EASTMONEY(300059) 华创证券·2024-04-25 05:01Investment Rating - The report maintains a "Recommend" rating for Oriental Wealth (300059) with a target price of 20.0 yuan, compared to the current price of 12.45 yuan [1] Core Views - Oriental Wealth's Q1 2024 performance is in line with expectations, with a total operating revenue of 2.46 billion yuan (down 12.6% YoY) and a net profit attributable to the parent company of 1.95 billion yuan (down 3.7% YoY) [1] - The company continues to advance its wealth management strategy, with a focus on brokerage, interest income, and proprietary business [1] Business Performance Brokerage Business - Brokerage revenue remained stable at 1.18 billion yuan, with a daily average trading volume of 895.3 billion yuan (up 1.9% YoY) [1] Interest Income - Interest income was 520 million yuan (down 300 million yuan YoY), with an average daily margin financing balance of 1.55 trillion yuan (down 1.5% YoY) [1] Fund Sales - Fund sales revenue declined to 750 million yuan (down 330 million yuan YoY), impacted by the reform of public fund fee rates and a decrease in the scale of equity and hybrid funds [1] Proprietary Business - Proprietary business revenue increased to 810 million yuan (up 310 million yuan YoY), benefiting from the bond market bull run [1] Financial Forecasts - The report forecasts EPS for 2024/2025/2026 at 0.57/0.63/0.69 yuan, with a PE ratio of 21.8/19.7/18.1 times and ROE of 11.8%/11.6%/11.4% [1] - Main business income is expected to grow by 15% in 2024, 10% in 2025, and 9% in 2026 [2] Valuation - The target price of 20.0 yuan is based on a 35x PE multiple for 2024 earnings [1]