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]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 110.00 CNY, up from a previous forecast of 48.60 CNY [4][8]. Core Views - The company's revenue growth is attributed to the rapid development of its securities business, while profit decline is primarily due to decreased revenue from financial information services and increased sales expenses. The market is currently active, and there is optimism for a performance rebound [3][8]. Summary by Sections Financial Performance - For Q3 2024, the adjusted revenue (including investment business income) is reported at 87.5 million CNY, with a net profit of -11 million CNY, reflecting a year-on-year change of -19.62% and -171.18%, respectively, which is below expectations [8]. - The company’s revenue increased year-on-year, mainly driven by the rapid growth of its securities brokerage and proprietary trading businesses, with net commission income reaching 135 million CNY, up 125.92% year-on-year, and net interest income at 46 million CNY, up 92.70% [8]. Market Outlook - The report indicates that the market is showing signs of recovery, with the Wande All A Index rising 28% from September 24 to October 30, and daily stock trading volume reaching 2 trillion CNY, which is expected to benefit both the financial information services and securities businesses [8]. - The company is in the process of issuing stock to specific investors, which is currently under review by the Shenzhen Stock Exchange, and the progress has been slower than expected due to various factors [8]. Financial Projections - The net profit forecasts for 2024-2026 have been adjusted to 104 million CNY, 408 million CNY, and 588 million CNY, respectively, with corresponding EPS of 0.26 CNY, 1.00 CNY, and 1.44 CNY [8][9]. - The report highlights a significant increase in sales expenses, which rose by 25% year-on-year to 479 million CNY in Q3 2024, attributed to expanded brand promotion and customer acquisition efforts [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a total revenue of 780 million yuan for the first three quarters of 2024, representing a year-on-year growth of 13.6%. However, the net profit attributable to the parent company was -110 million yuan, a decline of 131.4% year-on-year, primarily due to a decrease in financial information service revenue and increased marketing expenses [2]. - In Q3 alone, the company achieved revenue of 230 million yuan, a year-on-year increase of 34.5%, while the net profit attributable to the parent company was -60 million yuan, down 3.9% year-on-year [2]. - Despite a challenging capital market environment, the company has been expanding its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [3]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved total revenue of 780 million yuan, up 13.6% year-on-year, but reported a net loss of 110 million yuan, down 131.4% year-on-year [2]. - In Q3, the company recorded revenue of 230 million yuan, a 34.5% increase year-on-year, with a net loss of 60 million yuan, a decrease of 3.9% year-on-year [2]. Business Analysis - The company's various business segments showed high growth, with Q3 net interest income reaching 18.37 million yuan, up 73.7% year-on-year, and commission income of 52.92 million yuan, up 109.3% year-on-year, driven by increased brokerage business [3]. - Investment income for Q3 was 35.31 million yuan, a significant increase of 168.6% year-on-year, mainly from proprietary trading activities [3]. - The company's financial information service revenue decreased due to a 15.1% year-on-year drop in the average daily trading volume of A-shares in Q3. However, with the market's recovery in late September, a strong growth in this segment is anticipated in Q4 [3]. Profit Forecast - Based on the Q3 report and expectations of a recovering capital market, the revenue forecasts for 2024-2026 have been adjusted to 1.37 billion, 1.86 billion, and 2.51 billion yuan, reflecting year-on-year growth rates of 23.5%, 35.1%, and 34.9% respectively. The net profit forecasts have been adjusted to 60 million, 160 million, and 310 million yuan, with corresponding year-on-year growth rates of -12.1%, 148.6%, and 95.2% [4].

