证券代码：300803 证券简称：指南针 公告编号：2024-057 北京指南针科技发展股份有限公司 关于调整公司 2022 年度向特定对象发行 A 股股票方案的 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。 北京指南针科技发展股份有限公司（以下简称"公司"）于 2022 年 5 月 16 日召开第十三届董事会第二次会议、第十四届监事会第二次会议，于 2022 年 6 月 2 日召开 2022 年第三次临时股东大会，审议通过了《关于公司 2022 年度向特 定对象发行 A 股股票方案的议案》，并授权董事会及董事会授权人士全权办理本 次向特定对象发行 A 股股票相关事宜。公司于 2023 年 5 月 15 日召开第十三届 董事会第十一次会议、第十四届监事会第十次会议，审议通过了《关于调整公司 2022 年度向特定对象发行 A 股股票方案的议案》《关于延长公司 2022 年度向特 定对象发行 A 股股票股东大会决议有效期的议案》《关于提请公司股东大会延长 授权董事会及董事会授权人士全权办理本次向特定对象发行 A 股股票相关事宜 的议案》，公司于 2023 ...

证券代码：300803 证券简称：指南针 公告编号：2024-053 北京指南针科技发展股份有限公司 关于控股股东部分股份质押展期的公告 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。 2. 股东股份累计被质押的情况 截至公告披露日，广州展新所持质押股份情况如下： 股东 名称 持股数量 （股） 持股 比例 (%) 本次质押 展期后质 押股份数 量（股） 占其 所持 股份 比例 （%） 占公司总 股本比例 （%） 已质押股份 情况 未质押股份 情况 已质押股份 限售和冻 结、标记数 量（股） 占已质押 股份比例 （%） 未质押股份 限售和冻结 数量（股） 占未质押 股份比例 （%） 广州 展新 165,626,536 40.45 10,250,000 6.19 2.50 0 0 0 0 合计 165,626,536 40.45 10,250,000 6.19 2.50 0 0 0 0 3. 公司控股股东广州展新质押的股份数量占其所持公司股份数量比例未达 到 50%，目前不存在平仓风险，公司将持续关注广州展新股份质押的情况，并按 照相关规定及时履行信息披露义务。 ...

证券代码：300803 证券简称：指南针 公告编号：2024-052 北京指南针科技发展股份有限公司 关于参与先锋基金管理有限公司股权司法拍卖的 进展公告 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。 一、公司参与先锋基金股权司法拍卖的基本情况 具体内容详见公司于 2023 年 12 月 25 日、2024 年 12 月 4 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告（公告编号：2023-071、2024-051）。 二、进展情况 公司于 2024 年 12 月 6 日收到江苏省泰州市中级人民法院发来的（2019）苏 12 执 904 号之四《执行裁定书》，裁定如下： "1.原属联合创业集团有限公司所持先锋基金管理有限公司比例为 34.2076%的股权归买受人北京指南针科技发展股份有限公司（统一社会信用代 码：911101087263410239）所有，附着于上述股权上的查封、他项权登记效力灭 失。 2.买受人北京指南针科技发展股份有限公司可持本裁定书到财产管理机构 办理上述股权的过户登记手续。 本裁定送达后即发生法律 ...

北京指南针科技发展股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日参与江苏省泰州市中级人民法院在淘宝网司法拍卖网络平台开展的"被执 行人联合创业集团有限公司所持有先锋基金管理有限公司（以下简称"先锋基 金"）比例为 34.2076%股权"的司法拍卖，并以 110,211,594.5 元的价格竞得。 公司已于 2023 年 12 月 22 日召开第十三届董事会第十九次会议授权经营层以自 有资金参与先锋基金股权司法拍卖。具体内容详见公司于 2023 年 12 月 25 日在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于参与先锋基金管理有限公 司股权司法拍卖的公告》（公告编号：2023-071）。 二、进展情况 证券代码：300803 证券简称：指南针 公告编号：2024-051 北京指南针科技发展股份有限公司 关于参与先锋基金管理有限公司股权司法拍卖的 进展公告 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。 一、公司参与先锋基金股权司法拍卖的基本情况 特此公告。 北京指南针科技发展股份有限公司 董事会 2024 ...

