EASTMONEY(300059) 华西证券·2024-08-11 03:49Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a total revenue of 4.94 billion yuan for the first half of 2024, a year-on-year decrease of 14%, while the net profit attributable to shareholders was 4.06 billion yuan, down 4% year-on-year [2][3] - The company's revenue structure has shifted significantly, with the proportion of securities proprietary income increasing from 7% in 2021 to 24% in the first half of 2024, while the revenue from fund distribution has decreased by 29% year-on-year [3][4] - The average daily trading amount of A-share stock funds decreased by 8% year-on-year, but the company's market share in stock trading remained stable at 4.00% [4] - The average monthly balance of margin financing decreased by 4% year-on-year, but the company's market share in margin financing increased by 0.27 percentage points to 3.01% [4] - The company’s financial assets reached 90.97 billion yuan, a year-on-year increase of 12%, and investment income increased by 42% to 1.64 billion yuan [8] Revenue and Profit Analysis - The company's commission and fee income decreased by 4% year-on-year, while net interest income fell by 8% [3] - The company's profit margin remained stable at 59.8% year-on-year [3][9] - Sales expenses decreased by 37% year-on-year, while research and development expenses increased by 10% [9] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, predicting total revenues of 10.08 billion yuan, 11.10 billion yuan, and 12.60 billion yuan respectively [10] - The earnings per share (EPS) estimates have been revised to 0.52 yuan, 0.58 yuan, and 0.67 yuan for the same period [10] - The report maintains a positive outlook on the capital market's role in China's high-quality economic development and wealth management sector, reinforcing the "Buy" rating [10]