Revenue and Profit Performance - Revenue for the third quarter reached 231.43 million yuan, a year-on-year increase of 34.50%[3] - Net profit attributable to shareholders of the listed company was -60.99 million yuan, a year-on-year decrease of 3.53%[3] - Operating income for the period reached 776.36 million RMB, up from 683.37 million RMB, a 13.6% increase[20] - Net profit for the period was -109.96 million RMB, compared to -40.56 million RMB in the previous period, indicating a 171.1% increase in losses[21] - Basic earnings per share (EPS) were -0.27, down from -0.10 in the previous period[22] Asset and Liability Changes - Total assets as of the end of the reporting period were 8.77 billion yuan, an increase of 61.42% compared to the end of the previous year[3] - Total assets increased to 8.77 billion RMB from 5.43 billion RMB, a significant growth of 61.4%[18] - Total liabilities rose to 6.96 billion RMB from 3.58 billion RMB, marking a 94.6% increase[19] - The company's total assets increased from 3,496,505,073.00 yuan at the beginning of the period to 6,674,168,504.00 yuan at the end of the period, with a significant increase in monetary funds from 2,569,531,060.00 yuan to 5,558,100,450.00 yuan[17] - The company's monetary funds increased by 116.31% to 5.56 billion yuan, primarily due to increased customer deposits in brokerage business[7] Cash Flow and Financial Activities - Net cash flow from operating activities for the first nine months was 3.09 billion yuan, a year-on-year increase of 187.05%[9] - Operating cash flow increased to 3,094,832,428 yuan, up from 1,078,169,398 yuan in the previous period[23] - Sales of goods and services generated 607,267,400 yuan in cash, a decrease from 646,505,472 yuan in the previous period[23] - Cash received from interest and commissions rose to 205,858,586 yuan, compared to 100,197,624 yuan in the previous period[23] - Cash received from securities trading surged to 3,079,015,977 yuan, up from 1,077,230,264 yuan in the previous period[23] - Investment cash inflow reached 3,196,332,755 yuan, a significant increase from 1,014,997,228 yuan in the previous period[23] - Cash outflow for investments was 3,377,719,042 yuan, compared to 1,313,386,065 yuan in the previous period[24] - Net cash flow from financing activities was 261,898,797 yuan, up from 136,538,905 yuan in the previous period[24] - Total cash and cash equivalents at the end of the period stood at 5,985,983,048 yuan, compared to 2,278,482,710 yuan in the previous period[24] Brokerage and Financial Services - Interest income increased by 92.70% to 45.86 million yuan, driven by growth in brokerage business[9] - Commission and fee income increased by 125.92% to 135.14 million yuan, also due to growth in brokerage business[9] - Investment income rose by 116.08% to 87.25 million yuan, mainly from securities proprietary trading business[9] - The company's brokerage and proprietary business at Maigo Securities saw a 125.92% YoY increase in net commission income to 135 million yuan and a 92.70% YoY increase in net interest income to 46 million yuan[15] Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 50,771[10] - Guangzhou Zhanxin Communication Technology Co., Ltd. holds 40.45% of the shares, making it the largest shareholder[10] - The company's 2022 stock option incentive plan saw 531,192 options exercised by the end of the reporting period, with 3,367,508 options remaining unexercised[16] Financial Information Service Business - The company's financial information service business is highly correlated with the capital market's performance, and the total transaction volume of the securities market in the first three quarters of 2024 decreased compared to the same period last year, negatively impacting the business[14] - The company's financial information service business experienced a significant increase in registered and paying users, with advertising and network promotion expenses rising year-over-year, affecting profits[14] Intangible Assets and Development Expenditure - Intangible assets grew to 66.57 million RMB from 60.38 million RMB, a 10.3% increase[18] - Development expenditure remained unchanged, with no new entries recorded[18] - Goodwill remained stable at 1.29 billion RMB, showing no change from the previous period[18] - Long-term prepaid expenses increased to 17.24 million RMB from 10.10 million RMB, a 70.7% rise[18] - Deferred tax assets grew to 146.86 million RMB from 127.72 million RMB, a 15.0% increase[18]

证券代码：300803 证券简称：指南针 公告编号：2024-049 北京指南针科技发展股份有限公司 股票交易严重异常波动公告 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。 特别风险提示： 1. 公司股票连续九个交易日（2024 年 9 月 19 日至 2024 年 10 月 8 日）收 盘价格涨幅偏离值累计达到 106.24%。根据《深圳证券交易所交易规则》相关规 定，属于股票交易严重异常波动的情况。 2. 公司股价短期内大幅上涨，可能存在非理性炒作等情形；公司近期股票 换手率及成交量明显放大，可能存在股价大幅上涨后回落的风险。公司郑重提醒 广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易严重异常波动的情况介绍 为； 6.公司不存在违反公平信息披露规定的情形。 针对公司股票交易严重异常波动的情况，公司董事会对公司、控股股东及实 际控制人就相关问题进行了核实，现就相关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 3.公司目前的经 ...

证券代码：300803 证券简称：指南针 公告编号：2024-048 北京指南针科技发展股份有限公司 股票交易异常波动公告 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。 3.公司目前的经营情况及内外部经营环境未发生重大变化； 4.公司、控股股东及实际控制人不存在关于公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 5.股票异常波动期间，不存在控股股东、实际控制人买卖公司股票的行为； 6.公司不存在违反公平信息披露规定的情形。 三、不存在应披露而未披露信息的说明 一、股票交易异常波动的情况介绍 北京指南针科技发展股份有限公司（以下简称"公司"）股票交易价格于 2024 年 9 月 24 日、9 月 25 日及 9 月 26 日连续三个交易日收盘价格涨幅偏离值累计 达到 35.26%，根据《深圳证券交易所交易规则》相关规定，属于股票交易异常 波动的情况。 二、公司关注并核实情况 针对公司股票交易异常波动情况，公司董事会对公司、控股股东及实际控制 人就相关问题进行了核实，现就相关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未 ...

