EASTMONEY(300059) 东吴证券·2024-10-26 05:00Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a positive outlook for Q4 profit elasticity release [1] - Despite a decline in market trading activity, the company's securities business outperformed the overall market [1] - The company's securities brokerage business demonstrated leading advantages, with a 5% YoY increase in net income from commissions and fees in Q1-Q3 2024 [1] - The proprietary investment business remained stable, with a 50% YoY increase in income in Q1-Q3 2024 [1] - The market share of margin trading increased by 0.32 percentage points to 3.04% by the end of Q3 2024 [1] - The fund business faced pressure due to a cooling fund issuance market and public fund fee reforms, with a 27% YoY decline in revenue in Q1-Q3 2024 [1] - The company's Q4 performance is expected to benefit from increased market activity and potential investment gains [1] Financial Forecasts and Valuation - Revenue for 2024E, 2025E, and 2026E is projected at 11,004, 12,243, and 14,186 million RMB, respectively [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected at 8,731, 10,195, and 12,175 million RMB, respectively [1] - EPS for 2024E, 2025E, and 2026E is projected at 0.55, 0.65, and 0.77 RMB per share, respectively [1] - The current P/E ratio is 40.12x for 2024E, 34.36x for 2025E, and 28.77x for 2026E [1] Market Data - Closing price: 22.70 RMB [3] - One-year low/high: 9.87/29.00 RMB [3] - P/B ratio: 4.77x [3] - Market capitalization: 358,331.81 million RMB [3] Financial Data - Net asset per share: 4.75 RMB [4] - Asset-liability ratio: 71.48% [4] - Total shares outstanding: 15,785.54 million [4] - A-shares outstanding: 13,359.28 million [4] Historical Performance - Revenue for 2020, 2021, 2022, and 2023 was 8,239, 13,094, 12,486, and 11,081 million RMB, respectively [6] - Net profit attributable to the parent company for 2020, 2021, 2022, and 2023 was 4,778, 8,553, 8,509, and 8,193 million RMB, respectively [6] - EPS for 2020, 2021, 2022, and 2023 was 0.30, 0.54, 0.54, and 0.52 RMB per share, respectively [6]