HHTG(600095) 东吴证券·2025-03-17 03:21Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. (600095) [1] Core Views - The company plans to merge with Dazhihui through a share swap, which is expected to enhance its competitiveness in wealth management and financial technology [7] - Xiangcai Co., Ltd. has a strong internet foundation and has collaborated with various internet companies, which positions it well for the merger [7] - The brokerage and margin financing businesses are core to the company's development, with brokerage income accounting for approximately 40% of total revenue from 2015 to 2024 [7] - The merger with Dazhihui is anticipated to improve the company's wealth management capabilities by leveraging Dazhihui's large online traffic and technological advantages [7] - The report forecasts net profits for 2024-2026 to be 213 million, 293 million, and 370 million yuan respectively, with corresponding year-on-year growth rates of 78%, 38%, and 26% [7] Financial Summary - Total revenue for 2022 was 3,516 million yuan, with a year-on-year decline of 23.08% [8] - The company reported a net loss of 326 million yuan in 2022, with a significant recovery expected in the following years [8] - Earnings per share (EPS) is projected to improve from 0.04 yuan in 2023 to 0.13 yuan in 2026 [1][8] - The current market capitalization is approximately 19,699.80 million yuan, with a price-to-earnings (P/E) ratio of 164.96 for 2023, decreasing to 53.19 by 2026 [5][8]