[Table_MainInfo] 公司研究/信息服务/互联网软件与服务 证券研究报告 同花顺（300033）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | | | 相关研究 | | [Table_ReportInfo] 《整体经营稳健，研发投入持续提升》 | | 2024.05.06 | | 《经营稳健，研发投入持续增加》 | | 《研发投入持续增加，费用上升导致利润同比 | | 下滑》 2024.01.04 市场表现 | 同花顺 海通综指 -41.39% -32.39% -23.39% -14.39% -5.39% 2023/9 2023/12 2024/3 2024/6 | --- | --- ...

同花顺（300033.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|-----------------------------------------|-------|------------------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | | | | 3559.14 3564.26 3485.81 3643.11 3781.21 | | 股票信息 | | | 增长率 yoy （ % ） | 1.40 | 0.14 | -2.20 | 4.51 | 3.79 | | | | 归母净利润（百万元） | | | | 1691.18 1402.47 993.45 1092.93 1153.27 | | 行业 | 计算机 | | 增长率 yoy （ % ） | -11.51 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on performance but is increasing investments in AI while awaiting market recovery [1] - The company reported a revenue of 1.389 billion yuan for H1 2024, a decrease of 5.51% year-on-year, and a net profit of 363 million yuan, down 20.99% year-on-year [3] - The company is focusing on enhancing its AI capabilities and integrating them into existing products to improve monetization [7] Financial Performance - In H1 2024, the company's sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [2] - The company's contract liabilities increased by 9.67% year-on-year to 1.202 billion yuan, indicating operational resilience [5] - The company’s revenue from various business segments showed mixed results, with value-added telecom services down 10.96% and software sales down 7.19% year-on-year [4] AI Investment and Development - The company is intensifying its R&D in AI technologies, achieving advancements in areas such as large models, natural language processing, and machine translation [6] - The launch of the HithinkGPT large model positions the company as a leader in the financial dialogue model space, enhancing its service capabilities [7] Earnings Forecast - The company is projected to achieve revenues of 3.674 billion yuan, 4.054 billion yuan, and 4.508 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.353 billion yuan, 1.539 billion yuan, and 1.759 billion yuan [8] - The expected EPS for the same years is 2.52 yuan, 2.86 yuan, and 3.27 yuan per share, with current P/E ratios of 38, 34, and 30 times [8]

公司点评报告 · 计算机行业 费仍承压,合同负债指标向好 — 2024 年中报业绩点评 2024年8月25日 ● ● 事件:公司发布 2024 年中报,报告期内实现营收 13.89 亿元,同比下滑 5.51%;实现归母净利润 3.63 亿元,同比下滑 20.99%;销售毛利率为 84.85%; 扣非归母净利润 3.44 亿元,同比下滑 23.26%。 广告及互联网板块同比增长,业绩仍受证券市场影响:作为金融信息服务行 业的龙头企业,公司持续巩固技术优势、拓展服务深度。报告期内,公司增值 电信业务板块营收为 7.69亿元,同比下滑 10.96%;广告及互联网业务推广服 务板块营收为3.50 亿元,同比增长9.45%;软件销售及维护板块营收为1.03 亿元,同比下滑7.19%;基金代销及其他交易板块营收为1.68亿元,同比下 滑 4.91%。2024Q2 A 股日均成交额下滑至 8352.17 亿元,相较 2023Q2 A 股 日均成交额 10229.55 亿元同比下滑 18.35%。2024年上半年,公司积极强化 AI 技术以提升软件产品竞争力,广告及互联网业务推广服务投入同比增加 20.59%;主营增值电信业 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 1.39 billion RMB in the first half of 2024, a year-on-year decline of 5.5%, and a net profit attributable to shareholders of 340 million RMB, down 23.3% year-on-year [1]. - The decline in revenue is attributed to a decrease in average daily trading volume in the A-share market, which fell by 8% year-on-year [2]. - The company is focusing resources on artificial intelligence, particularly in talent acquisition and computational resource development, launching various AI products and services [2]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 770 million RMB, a decrease of 10.5% year-on-year, with a net profit of 250 million RMB, down 26.3% year-on-year [1]. Business Analysis - The value-added telecommunications business generated 770 million RMB in revenue, down 11.0% year-on-year, influenced by the decline in A-share market trading volume [2]. - Software sales and maintenance revenue was 100 million RMB, down 7.2% year-on-year, affected by IT spending cuts from brokerage clients [2]. - Advertising and internet business revenue increased by 9.5% year-on-year to 350 million RMB, while fund distribution services revenue decreased by 4.9% to 170 million RMB [2]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 3.5 billion RMB, 3.64 billion RMB, and 3.88 billion RMB, with year-on-year growth rates of -1.8%, 3.9%, and 6.7% respectively [3]. - Net profit forecasts for the same period are 1.36 billion RMB, 1.4 billion RMB, and 1.54 billion RMB, with corresponding growth rates of -3.4%, 3.6%, and 9.6% [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure due to lower market trading activity, but its customer resource advantage remains significant [1][4] - Revenue and net profit declined in H1 2024, with revenue at 1.389 billion yuan (-5.51% YoY) and net profit at 363 million yuan (-20.99% YoY) [2][6] - The company's gross margin slightly decreased to 84.85% in H1 2024, down by 4.23 percentage points compared to 2023 [6] - R&D investment continues to increase, with R&D expenses up by 5.12% YoY in H1 2024, driven by investments in AI and computing power [6] - The company has a strong customer base, covering over 90% of domestic securities firms and serving 625 million registered users as of H1 2024 [6] Financial Performance - H1 2024 revenue: 1.389 billion yuan (-5.51% YoY) [2][6] - H1 2024 net profit: 363 million yuan (-20.99% YoY) [2][6] - H1 2024 ROE: 5.25%, down by 1.48 percentage points YoY [2][6] - Gross margin in H1 2024: 84.85%, down by 4.23 percentage points compared to 2023 [6] - R&D expenses in H1 2024: 5.12% increase YoY [6] Customer Resources - The company's products and services cover over 90% of domestic securities firms, as well as numerous mutual funds, private funds, banks, and insurance companies [6] - As of H1 2024, the company has 625 million registered users, with 14.39 million daily active users and 19.21 million weekly active users [6] - Advertising and internet promotion services revenue in H1 2024: 350 million yuan (+9.45% YoY) [6] Future Projections - Expected revenue for 2024-2026: 3.3/3.5/3.7 billion yuan, with a 3-year CAGR of 1.37% [6] - Expected net profit for 2024-2026: 1.3/1.4/1.5 billion yuan, with a 3-year CAGR of 1.90% [6] - The company's strong customer base is expected to provide significant future growth potential [6]

浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告 2024-027 2024 年 08 月 1 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人易峥、主管会计工作负责人杜烈康及会计机构负责人(会计主 管人员)贾海明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划本报告期不派发现金红利，不送红股，不以公积金转增股本。 2 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 目录 | --- | |------------------------------------------------- ...

2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金占用 资金占 用方名 称 占用方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初 占用资金余额 2024 年半年度占 用累计发生金额 （不含利息） 2024 年半年度 占用资金的利息 （如有） 2024 年半年度 偿还累计发生 金额 2024 年半年度 期末占用资金 余额 占用形成 原因 占用性质 现大股东及其附属企业 无 非经营性占用 非经营性占用 小计 - - - - 前大股东及其附属企业 非经营性占用 非经营性占用 小计 - - - - 总计 - - - - 其它关联资金往来 资金往 来方名 称 往来方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初 往来资金余额 2024 年半年度往 来累计发生金额 （不含利息） 2024 年半年度 往来资金的利息 （如有） 2024 年半年度 偿还累计发生 金额 2024 年半年度 期末往来资金 余额 往来形成 原因 往来性质 大股东及其附属企业 经营性往来 经营性往来 上市公司的子公司及其附属 企业 非经营性往来 非经营性往来 关联自然人 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a leader in the fintech sector with strong profitability and a dominant position in the securities service app market [4] - The company's SaaS platform, iFinD, is expected to grow significantly due to its cost-effectiveness and AI capabilities [4] - The company is a pioneer in AI+finance applications, with its HithinkGPT model positioning it for future growth in the smart investment advisory market [5] Financial Performance - The company reported revenues of 3.51 billion, 3.56 billion, and 3.56 billion yuan for 2021, 2022, and 2023, respectively, with slight year-over-year growth [4] - Gross margins remained high at 91.42%, 89.61%, and 89.09% for 2021, 2022, and 2023, respectively [4] - Net profit margins were 54.45%, 47.52%, and 39.35% for the same periods [4] Business Segments - The company's core business segments include value-added telecom services, software sales and maintenance, advertising, and internet promotion services [4] - Value-added telecom services accounted for 46.11%, 43.22%, and 42.89% of total revenue in 2021, 2022, and 2023, respectively [20] - Advertising and internet promotion services contributed 36.58%, 42.89%, and 38.13% of revenue during the same periods [20] AI and Fintech Applications - The company launched HithinkGPT, a financial dialogue model, which is expected to drive growth in AI+finance applications [5] - HithinkGPT supports five versions with parameters ranging from 7 billion to 130 billion, offering API integration and private deployment options [46] - The company's AI applications include smart investment advisory products for C-end users and smart investment research products for B-end users [5] Market Position and Competitive Advantage - The company has a strong market position with 623 million registered users and over 30 million monthly active users for its app [4] - The company's iFinD platform is expected to gain market share due to its high cost-performance ratio and AI capabilities [4] - The company's financial data terminal, iFinD, is priced competitively at 5,000-10,000 yuan per account, making it attractive in a cost-sensitive market [39] Growth Prospects - The company is expected to achieve net profits of 1.685 billion, 2.132 billion, and 2.371 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth of 20.2%, 26.5%, and 11.2% [5] - The company's growth is driven by its AI+finance applications, the expansion of its iFinD platform, and the potential of its fund distribution business [64] Industry Trends - The financial information software service market in China is expected to grow from 7.4 billion yuan in 2021 to 27.3 billion yuan in 2026, with a compound annual growth rate of 30% [60] - The institutional financial software service market is projected to grow from 3.9 billion yuan in 2021 to 6.1 billion yuan in 2026, with a compound annual growth rate of 9.5% [61]

证券研究报告 | 公司动态点评 2024 年 04月 30日 同花顺（300033.SZ） 研发持续加码，看好公司发展前景 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 3559.14 3564.26 4020.15 4487.59 4986.15 股票信息 增长率yoy（%） 1.40 0.14 12.79 11.63 11.11 归母净利润（百万元） 1691.18 1402.47 1688.46 1889.27 2119.11 行业 计算机 增长率yoy（%） -11.51 -17.07 20.39 11.89 12.17 2024年4月29日收盘价（元） 123.64 ROE（%） 25.55 20.33 20.68 18.98 17.72 总市值（百万元） 66,468.86 EPS最新摊薄（元） 3.15 2.61 3.14 3.51 3.94 流通市值（百万元） 33,814.25 P/E（倍） 39.30 47.39 39.37 35.18 31.37 总股本（百万股） 537.60 P/B（倍） 9.17 9.08 8.06 7. ...