Haitong: Initial "Outperform" rating for JF SMARTINVEST (09636), with a fair stock price range of 36.58-39.19 Hong Kong dollars.

Haitong released a research report stating that it is covering JF SMARTINVEST for the first time (09636), giving it an "outperform the market" rating, with a reasonable stock price range of 36.58-39.19 Hong Kong dollars. The bank believes that the company empowers stock investment services with its emerging omnimedia operating model, targeting high-average price customers. The business model is excellent and has a first-mover advantage in the market. Recently, with the capital market warming up, securities trading has become active, and the demand for C-end stock investment services is increasing, which is expected to provide strong momentum for the company's operational performance. Haitong's main points are as follows: Focusing on C-end investment content services with omnimedia operations as the foundation. The company focuses on the online investor content service market, providing investment decision solutions to individual investors through various software and data services. In terms of the business model, the company fully utilizes traditional media and new media platforms such as MCN channels to form a diversified brand communication network and accumulate public domain traffic. Subsequently, based on products, the company converts public domain traffic into private domain users through refined operations and guides them to their own APP to continuously increase monthly active users and user stickiness. Deeply cultivating MCN operations, fully leveraging omnimedia traffic advantages, and accumulating over 45 million public domain followers. The company integrates new media tools such as live streaming and short videos with AI technology to build a fan network and actively explore e-commerce models, effectively converting traffic efficiently. At the customer acquisition level, the company's core strategy is fine-tuned traffic operations, analyzing user behavior data to build detailed potential user profiles, understand user needs and preferences in-depth. By fine-tuning traffic segmentation and using advanced algorithms to ensure accurate content delivery to different user levels, the company achieves efficient customer conversion and stable retention. Through linkage with platforms such as Douyin, Xiaohongshu, and Video Number, the company continuously expands its brand exposure, strengthens its fan base. As of the 2024 interim report, the company operates 488 MCN accounts on different internet platforms, accumulating approximately 45.6 million followers. The flagship and Dragon Queller series products have built a base of high-average price paying users through years of operation. Before 2023, the company's core product matrix included the Jufang Intelligent Investment flagship version and the Dragon Queller version. The flagship version provides data services, including market data processing and indicator analysis, to payi...