share in securities continues to rise, while fee rates are on a downward trend. The self-operated income remains high due to balance sheet expansion and a bull market in bonds. Fund distribution is still affected by fee reductions, but the market share for actively managed equity funds has rebounded quarter-on-quarter. The company, as a benchmark internet brokerage, shows significant competitive advantages in customer acquisition and cost control, and its securities business growth is promising in the context of market recovery [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.6 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.3%. The weighted average return on equity increased by 0.7 percentage points to 12.6% [6][12]. Business Segments - The company's revenue from various business lines in 2024 includes e-commerce at 3.11 billion yuan (down 20.0%), net interest income at 2.38 billion yuan (up 6.9%), net commission income at 6.11 billion yuan (up 23.1%), and investment income at 3.37 billion yuan (up 50.8%). The decline in fund distribution revenue is noted, while securities brokerage and bond self-operation maintain high growth [12]. Market Share and Fee Trends - In 2024, the company’s agency trading volume for stock funds reached 24.2 trillion yuan, with a market share of 8.21%, an increase of 0.18 percentage points year-on-year. The estimated net commission rate for securities brokerage is 0.010%, down 4.4% year-on-year. The financing balance at the end of 2024 was 58.86 billion yuan, with a market share of 3.2%, up 0.24 percentage points year-on-year [12][14]. Self-Operated Income - The company’s investment asset scale reached 85.38 billion yuan at the end of 2024, a year-on-year increase of 7.4%. The estimated static investment return rate is 4.75%, up 1.36 percentage points year-on-year, benefiting from balance sheet expansion and a bull market in bonds [12][14]. Cost Control and Profitability - The company effectively controlled costs, with sales, management, and R&D expenses at 320 million yuan, 2.33 billion yuan, and 1.14 billion yuan respectively, showing a decrease in sales expenses by 31.2% year-on-year. The net profit margin improved to 64.2%, up 2.6 percentage points year-on-year, indicating significant enhancement in profitability [12][14]. Growth Outlook - The company is viewed positively for its securities business growth potential, with expected net profits of 9.67 billion yuan and 10.91 billion yuan for 2025 and 2026, corresponding to price-to-earnings ratios of 39.9 and 35.3 times [12][14].

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1]. Financing and Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin trading balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2]. - A total of 3396 stocks received financing purchases, with the top three being Dongfang Caifu, Shenghong Technology, and Runhe Software, which attracted financing amounts of 17.42 billion yuan, 13.87 billion yuan, and 11.73 billion yuan, respectively [2][3]. Fund Issuance - On the previous day, 44 new funds were issued, including various ETFs focused on the Hong Kong stock market and the STAR Market, as well as mixed funds targeting innovation-driven sectors [4][5][6]. Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included stocks such as Xiangyang Bearing with a net purchase of 204.03 million yuan, Zhongdali De with 203.07 million yuan, and Hailanxin with 185.02 million yuan [9].

Market Overview - The Shanghai Composite Index rose by 0.19% to close at 3426.13 points, with a daily high of 3436.35 points. The Shenzhen Component Index fell by 0.19% to close at 10957.82 points, reaching a high of 11015.47 points. The ChiNext Index decreased by 0.52% to close at 2215.13 points, with a peak of 2233.33 points [1]. Margin Trading and Financing - The total margin trading balance in the Shanghai and Shenzhen markets reached 19360.11 billion yuan, with a financing balance of 19238.64 billion yuan and a securities lending balance of 121.48 billion yuan. This represents an increase of 119.76 billion yuan compared to the previous trading day. The Shanghai market's margin trading balance was 9795.92 billion yuan, up by 36.14 billion yuan, while the Shenzhen market's balance was 9564.19 billion yuan, increasing by 83.62 billion yuan [2]. - The top three stocks with financing buy-ins were Dongfang Caifu (17.42 billion yuan), Shenghong Technology (13.87 billion yuan), and Runhe Software (11.73 billion yuan) [2]. Fund Issuance - A total of 44 new funds were issued yesterday, including various ETFs focused on the Hong Kong stock market and the STAR Market, as well as mixed funds and bond funds. Notable funds include the Southern STAR Market Comprehensive ETF and the Guotai STAR Market Comprehensive ETF [3][4]. Top Net Purchases on the Dragon and Tiger List - The top ten stocks with the highest net purchases on the Dragon and Tiger list included Xiangyang Bearing (20402.83 million yuan), Zhongdali De (20306.97 million yuan), and Hailanxin (18501.82 million yuan). These stocks showed significant price increases, with Xiangyang Bearing rising by 9.99% and Zhongdali De by 10.0% [5].