证券代码：300803 证券简称：指南针 编号：2024-006 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | □新闻 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨指南针（300803.SZ） [Table_Title] 券商业务延续高增速，推广力度加大导致费用端 承压 | --- | --- | |--------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024Q3 财报： 2024Q3 公司实现营业总收入 | | 分析师及联系人 [Table_Author] 宗建树 吴一凡 SAC：S0490520030004 S0490519080007 SFC：BUX668 SAC： SFC：BUV596 请阅读最后评级说明和重要声明 相关研究 [Table_Title 券商业务延续高增速，推广力度加大导致费用 2] 端承压 [Table_Summary2] 事件描述 公司发布 2024Q3 财报：2024Q3 公司实现营业总收入 2.31 亿元，yoy+34.50%。实现归属于 上市公司股东净利润-0.61 亿元，yoy-3.53%。2024Q1-Q ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 545 million yuan for the first half of 2024, representing a year-over-year increase of 6.58%. However, the net profit attributable to shareholders was a loss of 49 million yuan, a significant decline of 366.48% year-over-year [6][7]. - The securities business of Maigao Securities achieved revenue of 164 million yuan, marking a substantial year-over-year increase of 118.72%. In contrast, the financial information service business saw a revenue decline of 4.40%, totaling 423 million yuan [6][7]. - The company’s total assets reached 6.899 billion yuan by the end of the first half of 2024, reflecting a growth of 27.03% compared to the end of the previous year, primarily driven by the expansion of Maigao Securities' brokerage business [6][7]. Summary by Sections Financial Performance - The company experienced a decrease in cash received from sales and services, totaling 489 million yuan, down 4.63% year-over-year. However, the net cash flow from operating activities increased by 16.14% to 1.181 billion yuan, mainly due to increased client deposits in the brokerage business [6][7]. - The decline in profit was attributed to rising expenses and a drop in revenue from the financial information services, which are closely tied to market conditions. The overall trading environment in the securities market was weak, leading to a decrease in total trading volume [7][8]. Business Segments - Maigao Securities showed impressive growth, with net commission income reaching 82.218 million yuan, up 138.08% year-over-year, and net profit increasing by 142.52% to 9.8471 million yuan [8]. - The company aims to leverage its business synergies to enhance its core competitiveness, focusing on Maigao Securities as a key growth driver for the future [8]. Future Projections - The company is projected to achieve revenues of 1.367 billion yuan, 1.775 billion yuan, and 2.081 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 122 million yuan, 292 million yuan, and 455 million yuan, with price-to-earnings ratios of 312.49, 131.21, and 84.07 [8][19].

Investment Rating - Maintains a "Buy" rating for the company [1] Core Views - The company's financial information service business is highly correlated with the capital market's prosperity, and the securities business is in a growth phase with low base and high potential [2] - The company's brokerage business revenue is expected to grow steadily due to a certain scale of customer base and experience in traffic diversion [2] - The company's capital intermediary business is steadily growing, and its proprietary business is also growing steadily [2] - The company's financial information service business is expected to be positively impacted in the fourth quarter due to increased demand for C-end products from retail investors [2] Financial Performance - In the first three quarters of 2024, the company achieved a total operating income of 776 million yuan, a year-on-year increase of 13.61%, and a net profit attributable to the parent company of -110 million yuan, a year-on-year decrease of 171.18% [1] - In the third quarter of 2024, the company achieved a total operating income of 231 million yuan, a year-on-year increase of 34.50%, and a net profit attributable to the parent company of -61 million yuan, a year-on-year decrease of 3.53% [1] - The company's financial information service revenue in the first three quarters of 2024 was 595 million yuan, a year-on-year decrease of 0.73%, accounting for 77% of the total revenue [2] - The company's net income from handling fees and commissions in the first three quarters of 2024 was 135 million yuan, a year-on-year increase of 126% [2] - The company's net interest income in the first three quarters of 2024 was 46 million yuan, a year-on-year increase of 92.70% [2] - The company's proprietary business income in the first three quarters of 2024 was 99 million yuan, a year-on-year increase of 104% [2] Profit Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 365, 253, and 184 times [2] - The company's operating income is expected to be 1,445 million yuan, 1,948 million yuan, and 2,721 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.85%, 34.83%, and 39.64% [1] - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.88%, 44.07%, and 38.03% [1] - The company's EPS is expected to be 0.26 yuan, 0.37 yuan, and 0.52 yuan in 2024, 2025, and 2026, respectively [1] Market Data - The company's closing price is 94.55 yuan, with a one-year low/high price of 33.14/118.00 yuan [5] - The company's P/B ratio is 21.22 times, with a circulating A-share market value of 38,217.12 million yuan and a total market value of 38,668.76 million yuan [5] Basic Data - The company's net asset per share is 4.46 yuan, with an asset-liability ratio of 79.41% [6] - The company's total share capital is 408.98 million shares, with circulating A-shares of 404.20 million shares [6]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——指南针 2024 年三季报点评 | --- | |-------------------------------------| | | | [table_Authors] 刘欣琦 ( 分析师 ) | | 021-38676647 | | liuxinqi@gtjas.com | | S0880515050001 | | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 021-38038260 | | | | | | sunkun024098@gtjas.com | | | | | | S0880523030001 | | | | | 本报告导读： 公司收入增长得益于证券业务持续快速发展，利润下滑主因金融信息服务业务收入 下降且公司销售费用 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 30 日，公司发布三季报，前三季度实现营业总收入 7.8 亿元，同比增长 13.6%；实现扣非归母净利润-1.1 亿元，同比 下降 131.4%，系金融信息服务收入下降、公司扩大品牌推广以及 股权支付费用摊销所致。单 Q3 公司实现营收 2.3 亿元，同比增长 34.5%；扣非归母净利润为-0.6 亿元，同比下降 3.9%。 经营分析 麦高证券各业务收入保持高增，单 Q3 实现利息净收入 1,837.0 万 元，同比增长 73.7%；实现手续费及佣金收入 5,292.3 万元，同 比增长 109.3%，系麦高经纪业务收入增加所致。公司单 Q3 投资 收入为 3,530.7 万元，同比增长 168.6%，主要为麦高证券自营业 务形成。截至三季度末，公司代理买卖证券款为 52.2 亿元，同比 增长 116.6%，系麦高证券客户规模增长所致。 报告期内公司金融信息服务收入有所减少，主要受 A 股 Q3 日均 成交额同比下降 15.1%影响。尽管资本市场相对低迷，公司仍持 续扩大品牌推广及客户拓展力度，新增注册用户和付费用户规模 显著增加，同期广告宣传 ...