研報掘金丨開源證券:首予指南針“買入”評級,2025年業績有望明顯釋放
開源證券研報指出,指南針(300803.SZ)作為頭部2C金融信息服務商,收購證券與公募基金牌照延伸了對個人投資者的服務鏈條,打開了業務上限與成長空間,驅動客户黏性與單客價值提升。公司聚焦零售業務賽道,擁有服務中小投資者的專業能力與基因,證券業務持續驗證成長性,整體業績彈性和估值彈性突出,充分受益於本輪個人投資者積極入市驅動的交易量改善及市場信心恢復。2025年業績有望明顯釋放,看好軟件與證券業務協同效應,遠期成長空間開啟。關注市場交易活躍度、證券業務導流開户和定增推進等催化。首次覆蓋給予“買入”評級。
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