研報掘金丨中金:維持東方財富“跑贏行業”評級,上調目標價17%至35元
中金公司研報指出,東方財富(300059.SZ)2024年淨利潤同比+17%至96億元,對應4Q24淨利潤同比+80%/環比+80%至36 億元,高於我們預期。市場活躍及市佔提升推動券商收入高增、2H24基金銷售邊際改善、投資收入保持高位。預計1Q25及25年趨勢向好、關注公司業績及估值的高彈性。展望全年,在其他假設不變下我們測算市場日均成交額每提升1,000億元、公司25e 盈利增速+4.1ppt;若考慮成交活躍下兩融/基金/投資改善及利潤率提升,實際盈利增速或更高。整體而言我們認爲公司具備較強“反身性”,在市場活躍之下易被投資者上修盈利和估值,迎來戴維斯雙擊。考慮市場情緒改善上調目標價17%至35元,維持“跑贏行業”評級。
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