HHTG(600095) 东吴证券·2025-03-29 11:03Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The merger with Dazhihui is expected to enhance Xiangcai Co.'s competitiveness in the wealth management sector, leveraging Dazhihui's extensive online traffic and technological advantages [3]. - The company aims to improve user acquisition and transaction conversion rates through this merger, similar to successful integrations seen in the industry [3]. - Xiangcai Securities has a solid competitive position in brokerage services, with a notable number of operational outlets and revenue rankings [3]. - The company has a history of collaboration with internet firms, which has laid a strong foundation for its transformation and growth in financial technology [3]. - The core business areas include brokerage and margin financing, with a focus on enhancing investment consulting services [3]. Financial Summary - The total revenue for 2022 was 3,516 million yuan, with a projected decline to 2,321 million yuan in 2023, followed by a slight recovery in subsequent years [1][10]. - The net profit attributable to shareholders is expected to improve significantly from a loss of 326 million yuan in 2022 to a profit of 119 million yuan in 2023, and further to 213 million yuan in 2024 [1][10]. - Earnings per share (EPS) is projected to rise from -0.11 yuan in 2022 to 0.04 yuan in 2023, reaching 0.07 yuan in 2024 [1][10]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 164.96 in 2023 to 92.43 in 2024, and further to 67.19 in 2025 [1][10].