Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Short-term performance remains under pressure, with expectations for a recovery in Q4 [1] - The company reported a revenue of 2.33 billion yuan for the first three quarters, a year-on-year decline of 1.6% [1] - The net profit attributable to the parent company for the same period was 650 million yuan, down 15.5% year-on-year [1] - The company anticipates a rebound in performance due to the recovery of the capital market, which is expected to boost demand for financial information services [1] - The report maintains previous profit forecasts, projecting revenues of 3.67 billion yuan, 4.10 billion yuan, and 4.63 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 3%, 12%, and 13% [1][2] Financial Summary - For Q3, the company achieved an operating income of 950 million yuan, a year-on-year increase of 4.8% [1] - The gross profit margin for the company was reported at 85.7%, a decrease of 2.4 percentage points year-on-year [1] - The net cash flow from operating activities was 650 million yuan, down 12.6% year-on-year [1] - The company’s total assets are projected to grow from 9,845 million yuan in 2023 to 11,298 million yuan in 2026 [2] - The net profit is expected to increase from 1,402 million yuan in 2023 to 1,862 million yuan in 2026, with a net profit margin projected to rise from 39.3% to 40.2% [2]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 280.57 CNY, adjusted from a previous forecast of 129.50 CNY [4][10]. Core Views - The company's revenue showed positive growth in the third quarter, primarily driven by active trading, leading to an increase in C-end business. The report expresses optimism about the company's performance explosion due to sustained high trading volumes [2][10]. - The third quarter revenue increased by 4.81%, attributed to market recovery, with the overall A-share index rising by 17.68% in Q3 2024. The report highlights a significant increase in new account openings during this period [10]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 7.47% year-on-year, mainly due to rising costs in various expense categories [10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 2.335 billion CNY, down 1.59% year-on-year, and a net profit of 651 million CNY, down 15.53% year-on-year [10]. - The report projects future earnings per share (EPS) for 2024, 2025, and 2026 to be 3.00 CNY, 4.67 CNY, and 6.59 CNY respectively, reflecting adjustments from previous estimates [10]. Market Activity - The report notes that the capital market remains active, with average daily stock trading volume reaching 20.667 billion CNY from October 8 to October 22, 2024, which is expected to significantly boost the company's C-end value-added telecommunications and advertising business revenues [10]. - The report emphasizes the potential for rapid growth in the intelligent investment advisory and research market, driven by the company's AI capabilities and increased customer willingness to pay [10]. Cost and Expenses - The report details that the increase in operating costs, sales expenses, management expenses, and R&D expenses were 59.8%, 13.2%, -18.71%, and -5.65% respectively, indicating a focus on enhancing data quality and expanding B-end business [10].

2024 年 10 月 24 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] Q3 营收增速拐点向上，有望受益于市场热度提 升 ——同花顺（300033）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 23 日，公司发布 2024 年三季报：2024 前三季度，公司营 收 23.35 亿元，同比-1.59%；归母净利润 6.51 亿元，同比-15.53%；扣 非后归母净利润 6.31 亿元，同比-16.74%； 2024Q3 单季度，公司营收 9.45 亿元，同比+4.81%；归母净利润 2.88 亿元，同比-7.47%；扣非后归母净利润 2.87 亿元，同比-7.28%。 投资要点: 相对沪深 300 表现 2024/10/23 Q3 单季度业绩边际改善，Q4 有望受益于市场热度提升 表现 1M 3M 12M 同花顺 95.0% 108.1% 47.3% 2024 年前三季度，受国内外多种因素的影响，资本市场出现一定程 度波动，投资者对金融信息服务需求受到影响；但 2024Q ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a marginal improvement in revenue growth, with Q3 2024 revenue reaching 9.45 billion yuan, a year-on-year increase of 4.81%, which is an improvement of 15.27 percentage points compared to Q2 2024 [6]. - The overall performance improvement is attributed to better performance in advertising and internet promotion services, although value-added telecommunications services are expected to remain under pressure [6]. - The company continues to invest heavily in research and development, particularly in artificial intelligence and multimodal model technologies, enhancing its competitive edge [6]. - The company has registered 37 new software copyrights and 44 new invention patents in the first three quarters of 2024, indicating a strong focus on innovation [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 23.35 billion yuan, a decrease of 1.59% year-on-year, and a net profit attributable to shareholders of 6.51 billion yuan, down 15.53% year-on-year [2][6]. - The company's return on equity (ROE) stands at 9.50%, a decline of 1.89 percentage points year-on-year [2][6]. - The projected revenues for 2024-2026 are 33 billion yuan, 35 billion yuan, and 37 billion yuan, with year-on-year growth rates of -8.09%, +5.76%, and +7.17%, respectively [6][7]. Cost and Expense Analysis - The company's operating costs for the first three quarters of 2024 were 3.34 billion yuan, an increase of 17.99% year-on-year, primarily due to higher data quality improvement costs [6]. - Sales expenses increased by 10.47%, while management expenses decreased slightly by 0.37%, and R&D expenses increased by 1.30% [6]. Market Context - The average daily stock trading volume in Q3 2024 was 6739.57 billion yuan, reflecting a year-on-year decrease of 15.47% and a quarter-on-quarter decrease of 18.50% [6]. - The report notes that the overall market trading activity remains low, impacting the demand for financial information services [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a