Summary of the Conference Call on Tonghuashun Company Overview - The conference call focused on **Tonghuashun**, a third-party stock trading platform that has a significant share of the retail investor market in China, particularly in the context of the current bull market. Key Points and Arguments Market Context and Performance - Tonghuashun is benefiting from a **bull market** characterized by high trading volumes and increased retail investor activity, particularly in **ETF** (Exchange-Traded Fund) transactions [1][2][3] - The company's revenue growth is closely correlated with the overall trading volume in the market, indicating a strong relationship between market activity and company performance [2][17] Revenue and Profitability - The company has shown a **revenue growth** of nearly **5% year-on-year** in the third quarter, recovering from a slight decline in the first half of the year [3][4] - The revenue elasticity is significant due to fixed costs associated with R&D and sales, leading to a pronounced increase in profits when trading volumes rise [2][4] User Engagement and Market Share - Tonghuashun commands a substantial market share, with an estimated **30-40%** of retail investors using its platform, which enhances its advertising revenue potential [3][4] - The company has approximately **30 million monthly active users (MAU)**, providing a robust user base for monetization through various services [10][12] Advertising and Promotion - The advertising and promotion segment is closely tied to trading volumes, with increased spending from brokers during high trading periods [7][8] - The company has partnerships with **88 brokers**, allowing it to leverage its platform for advertising and promotional activities effectively [7][13] ETF Growth and Opportunities - The growth of the ETF market presents a unique opportunity for Tonghuashun, as it can capitalize on increased trading activity and commission revenues from ETF transactions [9][10] - The company is well-positioned to benefit from the rising popularity of ETFs, with its user base being highly aligned with ETF traders [12][19] AI Integration and Future Growth - Tonghuashun is investing in AI capabilities, which are expected to enhance user experience and drive revenue growth through improved service offerings [15][20] - The AI features have already shown promising results, with a **10-fold increase** in subscription users for its AI service since October [15][20] Competitive Landscape - The competitive environment among brokers and fund companies is intensifying, which could lead to increased demand for Tonghuashun's services as a platform for retail investors [18][19] - The company’s ability to convert retail investor traffic into ETF trading activity is seen as a significant growth driver moving forward [12][19] Additional Important Insights - The relationship between trading volumes and revenue is not merely linear; the company exhibits greater resilience in revenue during market downturns compared to overall market performance [17][20] - The integration of AI into both consumer and business services is expected to provide a competitive edge and enhance revenue streams [15][20] - The overall sentiment is optimistic regarding Tonghuashun's ability to sustain growth through strategic positioning in the ETF market and leveraging its user base for advertising and promotional activities [10][12][20]

证券代码：300033 证券简称：同花顺 公告编号：2024-032 浙江核新同花顺网络信息股份有限公司 关于持股5%以上股东减持股份预披露的公告 股东杭州凯士顺信息咨询有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有浙江核新同花顺网络信息股份有限公司（以下简称"公司"）股份 50,881,829 股（占本公司总股本 9.46%）的杭州凯士顺信息咨询有限公司（原名 北京凯士奥信息咨询有限公司，2024 年 5 月 29 日更名为杭州凯士顺信息咨询有 限公司），拟自本公告发布之日起 15 个交易日后的三个月内（2024 年 12 月 2 日 -2025 年 3 月 1 日），以集中竞价交易方式或大宗交易方式合计减持本公司股份 不超过 2,688,000 股（占公司总股本的 0.50%）。 公司近日收到股东杭州凯士顺信息咨询有限公司出具的《关于浙江核新同花 顺网络信息股份有限公司股份减持计划的通知函》，现将相关情况公告如下： 一、股东的基本情况 1.股东名称 杭州凯士顺信息咨询有限公司， ...

沪深股通今日合计成交2834.96亿，其中贵州茅台和宁德时代分居沪股通和深股通成交额个股首位。板 块主力资金方面，非银金融板块主力资金净流入居首。ETF成交方面，中证1000ETF指数(560010)成交 额环比增长183%。期指持仓方面，IC、IM期指主力合约多头减仓数量大于空头。龙虎榜方面，厦钨新 能获机构买入3.5亿，同时遭机构卖出1.69亿；泸州老窖遭机构卖出2.05亿；中国长城遭机构卖出1.46 亿；第一创业遭两家一线游资席位卖出，合计卖出金额超4亿；赢时胜遭招商证券福州六一中路营业部 卖出2.11亿；联创光电获两家量化席位买入，其中国泰君安公司总部营业部买入1.51亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1398.14亿，深股通总成交金额为1436.82亿。 从沪股通前十大成交个股来看，贵州茅台位居首位；中信证券和中国平安分居二、三位。 从深股通前十大成交个股来看，宁德时代位居首位；东方财富和五粮液分居二、三位。 二、板块个股主力大单资金 从板块表现来看，白酒、保险、食品、证券等板块涨幅居前，贵金属、军工、人形机器人、飞行汽车等 板块跌幅居前。 从主力板块资金监控数据来看，非银金融板块 ...

