GLONGHUI, January 30 | Guoxin Securities Research Report pointed out that Compass (300803.SZ)'s 2023 performance decline is due to a decline in capital market sentiment and an impact on financial information service businesses due to sluggish transactions, and second, high costs due to participation in the restructuring of subsidiaries and capital increases. The bank lowered the company's revenue forecast for 2024 and 2025 to 1,148 billion yuan and 1,297 billion yuan due to capital increases due to capital market fluctuations and participation in subsidiary restructuring investments and capital increases. Looking ahead to 2024, as market activity improves, the company continues to complete the transformation and upgrading of advantageous functions such as seats and private equity. Empowered by fintech, drainage results will gradually become apparent, realizing the deep integration of the new “traditional business+digital technology” model of brokerage firms. The development of the Internet securities business can be expected, and the company's “buy” rating will be maintained.