Beijing (300803) 东吴证券·2024-11-01 01:12Investment Rating - Maintains a "Buy" rating for the company [1] Core Views - The company's financial information service business is highly correlated with the capital market's prosperity, and the securities business is in a growth phase with low base and high potential [2] - The company's brokerage business revenue is expected to grow steadily due to a certain scale of customer base and experience in traffic diversion [2] - The company's capital intermediary business is steadily growing, and its proprietary business is also growing steadily [2] - The company's financial information service business is expected to be positively impacted in the fourth quarter due to increased demand for C-end products from retail investors [2] Financial Performance - In the first three quarters of 2024, the company achieved a total operating income of 776 million yuan, a year-on-year increase of 13.61%, and a net profit attributable to the parent company of -110 million yuan, a year-on-year decrease of 171.18% [1] - In the third quarter of 2024, the company achieved a total operating income of 231 million yuan, a year-on-year increase of 34.50%, and a net profit attributable to the parent company of -61 million yuan, a year-on-year decrease of 3.53% [1] - The company's financial information service revenue in the first three quarters of 2024 was 595 million yuan, a year-on-year decrease of 0.73%, accounting for 77% of the total revenue [2] - The company's net income from handling fees and commissions in the first three quarters of 2024 was 135 million yuan, a year-on-year increase of 126% [2] - The company's net interest income in the first three quarters of 2024 was 46 million yuan, a year-on-year increase of 92.70% [2] - The company's proprietary business income in the first three quarters of 2024 was 99 million yuan, a year-on-year increase of 104% [2] Profit Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 365, 253, and 184 times [2] - The company's operating income is expected to be 1,445 million yuan, 1,948 million yuan, and 2,721 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.85%, 34.83%, and 39.64% [1] - The company's net profit attributable to the parent company is expected to be 106 million yuan, 153 million yuan, and 211 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.88%, 44.07%, and 38.03% [1] - The company's EPS is expected to be 0.26 yuan, 0.37 yuan, and 0.52 yuan in 2024, 2025, and 2026, respectively [1] Market Data - The company's closing price is 94.55 yuan, with a one-year low/high price of 33.14/118.00 yuan [5] - The company's P/B ratio is 21.22 times, with a circulating A-share market value of 38,217.12 million yuan and a total market value of 38,668.76 million yuan [5] Basic Data - The company's net asset per share is 4.46 yuan, with an asset-liability ratio of 79.41% [6] - The company's total share capital is 408.98 million shares, with circulating A-shares of 404.20 million shares [6]