盈利预测与投资评级：基于公司2025Q1 的经营情况，我们上调对公司的盈利预测，预计2025-2027 年 公司归母净利润分别为3.06/4.14/5.39 亿元（前值为1.53/2.11/2.82 亿元），对应PE 分别为113/83/64 倍， 上调公司评级为"买入"，期待麦高证券的发展，看好公司长期成长性。 券商端：经纪及自营业务保持快速发展。2025 年一季度，①手续费及佣金净收入（经纪业务为主）同 比+143%至0.97 亿元，麦高证券客户规模稳定增长，公司代理买卖证券款较2024 年末+7.74%至66 亿 元。②净利息收入同比+67%至0.21 亿元。③投资收益同比+259%至1.06 亿元，报告期末交易性金融资 产较2025 年初+32%至12 亿元；除证券自营业务形成的投资收益外，本期因先锋基金公允价值重估计入 6,554 万元投资收益。 成本端：各项费用均有增长，费用率下降。2025 年一季度，①营业成本同比+45%至0.42 亿元，主要系 职工薪酬及IDC 邮电通信费同比增长；②研发费用同比+49%至0.51 亿元，研发费用率同比-2pct 至 9%，主要系公司加大研发投入，扩充研发团队 ...

扣非净利润符合预期，业绩和估值高弹性特征突出2025Q1 营业总收入/归母净利润分别为5.4/1.4 亿元， 同比+85%/+726%，扣非归母净利润0.72 亿，同比+347%，扣非净利润符合预期，两者差异核心是因收 购并表先锋基金形成商誉所产生的0.66 亿元非经常性投资收益。一季度金融信息服务收入与现金流高 增，业务高beta 特征突出，证券业务收入增速远高于市场交易量增速，协同效应以及自身优秀成长性持 续验证。考虑非经常性损益增量，小幅上调2025 年、维持2026-2027 年盈利预测，预计2025-2027 年归 母净利润为3.6/5.6/7.7 亿（调前3.5/5.6/7.7），同比+249%/+55%/+37%，EPS 分别为0.6/0.9/1.3元，当前 股价对应PE 94.7/61.2/44.7 倍。公司业务受益于个人投资者交易活跃度提升，且成长性持续验证，维 持"买入"评级。 一季度高端品营销良好，销售费用超预期增长，客户数同比高增一季度公司营业收入（金融信息服务为 主）4.2 亿元，同比+76%，销售现金流入5.1 亿元，同比+93%，预收账款（合同负债+非流动负债）8.7 亿，环比+ ...

维持指南针"买入"评级 指南针发布2025 年一季报。2025 年一季度公司实现营业总收入5.42 亿元/yoy+84.68%/qoq-28%，实现归 母净利润1.39 亿元/yoy+725.93%/qoq-35%，扣非归母净利润0.72 亿元/yoy+347%。 证券业务：麦高证券良性展业，后续有望实现主业协同2025 年一季度麦高证券经纪业务收入、净利息 收入、净投资收入分别为0.97、0.21、1.0 亿元，分别yoy+143%、+67%、+228%。2025 年一季度末麦高 证券代理买卖证券款71.36 亿，较2024 年末增长7.74%。麦高证券经纪业务收入、自营收入以及客户托 管资产规模均持续保持快速增长，后续有望进一步加深协同效应。 公司加大研发投入致成本端费用有所抬升 公司持续发挥资源整合、产品研发等核心竞争优势及整体协同效应，推动麦高证券良性展业。同时公司 持续加大广告宣传投入以及加大研发投入，2025 年一季度公司销售、管理、研发费用分别为2.59、 1.22、0.51 亿元，yoy 分别+80%、+49%、+49%。销售、管理、研发费用率分别为47.8%、22.4%、 9.4%，yoy ...