Investment Rating - The report maintains a "Strong Buy" recommendation for Dongfang Caifu (300059.SZ) [7] Core Views - The company's securities business has fully recovered, while the fund business remains under pressure. In 2024, the company achieved total revenue of 11.6 billion, up 5% year-on-year, and net profit attributable to shareholders of 9.6 billion, up 17% year-on-year. The revenue from Dongcai Securities was 10.8 billion, up 26%, while Tian Tian Fund's revenue was 2.85 billion, down 22% [1][2] - The company is expected to benefit from a favorable market environment, with a projected net profit of 11.2 billion, 12.4 billion, and 13.8 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 16%, 11%, and 11% [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.6 billion, a 5% increase year-on-year, and a net profit of 9.6 billion, a 17% increase year-on-year. The total asset scale reached 306.4 billion, up 28% year-on-year, and the net asset attributable to shareholders was 80.7 billion, up 12% year-on-year [1][2] - The fourth quarter saw a significant increase in revenue and net profit, with total revenue of 4.3 billion, up 66% year-on-year, and net profit of 3.6 billion, up 80% year-on-year [1] Business Segments - The brokerage business showed strong performance with a net income of 5.1 billion, up 20% year-on-year, and a market share increase to 4.14% [2] - The fund business faced challenges, with total revenue of 3.1 billion, down 20% year-on-year, despite a 22% increase in fund sales volume to 1.88 trillion [3] Market Position - Dongcai Securities' margin financing market share increased to 3.10%, with a financing scale of 57.7 billion, up 27% year-on-year [2] - The company is focusing on "fixed income+" and stock index funds to align with market preferences, with a slight decrease in market share to 3.38% [3] Future Outlook - The company is expected to maintain a stable growth trajectory in its securities business, with a projected net profit margin of 83% in 2024, up 9 percentage points year-on-year [1][7] - The report highlights the potential of the "Miaoxiang" financial model and its collaboration with DeepSeek to enhance business capabilities and drive performance growth [7]

丨证券研究报告丨 公司研究丨点评报告丨东方财富（300059.SZ） [Table_Title] 东方财富 2024 年报点评：自营及证券业务高增， 平台及生态优势凸显 报告要点 [Table_Summary] 2024 年四季度，东财业绩随市场大幅改善，自营及证券业务为主要驱动。分业务条线来看，证 券业务市场份额继续提升，费率端延续下降趋势；得益于扩表及债券牛市，自营收益维持高增； 基金代销仍受降费影响，主动权益代销市场份额环比回升。东财作为互联网券商的标杆，在获 客端和成本控制端的竞争优势显著，在市场回暖背景下，看好其证券业务的成长性，短期内业 绩预计受到公募降费及债市震荡制约，中长期来看公司拥有较强的成长确定性及生态优势。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东方财富（300059.SZ） cjzqdt11111 [Table_Title 东方财富 2024 2] 年报点评：自营及证券业 ...

东方财富(300059)：证券业务全面复苏 基金业务仍 然承压 事件：东方财富发布2024 年年报，公司实现营业总收入116 亿元，同比+5%；归母净利润96 亿 元，同比+17%。 证券业务全面复苏，基金业务仍然承压。2024 年公司实现营业总收入116 亿，同比+5%，归母净利 润96 亿，同比+17%。其中，东财证券营收108 亿元，同比+26%，天天基金营收28.5 亿元，同比-22%。 公司总资产规模3064 亿，同比+28%；归母净资产807 亿，同比+12%。四季度股债双牛、加之往年低基 数效应，营收净利润同比高增，营业总收入43 亿元，同比+66%，归母净利润36 亿元，同比+80%。受 益市场景气度向好，证券业务全面复苏，2024年净利润率83%，上行9pct。2024 年公司ROE 为12.6%， 同比+0.7pct。 费率优惠挑战分成收入模式，基金业务整体承压。公司基金业务收入31 亿元，同比-20%。 （1）低基数影响，基金销售额同比高增。公司基金销售规模18812 亿元，同比+22%，其中非货基 金10867 亿元，同比+20%。 （2）迎合市场偏好，发力"固收+"和股票型指数基金。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 11.6 billion yuan in 2024, a year-on-year increase of 4.7%, and a net profit of 9.61 billion yuan, up 17.3% year-on-year [5][6] - The company's performance was positively influenced by the recovery in the capital market, with significant growth in both revenue and profit in Q4 2024 [6][9] - The company is leveraging its leading position in internet finance and a large customer base to accelerate its "AI + Finance" strategy, aiming to enhance its service ecosystem [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 116 billion yuan, with a net profit of 96.1 billion yuan, reflecting a 17.3% increase year-on-year [5][6] - The company's securities business and information technology service revenue were 84.9 billion yuan and 31.1 billion yuan, respectively, accounting for 73.2% and 26.8% of total revenue [6][8] Revenue Breakdown - The average daily trading volume in the A-share market was 12,102 billion yuan, a 22% increase year-on-year, contributing to a net income from commissions of 6.11 billion yuan, up 23.1% [7] - The company's proprietary trading income increased by 50.8% to 3.37 billion yuan, driven by improved fixed income business performance [7][8] Future Outlook - The company forecasts net profits of 10.75 billion yuan, 11.91 billion yuan, and 12.54 billion yuan for 2025, 2026, and 2027, respectively, with an EPS of 0.68, 0.75, and 0.79 yuan [9][11] - The report predicts a PE ratio of 35.86, 32.39, and 30.75 for the years 2025, 2026, and 2027, respectively [9][11]