Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Insights - The company achieved total revenue of RMB 2.306 billion in 2024, representing a year-on-year increase of 17.3%, and a net profit attributable to shareholders of RMB 272 million [1]. - Total order value for 2024 reached approximately RMB 3.506 billion, a significant increase of about 49.3% compared to the previous year, with a paid user base growing to 181,000, up approximately 149.4% [1]. - The company has enhanced its research and operational capabilities, leveraging AI technologies to improve investment advisory services and operational efficiency [1]. - R&D investment amounted to approximately RMB 319 million, a 10.9% increase year-on-year, accounting for about 13.8% of total revenue [1]. - The company has expanded its presence on various social media platforms, achieving over 49,800 hours of live streaming and attracting approximately 50.05 million followers [1]. Financial Summary - The company forecasts revenues of RMB 3.429 billion, RMB 3.960 billion, and RMB 4.460 billion for 2025, 2026, and 2027, respectively, with expected growth rates of 49%, 16%, and 13% [3]. - Net profit is projected to reach RMB 764 million in 2025, RMB 792 million in 2026, and RMB 874 million in 2027, reflecting growth rates of 181%, 4%, and 10% [3]. - Earnings per share (EPS) are expected to be RMB 1.70, RMB 1.77, and RMB 1.95 for 2025, 2026, and 2027, respectively [3].
九方智投控股（09636）：市场回暖预期充分兑现，研究及运营优势凸显