Gelonghui, June 13 丨 Dongfang Wealth Securities Research Report points out that “Tongdaxin” products, the core brand of Wealth Trends (688318.SH), have a high market share, covering more than 90% of domestic brokerage firms. At the same time, securities prices and trading software customers are highly sticky, which can bring stable revenue from software sales and software maintenance services to the company. The company's business is expected to enjoy the dividends of rapid growth in industry demand. The comprehensive registration system reform and the increase in the number of securities companies have stimulated incremental demand for financial IT products and services, and are expected to bring 500 to 10 billion yuan of additional market space to the securities IT market. The expansion of the number of investors and the requirement for expertise in investment instruments directly benefit the company's C-side information service business. Financial Innovation will continue to increase the company's B-side revenue; empowered by AI, the C-side business is expected to achieve a breakthrough. As a leading enterprise in the domestic securities IT industry, the company has continued to invest in technology research and development over the years. In the context of domestic financial technology and business model innovation and steady development of the industry, with good product reputation, solid core technology and rich research projects, the company's B-side business revenue is expected to increase steadily, and the C-side business is expected to use AI and other digital technology to optimize the experience of end users, thereby gaining a higher market share. The company's EPS is expected to be 4.15/5.09/5.70 yuan respectively in 2023/2024/2025, corresponding to the current PE of 34.73/28.30/25.31, respectively. Comparable companies in the securities IT industry were selected, and the company was given 34 times PE in 2024. The corresponding target price within 12 months was 173 yuan, which was raised to the “buy” rating.