证券代码：300033 证券简称：同花顺 公告编号：2024-031 浙江核新同花顺网络信息股份有限公司 关于股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 6.公司不存在违反公平信息披露规定的情形。 三、关于不存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《创业板股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也未获悉本公司有根据《创业板股票上市规则》等有关规定应予以披露而 浙江核新同花顺网络信息股份有限公司（以下简称"公司"或"本公司"） 连续 3 个交易日内（2024 年 11 月 5 日、11 月 6 日、11 月 7 日）收盘价格涨幅 偏离值累计达到 30%以上，根据深圳证券交易所相关规定，属于股票交易异常波 动的情况。 二、公司关注并核实的情况说明 针对公司股票交易异常波动情况，公司就相关事项进行了核实，现就相关情 况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经 ...

Group 1 - The core point of the article is that Tonghuashun (300033.SZ) experienced a significant stock price increase, closing at 327.61 yuan with a rise of 20.00% [1] - On the top five securities with a daily increase of 15%, Tonghuashun was among them, indicating strong market interest [1] - Institutional trading data shows that two specialized institutional seats were among the top five sellers of Tonghuashun, highlighting institutional involvement in the stock [1] Group 2 - The net selling amount by institutional seats for Tonghuashun today was 64,050.55 thousand yuan, indicating a substantial outflow despite the stock's price increase [1]

创业板指涨逾2% 东方财富、同花顺10% 财联社10月31日电，指数走强，创业板指拉升涨逾2%，沪指涨 0.87%，深成指涨1.33%。 大金融、光伏、风电、房地产等方向涨幅居前，沪深京三市上涨个股近4000只，东方财富、同花顺双双 10%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In Q3 2024, the company's revenue growth showed a significant rebound, and the decline in profit narrowed. The total revenue for the first three quarters was 2.33 billion yuan, down 1.6% year-on-year, while the net profit attributable to the parent company was 650 million yuan, down 15.5% year-on-year [4][5] - The revenue benefited from market recovery, with a notable increase in platform traffic. The average daily transaction volume in Q3 was 677.6 billion yuan, down 15.1% year-on-year, but the company's revenue remained stable [5] - The company has a solid platform traffic advantage as a leading internet financial platform, and short-term performance elasticity is optimistic. In the medium to long term, the company's proactive layout in the AI sector, including the successful implementation of AI large models and intelligent investment advisory applications, is expected to open new growth opportunities [6][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a single-quarter revenue of 950 million yuan and a net profit of 290 million yuan, representing year-on-year growth of 4.8% and a decline of 7.5%, respectively [4] - The gross margin and net margin for the first three quarters were 85.7% and 27.9%, down 2.4 and 4.6 percentage points year-on-year [6] - The company’s R&D, sales, and management expenses for the first three quarters were 880 million, 400 million, and 180 million yuan, respectively, with year-on-year changes of +10.5%, +1.3%, and -0.4% [6] Market Position - As of the end of September, the company's app had 34.21 million monthly active users, with a market share of 21.5%, maintaining the top position in stock trading software traffic [5] - The company has increased its investment in R&D, particularly in AI large model technology, enhancing its product competitiveness [7] Future Outlook - The company is expected to achieve net profits of 1.44 billion yuan and 1.51 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 74.8 and 71.5 [7]