slight decline in revenue for the first three quarters of 2024, with total revenue down 1.59% year-on-year to 2.335 billion yuan, and net profit down 15.53% to 651 million yuan. However, the third quarter showed a revenue increase of 4.81% year-on-year to 945 million yuan, indicating a potential turnaround [1] - The report highlights a significant increase in C-end demand following government policies aimed at boosting market activity, with a notable rise in A-share trading volume in late September 2024 [1] - Increased operational costs and sales investments have led to a decrease in net profit margin, which fell by 4.6 percentage points year-on-year to 27.88% due to higher expenses in data quality improvement and sales promotion [1] - The company is enhancing its AI product offerings, with updates to both C-end and B-end products, which are expected to improve competitiveness and drive revenue growth [1] - The profit forecast has been revised upwards, with expected net profits for 2024-2026 now at 1.44 billion, 1.66 billion, and 1.90 billion yuan respectively, reflecting a positive outlook for the company's performance [1] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected to reach 3.784 billion yuan in 2024E, with a year-on-year growth of 6.18% [1] - The net profit for 2024E is estimated at 1.443 billion yuan, representing a 2.90% increase year-on-year [1] - The report indicates a decrease in net profit margin due to increased operational costs [1] Cost Structure - Operating costs increased by 17.99% year-on-year to 334 million yuan, driven by higher data quality and personnel costs [1] - Sales expenses rose by 10.41% to 397 million yuan, reflecting the company's efforts to expand market share [1] - R&D expenses increased by 1% to 880 million yuan, with a focus on AI model development [1] Product Development - The AI investment assistant "Wencai" has been updated to enhance stock analysis capabilities, indicating ongoing improvements in product functionality [1] - The B-end product iFinD has also been updated to include real-time market data for various financial instruments [1] Market Outlook - The report notes a turning point in market activity due to government policies aimed at stabilizing the stock market and promoting consumption, which is expected to benefit the company's C-end business [1] - The anticipated increase in market liquidity is expected to positively impact the company's revenue growth in the upcoming quarters [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 231.36 [6][7]. Core Views - The company has shown strong alpha attributes, with Q3 2024 revenue of RMB 9.45 billion, a year-on-year increase of 4.81% and a quarter-on-quarter increase of 22.66%. The report anticipates a recovery in market transaction volumes and the implementation of AI technologies to drive accelerated growth [1][2][3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of RMB 23.35 billion, a year-on-year decrease of 1.59%, and a net profit attributable to the parent company of RMB 6.51 billion, down 15.53% year-on-year. Q3 alone saw a net profit of RMB 2.88 billion, a year-on-year decrease of 7.47% but a quarter-on-quarter increase of 11.21% [1][2]. Market Conditions - The report highlights a recovery in market conditions, with A-share transaction volumes increasing significantly since September 24, 2024. In the first 12 trading days of October, the total transaction amount reached RMB 24.7 trillion, representing a year-on-year increase of 162% and a quarter-on-quarter increase of 272% [3]. R&D and AI Development - The company has increased its R&D investment, with a sales/management/R&D expense ratio of 17.01%/7.51%/37.89%, respectively. The AI Agent platform is actively being developed, supporting over 30 internal business departments and engaging with more than 150 financial institutions to create over 5,000 quality industry application scenarios [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2024-2026 are projected to be RMB 2.80, RMB 3.12, and RMB 3.53, respectively. The report assigns a price-to-earnings (PE) ratio of 74.2x for 2025, leading to a target price of RMB 231.36, reflecting an increase from the previous target of RMB 124.2 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 2.33 billion RMB for the first three quarters of 2024, a year-on-year decrease of 1.6%. The net profit attributable to the parent company was 630 million RMB, down 16.7% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 950 million RMB, representing a year-on-year growth of 4.8%, while the net profit attributable to the parent company was 290 million RMB, a decline of 7.3% year-on-year [2]. - The company's contract liabilities increased by 10.6% year-on-year, showcasing operational resilience despite a 15.1% decline in average daily trading volume in A-shares during Q3 [2]. Performance Analysis - The gross margin for Q3 was 86.9%, a decrease of 4.5 percentage points year-on-year, primarily due to increased costs in data procurement and technical services [3]. - The sales expense ratio rose to 16.4%, an increase of 1.2 percentage points year-on-year, reflecting efforts to expand market share [3]. - The company continues to invest in AI, launching the "Agent Studio" platform, which supports over 150 financial institutions and has developed more than 5,000 industry-specific applications [3]. Earnings Forecast - Revenue forecasts for 2024-2026 have been adjusted to 3.72 billion RMB, 4.22 billion RMB, and 4.71 billion RMB, reflecting year-on-year growth rates of 4.4%, 13.3%, and 11.6% respectively [4]. - The net profit forecasts for the same period are adjusted to 1.31 billion RMB, 1.47 billion RMB, and 1.66 billion RMB, with year-on-year growth rates of -6.3%, 12.0%, and 13.0% respectively [4].

