Core Viewpoint - Beijing Guiding Compass Technology Development Co., Ltd. reported strong financial performance for the year 2025, with significant growth in revenue and net profit, driven by its core financial information services business and the acquisition of Pioneer Fund [1][3]. Financial Performance - The company achieved total revenue of 2.146 billion yuan, a year-on-year increase of 40.4% [1][2]. - Net profit attributable to shareholders reached 228 million yuan, up 118.7% compared to the previous year [1][2]. - Basic earnings per share were 0.38 yuan, with diluted earnings per share at 0.37 yuan, indicating a notable improvement in profitability [1]. Revenue Structure - The financial information services segment generated 1.509 billion yuan, accounting for 98.03% of total revenue, showing stable growth [2][9]. - Advertising revenue was 29.99 million yuan, representing 1.97% of total revenue, indicating a highly concentrated business structure [2][9]. Business Expansion - The acquisition of Pioneer Fund Management Co., Ltd. in March 2025 resulted in the company holding 90.02% of its shares, expanding its business into the fund management sector [4][10]. - The total assets of the company reached 15.297 billion yuan, a 40.7% increase year-on-year, while equity attributable to shareholders grew by 24.2% to 2.789 billion yuan [4][10]. Liquidity and Debt - The company reported cash and cash equivalents of 9.251 billion yuan, with liquid assets making up 84.2% of total assets, indicating strong liquidity [4][10]. - Total liabilities amounted to 12.529 billion yuan, with an asset-liability ratio of 81.91%, primarily consisting of securities trading payables and short-term borrowings [4][10]. Future Outlook - The company plans to distribute a cash dividend of 0.8 yuan per share, totaling 48.7834 million yuan, subject to shareholder approval [5][11]. - A non-public issuance of convertible bonds up to 1 billion yuan is planned to support operational funding and optimize the debt structure [5][11]. - The establishment of a wholly-owned subsidiary in Hong Kong aims to expand its internet information services and initiate international operations [5][11].

Group 1 - The core viewpoint of the article highlights the steady growth of the company's performance due to market activity and the release of business synergy effects [1] - The company is projected to achieve a net profit attributable to shareholders of 228 million yuan in 2025, representing a year-on-year increase of 119% [1] - The company's net assets attributable to shareholders are expected to reach 2.8 billion yuan by the end of 2025, an increase of 24% compared to the end of 2024 [1] Group 2 - In Q4 2025, the company is expected to report a net profit attributable to shareholders of 112 million yuan, a year-on-year decrease of 48% [1] - Due to the early stage of business development for the Vanguard Fund, the company is anticipated to incur management expenses, impacting the profit forecast [1] - The revised net profit forecasts for 2026, 2027, and 2028 are 264 million yuan, 347 million yuan, and 452 million yuan respectively, with corresponding PE ratios of 285, 217, and 167 times [1] Group 3 - The company maintains a "buy" rating, with expectations for the development of Maigao Securities and confidence in the company's long-term growth potential [1]

Core Viewpoint - The performance of the company meets expectations, with significant growth in its securities business reflecting synergistic effects [1] Group 1: Financial Performance - The company benefits from a favorable stock market, leading to steady growth in financial information service revenue [1] - Cash flow performance aligns with expectations, and the securities business continues to develop rapidly [1] - The market trading volume assumption has been revised down, with net profit forecasts for 2026 and 2027 adjusted to 360 million and 480 million respectively, reflecting year-on-year growth of 57% and 34% [1] Group 2: Future Projections - A new forecast for 2028 predicts a net profit of 580 million, representing a year-on-year increase of 21% [1] - The current stock price corresponds to price-to-earnings ratios of 210.8, 157.3, and 130.3 for the years 2025, 2026, and 2027 respectively [1] Group 3: Strategic Developments - The company is set to complete the acquisition and capital increase of Pioneer Fund, holding a 90% stake, which will enhance its wealth management ecosystem [1] - An annual dividend of 49 million is proposed, with a dividend payout ratio of 21% [1] Group 4: Business Synergies - The company's software and securities businesses benefit from the stock market rise, with high operational leverage resulting in significant net profit elasticity [1] - The company maintains a "buy" rating based on its performance and growth prospects [1]

Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

Group 1: Company Announcements - The controlling shareholder of Jihua Group is planning a change in control, and the stock will be suspended from trading starting February 2, 2026 [1][2] - Fusheng Holdings' actual controller, chairman, and general manager have been detained, but the company states that operations remain normal [3] - Gree Electric has increased its share repurchase amount to between 1 billion and 1.5 billion yuan [14] Group 2: Performance Forecasts - Guizhou Airlines expects a net profit of 800 million to 1 billion yuan for 2025, marking a turnaround from losses [5] - Aobi Zhongguang forecasts a net profit of approximately 123 million yuan for 2025, indicating a significant increase from the previous year [6] - Sinopharm Group anticipates a net profit increase of 2767% to 3233% for 2025 [8] - Bojie Co. expects a net profit of 130 million to 160 million yuan for 2025, representing a growth of 484.16% to 618.97% [9] - Taiji Group forecasts a net profit of approximately 110 million yuan for 2025, an increase of about 313% [10] - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, a growth of 89.50% to 128.17% [11] Group 3: Significant Contracts and Investments - Jerry Holdings' subsidiary signed a sales contract for gas turbine generator sets worth approximately 1.265 billion yuan [15] - Wanhu Chemical plans to invest 19.086 billion yuan in its subsidiary Wanhu Olefin Company to enhance operational control [17] - Funi Holdings intends to use up to 1.85 billion yuan of idle funds for cash management [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported total revenue and net profit of 2.15 billion and 230 million respectively for 2025, representing a year-on-year increase of 40% and 119% [6] - The Q4 revenue and net profit were 740 million and 110 million respectively, showing a year-on-year decrease of 1% and 48%, but a quarter-on-quarter increase of 60% and a return to profitability [6] - The company benefits from a favorable stock market, leading to steady growth in financial information service revenue and strong cash flow performance [6] - The company has revised down its market trading volume assumptions and adjusted its net profit forecasts for 2026 and 2027 to 360 million and 480 million respectively, with a year-on-year growth of 57% and 34% [6] - The company completed the acquisition and capital increase of Pioneer Fund, holding a 90% stake, enhancing its wealth management ecosystem [6] Financial Performance Summary - In 2025, financial information service revenue was 1.51 billion, up 28% year-on-year, with sales cash inflow of 1.81 billion, up 17% year-on-year [7] - Sales expenses for 2025 were 1.11 billion, up 38% year-on-year, with advertising and online promotion expenses increasing by 67% [7] - The net income from the securities business was 610 million, up 91% year-on-year, with commission income and interest income increasing by 110% and 33% respectively [8] - The company's investment income was 220 million, up 49% year-on-year, with an investment yield of 10%, down from 21.5% in 2024 [8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 2.74 billion, 3.34 billion, and 3.86 billion respectively, with year-on-year growth rates of 27.7%, 21.8%, and 15.7% [10] - Net profit projections for the same years are 359 million, 481 million, and 580 million, with year-on-year growth rates of 57.4%, 34.0%, and 20.8% [10] - The company maintains a high gross margin, projected to be 92.2% in 2026 and 93.6% in 2028 [10]

计算机/软件开发 指南针（300803.SZ） 2026 年 02 月 01 日 投资评级：买入（维持） | 日期 | 2026/1/30 | | --- | --- | | 当前股价(元) | 124.00 | | 一年最高最低(元) | 179.01/50.40 | | 总市值(亿元) | 756.14 | | 流通市值(亿元) | 750.62 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 272.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 指南针 沪深300 相关研究报告 《销售费用环比增长，关注 Q4 高端品 销售情况—指南针 2025 三季报点评》 -2025.10.26 《新增客户数同比高增，下半年订单 弹性可期—指南针 2025 中报点评》 -2025.8.28 《扣非净利润符合预期，业绩和估值 高弹性特征突出—指南针 2025一季报 点评》-2025.4.27 业绩符合预期，证券业务高增体现协同效应 ——指南针 2025 年报点 ...

证券研究报告·公司点评报告·非银金融 指南针（300803） 2025 年年报点评：市场活跃+业务协同效应 释放，业绩稳健增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,529 | 2,146 | 2,898 | 4,083 | 5,602 | | 同比（%） | 37.37% | 40.39% | 35.02% | 40.89% | 37.22% | | 归母净利润（百万元） | 104 | 228 | 264 | 347 | 452 | | 同比（%） | 43.50% | 118.74% | 15.95% | 31.32% | 30.32% | | EPS-最新摊薄（元/股） | 0.17 | 0.37 | 0.43 | 0.57 | 0.74 | | P/E（现价&最新摊薄） | 723.81 | 330.91 | 285.39 | 217.32 | 166.76 | [Table_Tag] [ ...

公司持续扩大品牌推广及客户拓展力度，广告宣传及网络推广费用同比较大幅度增长，新增注册及付费 用户数量同比亦有较大幅度增长。2025年，公司金融信息服务收入同比+27.5%至15 亿元，公司销售商 品、提供劳务收到的现金18 亿元，同比+17%，我们预计公司于2025 年第一季度及第四季度集中营销高 端版本私享家版软件，第二季度至第三季度集中营销中端系列产品。 券商端：经纪及自营业务仍在快速发展。2025 年全年，①麦高证券经纪业务手续费净收入同比+110% 至4.87 亿元，客户规模稳定增长，公司代理买卖证券款较2024 年年末+53%至101 亿元。②麦高证券的 利息净收入同比+33%至1.01 亿元。③麦高证券投资收益同比+12%至1.60 亿元，主要系证券自营业务形 成的投资收益；指南针投资收益同比+54%至2.29 亿元，其中先锋基金公允价值重估计入6554 万元； 2025 年12 月末，指南针交易性金融资产较2025 年初的9.30 亿元增加至22 亿元。 ④麦高证券的证券承销及财务顾问业务有序展业，并取得一定收入；投研业务已按计划规范推进；资管 业务已完成验收并适度展业，相关工作进展顺利。 事件 ...

资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 30 日收盘价） 2026 年 01 月 31 日 指南针（300803.SZ）2025 年报点评 业绩同比高增，证券业务协同效应渐显 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,146 | 2,769 | 3,277 | 3,736 | | 增长率（%） | 40.4 | 29.0 | 18.3 | 14.0 | | 归属母公司股东净利润（百万元） | 228 | 326 | 373 | 429 | | 增长率（%） | 118.7 | 43.1 | 14.2 | 15.3 | | 每股收益（元） | 0.37 | 0.53 | 0.61 | 0.70 | | PE | 332 | 232 | 203 | 176 | | PB | 27.1 | 24.3 | 21.7 | 19.3 | | 推荐 | 维持评级 | ...