EASTMONEY(300059) 新浪财经·2025-04-27 00:36Core Viewpoint - In Q1 2025, the company reported strong revenue growth driven by high performance in brokerage and margin financing businesses, alongside a stable position in fund distribution [1][2]. Financial Performance - The company achieved total revenue of 3.49 billion yuan, a year-on-year increase of 42%, and a net profit attributable to shareholders of 2.72 billion yuan, up 39% year-on-year [1]. - The weighted average ROE (unannualized) for Q1 2025 was 3.31%, an increase of 0.62 percentage points year-on-year [1]. - Revenue breakdown for Q1 2025 included: - Fund distribution revenue: 0.81 billion yuan (+8.0% YoY) - Net interest income from margin financing: 0.72 billion yuan (+37.3% YoY) - Commission income from brokerage: 1.96 billion yuan (+65.6% YoY) [1]. Cost Management - The company maintained effective cost control with management and R&D expenses at 0.59 billion yuan (+5.6% YoY) and 0.25 billion yuan (-12.6% YoY), respectively [1]. - Management expense ratio and R&D expense ratio were 17.0% and 7.1%, showing decreases of 5.86 and 4.45 percentage points year-on-year [1]. Investment and Market Position - Total assets reached 331.5 billion yuan, an increase of 8.2% from the end of 2024, with net assets at 83.3 billion yuan (+3.2%) [2]. - The company’s investment leverage increased to 1.16x, up 0.25x from the end of 2024 [2]. - Investment income (including exchange gains) was 0.70 billion yuan, down 14.0% year-on-year, primarily due to bond market fluctuations [2]. - The company’s brokerage commission income was 1.96 billion yuan, reflecting a 66% year-on-year increase, while the market's stock fund average daily trading (ADT) grew by 72% [2]. - The margin financing business saw an increase in funds lent to 61.0 billion yuan (+3.7% from the end of 2024), with a market share of 3.18%, up 0.02 percentage points [2]. Investment Outlook - As a leading fintech company, the firm is expected to benefit from the trend of household deposits moving, with a strong recommendation for investment [3]. - Projected net profits for 2025-2027 are 11.04 billion yuan, 12.35 billion yuan, and 13.72 billion yuan, representing year-on-year growth of 15%, 12%, and 11%, respectively [3]. - The current closing price corresponds to a dynamic PE of 30x, 26x, and 24x for 2025-2027 [3].