Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan in 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, marking increases of 1.5% and 18.3% respectively. The number of live broadcasts surged to 26,500, totaling over 49,800 hours, a growth of 110% [2]. - The product matrix has been optimized, leading to a significant increase in paying users. The number of paying users for large products and small products reached 181,500, with a notable decrease in the overall refund rate to 21.8% [2]. - The introduction of AI tools has enhanced operational efficiency, with a reduction in employee numbers by 11.1% while still supporting revenue growth. The company's cost expenses increased by 14.0%, but the expense ratios for sales, management, and R&D decreased [2]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00% respectively. Net profit forecasts for the same period are 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% respectively [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027 respectively [3].
九方智投控股：产品矩阵丰富优化，AI赋能利润高增-20250328