EASTMONEY(300059) 申万宏源证券·2025-04-26 07:43Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported better-than-expected performance in Q1 2025, with total revenue of 3.49 billion yuan, a year-on-year increase of 41.9% but a quarter-on-quarter decrease of 19.0%. The net profit attributable to the parent company was 2.72 billion yuan, up 39.0% year-on-year but down 23.9% quarter-on-quarter [1][2] - The company is effectively reducing costs and increasing efficiency, with a significant decrease in the expense ratio for sales, management, and R&D [7] - The company is expected to benefit from the increased trading activity of individual investors, leveraging its online customer acquisition advantages [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve total revenue of 13.68 billion yuan, with a year-on-year growth rate of 17.9% [2] - The net profit attributable to the parent company is forecasted to be 10.69 billion yuan in 2025, reflecting an 11.2% year-on-year increase [2] - The company’s return on equity (ROE) is expected to be 12.5% in 2025, with a price-to-earnings (P/E) ratio of 30.57 [2][8] Business Segment Performance - The company’s revenue from securities brokerage, net interest, and fund distribution for Q1 2025 was 1.96 billion yuan, 720 million yuan, and 810 million yuan, respectively, with year-on-year growth rates of 66%, 37%, and 8% [7] - The company’s market share in margin financing has slightly increased, with a market balance of 1.92 trillion yuan, up 24.8% year-on-year [7] - The investment income for Q1 2025 was 702 million yuan, down 14% year-on-year, primarily due to a high allocation to fixed income [7]