2024 年 09 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 孙嘉赓 S0350523120002 sunjg@ghzq.com.cn [Table_Title] 市场下行叠加逆势费用投放，业绩短期承压，关 注后续定增落地情况 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/03 | | | | | | | | | | | | 市场数据 | | | 2024/09/03 | | 当前价格（元） | | | 33.82 | | 52 周价格区间（元） | | | 33.14-66.29 | | 总市值（百万） | | | 13,831.60 | | 流通市值（百万） | | | 13,670.05 | | 总股本（万股） | | | 40,897.68 | | 流通股本（万股） | | | 40,420.01 | | 日均成交额（百万） | | | 194.76 | | 近一月换手（ | %） | | 2. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company, Guide Compass, reported a total revenue of 545 million yuan for H1 2024, representing a year-on-year increase of 6.58%. However, the net profit attributable to shareholders was -49 million yuan, a significant decline of 366.48% year-on-year. The decline in trading activity has impacted the company's financial information service revenue, but recovery is expected with market improvement. The securities business is developing positively, with potential for synergy with the main business [2][6]. Summary by Sections Financial Performance - In H1 2024, the financial information service revenue was 423 million yuan, down 4.4% year-on-year, primarily due to a sluggish securities market. The total trading volume in the A-share market decreased compared to the same period last year. The company has increased brand promotion and customer acquisition efforts, resulting in a nearly 50% year-on-year growth in new paid users for its financial information services [6]. Securities Business - The securities business, operated through Maigao Securities, achieved revenue of 164 million yuan in H1 2024, a year-on-year increase of 119%. The breakdown of revenue includes brokerage income of 82.22 million yuan, net interest income of 27.49 million yuan, and net investment income of 55.02 million yuan, with respective year-on-year growth rates of 138%, 108%, and 64%. By the end of H1 2024, Maigao Securities had 3.622 billion yuan in client securities trading, an increase of 78.31% from the end of 2023 [6]. Cost and Expense Management - The company has increased its investment in the securities business, leading to a rise in expense ratios. In H1 2024, the sales, management, and R&D expense ratios were 57.5%, 34.4%, and 13.9%, respectively, reflecting increases of 7.6, 6.7, and 1.7 percentage points year-on-year. The rise in R&D expenses is attributed to ongoing IT development efforts at Maigao Securities [6]. Revenue and Profit Forecast - The revenue forecast for the company is adjusted downward due to anticipated slow recovery in trading activity. Projected revenues for 2024-2026 are 1.005 billion yuan, 1.095 billion yuan, and 1.242 billion yuan, with year-on-year growth rates of 2%, 9%, and 13%, respectively. The net profit attributable to shareholders is expected to be 158 million yuan, 175 million yuan, and 207 million yuan for the same period, with growth rates of 117%, 11%, and 18%, respectively. The earnings per share (EPS) are projected to be 0.39 yuan, 0.43 yuan, and 0.51 yuan [6][7].

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company reported a 7% year-on-year increase in total revenue to 550 million yuan for the first half of 2024, while the net profit attributable to shareholders decreased by 366% to -49 million yuan [3] - The financial information service revenue declined by 4.4% to 423 million yuan, accounting for 78% of total revenue, due to a downturn in the capital market and stock trading volume [3] - The company has increased its R&D and advertising investments, resulting in a nearly 50% growth in the number of new paying users [3] - The brokerage business of the company is experiencing rapid growth, with net commission income increasing by 138% to 82 million yuan [3] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 73 million, 87 million, and 105 million yuan respectively, with corresponding P/E ratios of 199, 167, and 139 [3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2023 is projected at 1,113 million yuan, with a forecasted increase to 1,278 million yuan in 2024 and 1,824 million yuan in 2025 [2] - The net profit attributable to shareholders is expected to be 73 million yuan in 2024, up from 73 million yuan in 2023, and projected to reach 105 million yuan by 2026 [2] Financial Performance - The company’s financial information service revenue is expected to recover gradually, with a forecasted growth rate of 14.81% in 2024 and 42.74% in 2025 [2] - The net income from brokerage services is anticipated to grow significantly, reflecting the company's strategic focus on enhancing its brokerage business [3] Market Position and Strategy - The company is successfully directing traffic from its platform to its brokerage, Maigao Securities, which is showing strong user engagement and growth [3] - The company is also preparing to expand its underwriting and sponsorship services, which have begun to generate revenue [3]