EASTMONEY(300059) 光大证券·2024-10-27 05:13Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has experienced a decline in revenue and profit in the first three quarters of 2024, with revenue at 7.3 billion yuan, down 14.0% year-on-year, and net profit at 6.04 billion yuan, down 2.7% year-on-year [3][4] - The decline in performance is attributed to the sluggish capital market and a decrease in traditional business revenue, despite a significant increase in proprietary trading income [4][5] - The company is focusing on AI development to enhance its financial services and is expected to benefit from the intelligent finance trend [5] Financial Performance Summary - For the first three quarters of 2024, the company's revenue from securities and information technology services was 5.06 billion yuan and 2.24 billion yuan, respectively, accounting for 69.3% and 30.7% of total revenue [4] - The average daily trading volume in the A-share market was 921 billion yuan, down 8.6% year-on-year, impacting the company's commission income [4] - The company’s proprietary trading assets increased by 19.4% year-on-year to 84.5 billion yuan, contributing significantly to its performance [4] - The company’s fund distribution scale has increased, with the number of funds distributed reaching 10,390, up 10.3% year-on-year [5] Earnings Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 8.281 billion yuan, 8.804 billion yuan, and 9.451 billion yuan, respectively, with EPS projected at 0.52 yuan, 0.56 yuan, and 0.60 yuan [5][6]