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湘财股份:并购大智慧预案公布,看好财富管理及金融科技竞争力提升-20250330
600095HHTG(600095) 东吴证券·2025-03-30 02:23

Investment Rating - The report maintains an "Accumulate" rating for Xiangcai Co., Ltd. [1] Core Views - The merger with Dazhihui is expected to enhance Xiangcai's competitiveness in the wealth management sector, leveraging Dazhihui's large online traffic and technological advantages [3] - The merger aims to improve user acquisition and transaction conversion rates, similar to successful mergers in the industry [3] - Xiangcai Securities has a solid brokerage business, with 67 operational outlets and a competitive revenue ranking, which the merger will further strengthen [3] Financial Forecast and Valuation - The report forecasts Xiangcai's net profit attributable to shareholders for 2024-2026 to be 213 million, 293 million, and 370 million yuan respectively, with year-on-year growth rates of 78%, 38%, and 26% [9] - The current market capitalization corresponds to a P/E ratio of 92, 67, and 53 for the years 2024-2026 [9] - 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 [10]