Summary of Conference Call for Guiding Compass (指南针) Company Overview - Guiding Compass reported a significant revenue increase of 76% year-on-year in Q1 2025, reaching 420 million yuan, primarily driven by the sales growth of its high-end financial information service product "All-Win Series Thinker" targeted at mid-tier users [2][3][9]. Financial Performance - The difference of approximately 66 million yuan between the non-net profit and net profit attributable to shareholders is mainly due to investment income from the acquisition of Pioneer Fund, including over 65 million yuan in fair value re-evaluation gains [2][3]. - The company holds a 95.01% stake in Pioneer Fund, having become its controlling shareholder, with expected synergy effects to manifest within six months to a year [2][6]. Expense Analysis - Sales expenses increased rapidly due to higher advertising expenditures, contributing to a significant rise in customer numbers [5]. - Management expenses fluctuated due to the consolidation of Maigao Securities' operations [5]. - Stock incentive expenses are expected to see a slight increase for the year, following the approval of the 2025 stock incentive plan by the shareholders' meeting [2][5]. User Acquisition and Marketing Strategy - Guiding Compass primarily acquires users through software sales and account openings, with Maigao Securities' user base largely derived from Guiding Compass's traffic [2][11]. - The company has seen a significant increase in new registered and paying users in Q1 2025, although specific numbers were not disclosed [9]. Regulatory and Business Development - The company is awaiting regulatory approval for its margin financing and asset management businesses, with no specific timeline available [8]. - The private placement matter has progressed to a response status from the exchange, and any further developments will be disclosed promptly [7]. Software and Revenue Recognition - The company's software advance payments (contract liabilities and other non-current liabilities) have increased, with approximately 834 million yuan related to remaining performance obligations, of which 325 million yuan is expected to be recognized as revenue in 2025 [4][10]. Strategic Planning and Industry Trends - The company is focusing on industry consolidation trends and plans to enhance competitiveness through strategic planning and synergy effects [4][15]. - Guiding Compass is considering AI-related initiatives, although specific plans have not yet been disclosed [13]. - The company does not currently plan to expand overseas, focusing instead on the domestic capital market [15]. Wealth Management and Future Outlook - Guiding Compass has not yet launched fund sales but is strategically planning to develop its wealth management business alongside its core brokerage operations [14]. - The management remains optimistic about the market's stability and recovery, which would benefit both the company and the industry as a whole [16][17].

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 鉴于北京指南针科技发展股份有限公司（以下简称"公司"）第十三届董事 会已经届满，根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等法律法规、规范性文件及公司《章程》的有关规定，公司于 2025 年 4 月 25 日召开职工代表大会，选举王浩先生为公司第十四届董事会职工代表董事 （简历见附件），任期与公司第十四届董事会任期一致。 特此公告。 北京指南针科技发展股份有限公司 董事会 证券代码：300803 证券简称：指南针 公告编号：2025-053 北京指南针科技发展股份有限公司 附件： 职工代表董事简历 王浩先生，1978 年出生，中国国籍，无境外永久居留权，本科学历；2001 年毕业于北京联合大学机械工程学院；2001 年进入指南针工作，曾担任客户经 理、产品设计经理等职务，2008 年任指南针山东分公司副总经理，2009 年起担 任指南针市场部、合规部总监；现任公司销售部门副总监。 截至本 ...

证券代码：300803 证券简称：指南针 公告编号：2025-057 北京指南针科技发展股份有限公司 关于聘任高级管理人员及证券事务代表的公告 北京指南针科技发展股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开了第十四届董事会第一次会议，审议通过关于聘任公司高级管理人员及证 券事务代表的相关议案，现将相关情况公告如下： 一、聘任高级管理人员及证券事务代表的情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 1.总经理：冷晓翔先生 2.财务总监：郑勇先生 3.副总经理：陈岗先生、张黎红女士、高海娜女士 4.董事会秘书：李静怡女士 5.证券事务代表：于洪丹女士 上述人员（简历详见附件）任期均为三年，自董事会审议通过之日起至公司 第十四届董事会任期届满之日止。 上述人员均不存在《中国人民共和国公司法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《公司章程》规定的不得担任公司高级管理人员、证券事务代表的情 形，不存在被中国证监会确定为市场禁入者并且尚未解除的情况，未受过中国证 ...