CBEST(600729)2025-01-16 11:58Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q4 performance exceeded expectations, with a notable recovery in retail profits and continued contributions from investment income [8] - The company reported a total revenue of 17.11 billion yuan for 2024, a year-on-year decrease of 9.89%, while the net profit attributable to shareholders was 1.315 billion yuan, showing a slight increase of 0.53% [8] - The Q4 revenue was 4.112 billion yuan, down 2.5% year-on-year, but the net profit increased by 137.5% to 392 million yuan, indicating a strong recovery [8] Financial Data and Profit Forecast - Total revenue for 2023 was 18.985 billion yuan, with a projected revenue of 18.172 billion yuan for 2025, reflecting a growth trajectory [7] - The net profit for 2024 is expected to be 1.315 billion yuan, with a growth forecast of 6.9% for 2025 [7] - The gross profit margin is projected to improve from 25.9% in 2024 to 26.6% in 2025, indicating enhanced operational efficiency [7] - The return on equity (ROE) is expected to be 18.9% in 2024, decreasing slightly to 17.9% in 2025 [7]