Summary of the Conference Call Company Overview - The focus of the conference call was on Tonghuashun, a leading financial information data service provider and internet brokerage in the A-share market [1][2]. - The company has evolved from a pure B2B software service provider to a more diversified internet financial platform, connecting both B2B and B2C services [2]. Business Model and Revenue Structure - Tonghuashun's revenue structure for 2023 includes: - 43% from value-added telecommunications services (with 40% from B2B data terminals and 60% from C2C trading software) [2][3]. - 38% from advertising and internet business promotion services [2]. - 12% from software sales and maintenance [3]. - 7% from fund sales [2]. - The company has a balanced business structure, with approximately 70% of revenue coming from C-end services, which are more elastic and responsive to market conditions [3]. Recent Performance - In Q3 2023, Tonghuashun reported a revenue of 950 million yuan, a year-on-year increase of 5% and a quarter-on-quarter increase of 23% [10][11]. - The profit for Q3 was 290 million yuan, a year-on-year decrease of 7.5% but an increase of 11% quarter-on-quarter [10][11]. - For the first three quarters of 2023, revenue decreased by 1.6% to 2.3 billion yuan, while profit fell by 15% to 650 million yuan [10][11]. Market Conditions and Future Outlook - The overall A-share market has been weak, with a 15% year-on-year decline in average daily trading volume [11]. - Despite this, Tonghuashun's revenue growth in Q3 was attributed to its core business performance, particularly in the context of a challenging market environment [11]. - The company anticipates that the recent increase in market trading volume will support its performance in Q4 2023 and beyond [12][13]. Competitive Advantages - Tonghuashun has established a strong competitive position through early investments in mobile applications and AI technologies [8][9]. - The company maintains a high level of R&D investment, approximately 38% of revenue, focusing on AI and product development [9][12]. - Its user base is large, with significant room for growth in paid user conversion rates [10]. Financial Projections - The company projects a profit of approximately 1.5 billion yuan for the full year 2023, with Q4 expected to contribute significantly to this figure [14][15]. - Future revenue growth is anticipated to be driven by increased market activity, with projections suggesting a potential doubling of profits if market conditions improve significantly [15]. Conclusion - Tonghuashun is well-positioned to capitalize on market opportunities due to its diversified service offerings, strong brand recognition, and technological advancements [16]. - The company is expected to continue expanding its market share and enhancing its service capabilities, particularly in the context of a recovering market [16].

Investment Rating - The report maintains a "Recommend" rating for the company, citing potential market recovery and AI-driven growth as key factors [3][5] Core Viewpoints - The company's Q3 2024 revenue showed a positive turnaround, with a 4.81% YoY increase to 945 million RMB, and sales collection grew by 5.62% YoY to 958 million RMB, indicating operational recovery [3] - Recent favorable policies, including the People's Bank of China's 500 billion RMB liquidity support initiative, have boosted A-share market activity, with daily trading volume reaching 1.86 trillion RMB since September 24, 2024 [3] - The company is leveraging AI technology, particularly its HithinkGPT and Hipilot models, to enhance financial services and expand market opportunities [3] - The report forecasts 24-26 year net profits of 1.615, 1.955, and 2.377 billion RMB respectively, with corresponding PE ratios of 67, 55, and 45 times [3][4] Financial Performance - Q3 2024 net profit attributable to parent company was 288 million RMB, a 7.47% YoY decrease, while Q1-Q3 net profit was 651 million RMB, down 15.53% YoY [3] - The company's 2024E revenue is projected at 4.059 billion RMB, with a 13.89% growth rate, and net profit is expected to reach 1.615 billion RMB, a 15.14% increase [4][6] - Gross margin remains stable at around 89% from 2024E to 2026E, with net profit margin expected to improve from 39.78% to 40.66% over the same period [6] AI Development - HithinkGPT, the company's financial dialogue model, utilizes a 2999B Token pre-training dataset for diverse applications including financial advisory and intelligent customer service [3] - Hipilot, based on HexinCoder, offers capabilities such as code generation and intelligent Q&A, positioning the company to benefit from AI-driven financial services growth [3] Market Environment - A-share market activity has significantly increased since late September 2024, with historical data showing that similar trading volume surges in 2015 and 2020 led to substantial profit growth for the company [3] - The financial information industry is expected to recover in 2024-2025, with increased market transactions and AI integration potentially benefiting the company's core business [3] Valuation Metrics - The company's 2024E PE ratio is 67x, decreasing to 55x and 45x in 2025E and 2026E respectively [4][7] - PB ratio is projected to decline from 13.4x in 2024E to 10.7x in 2026E, while EV/EBITDA is expected to decrease from 59.13x to 39.25x over the same period [7]

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in demand for 2C software following an increase in market activity in Q4 2024 [6]. Core Insights - The company reported a revenue of 2.335 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.59%, with a net profit of 651 million yuan, down 15.53% year-on-year. However, the revenue for Q3 2024 was 945 million yuan, showing a year-on-year increase of 4.81%, which exceeded market expectations [8][6]. - The company launched the Agent Studio platform, which supports a million daily active users and provides over 300 financial business tool plugins to more than 150 securities, futures, and banking institutions [7][6]. - The financial forecasts for 2024-2026 estimate revenues of 36.15 billion, 40.97 billion, and 46.25 billion yuan, respectively, with net profits projected at 13.37 billion, 16.04 billion, and 18.41 billion yuan [6]. Financial Data Summary - For 2023, the total revenue was 3.564 billion yuan, with a projected increase to 3.615 billion yuan in 2024, and further growth to 4.097 billion yuan in 2025 and 4.625 billion yuan in 2026 [12]. - The gross profit margin is expected to improve from 89.1% in 2023 to around 91.2% in 2024 and beyond [5][12]. - The return on equity (ROE) is projected to be 15.5% in 2024, with a slight decrease to 15.2% by 2026 [5][12].