HHTG(600095) 东吴证券·2025-03-17 03:26Investment 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 background and has collaborated with Dazhihui and other internet companies for years, laying a solid foundation for its transformation [7] - The brokerage and margin financing businesses are core to the company's development, with investment consulting showing steady growth [7] - The merger with Dazhihui is anticipated to improve the company's wealth management segment by leveraging Dazhihui's 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 decrease of 23.08% [8] - The company reported a net loss of 326 million yuan in 2022, a significant decline of 167.17% year-on-year [8] - The earnings per share (EPS) for 2022 was -0.11 yuan, with projections of 0.04 yuan for 2023 and 0.07 yuan for 2024 [8] - The price-to-earnings (P/E) ratio is projected to be 164.96 for 2023, decreasing to 92.43 in 2024 and 67.19 in 2025 [8]