Beijing (300803) 长江证券·2024-11-18 02:34Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 545 million yuan for the first half of 2024, representing a year-over-year increase of 6.58%. However, the net profit attributable to shareholders was a loss of 49 million yuan, a significant decline of 366.48% year-over-year [6][7]. - The securities business of Maigao Securities achieved revenue of 164 million yuan, marking a substantial year-over-year increase of 118.72%. In contrast, the financial information service business saw a revenue decline of 4.40%, totaling 423 million yuan [6][7]. - The company’s total assets reached 6.899 billion yuan by the end of the first half of 2024, reflecting a growth of 27.03% compared to the end of the previous year, primarily driven by the expansion of Maigao Securities' brokerage business [6][7]. Summary by Sections Financial Performance - The company experienced a decrease in cash received from sales and services, totaling 489 million yuan, down 4.63% year-over-year. However, the net cash flow from operating activities increased by 16.14% to 1.181 billion yuan, mainly due to increased client deposits in the brokerage business [6][7]. - The decline in profit was attributed to rising expenses and a drop in revenue from the financial information services, which are closely tied to market conditions. The overall trading environment in the securities market was weak, leading to a decrease in total trading volume [7][8]. Business Segments - Maigao Securities showed impressive growth, with net commission income reaching 82.218 million yuan, up 138.08% year-over-year, and net profit increasing by 142.52% to 9.8471 million yuan [8]. - The company aims to leverage its business synergies to enhance its core competitiveness, focusing on Maigao Securities as a key growth driver for the future [8]. Future Projections - The company is projected to achieve revenues of 1.367 billion yuan, 1.775 billion yuan, and 2.081 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 122 million yuan, 292 million yuan, and 455 million yuan, with price-to-earnings ratios of 312.49, 131.21, and 84.07 [8][19].