Financial Performance - The company's operating revenue for Q3 2024 was ¥945,276,373.89, representing a year-on-year increase of 4.81%[2]. - The net profit attributable to shareholders for Q3 2024 was ¥288,071,258.99, a decrease of 7.47% compared to the same period last year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥286,618,620.89, down 7.28% year-on-year[2]. - Total operating revenue for Q3 2024 was CNY 2,334,720,341.07, a decrease of 1.58% compared to CNY 2,372,398,760.91 in Q3 2023[15]. - Net profit for Q3 2024 was CNY 650,917,369.00, down 15.5% from CNY 770,570,898.37 in the same period last year[16]. - The company reported a total comprehensive income of CNY 645,391,233.61 for Q3 2024, compared to CNY 802,133,886.67 in the same period last year[16]. - The basic earnings per share for Q3 2024 was CNY 1.21, down from CNY 1.43 in Q3 2023[16]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥9,278,219,945.84, reflecting a decrease of 5.76% from the end of the previous year[2]. - The total assets decreased to CNY 9,278,219,945.84 from CNY 9,844,860,690.35 year-over-year[14]. - The total liabilities decreased slightly to CNY 2,496,201,072.71 from CNY 2,525,513,050.83 in the previous year[14]. - The company's total equity decreased to CNY 6,782,018,873.13 from CNY 7,319,347,639.52 year-over-year[14]. - The equity attributable to shareholders at the end of Q3 2024 was ¥6,781,859,225.58, down 7.34% compared to the end of the previous year[2]. Cash Flow - The company reported a decrease in cash flow from operating activities, with a net cash flow of ¥654,866,071.28, down 12.61% year-on-year[2]. - Operating cash flow for the period was CNY 654,866,071.28, a decrease of 12.6% compared to CNY 749,378,918.34 in the previous period[18]. - Total cash inflow from operating activities was CNY 2,731,941,025.64, down from CNY 2,787,750,821.98, reflecting a decline of 2%[18]. - Cash outflow for operating activities totaled CNY 2,077,074,954.36, slightly increased from CNY 2,038,371,903.64, indicating a rise of 1.8%[18]. - Cash flow from investment activities showed a net outflow of CNY 66,914,037.93, an improvement from a net outflow of CNY 150,268,947.51 in the previous period[18]. - Cash flow from financing activities resulted in a net outflow of CNY 1,310,916,648.99, compared to a net outflow of CNY 1,217,824,326.07, reflecting a 7.6% increase in outflow[19]. - The ending balance of cash and cash equivalents was CNY 6,432,980,624.67, down from CNY 6,668,835,820.23, representing a decrease of 3.5%[19]. - The company received CNY 191,865,941.03 in cash related to operating activities, an increase of 11.5% from CNY 172,209,590.02 in the previous period[18]. - The company reported a decrease in tax payments to CNY 258,622,689.29 from CNY 327,472,293.81, a decline of 21%[18]. - The company experienced a negative impact of CNY 9,237,293.75 from exchange rate fluctuations on cash and cash equivalents[19]. Investments and R&D - The company has increased its investment in artificial intelligence, particularly in data procurement and organization, to enhance service quality[5]. - The company is focusing on R&D for artificial intelligence large models, particularly in multi-modal model technology, to enhance existing business scenarios and service quality[11]. - Research and development expenses increased to CNY 884,728,786.67, compared to CNY 873,415,983.28 in Q3 2023, reflecting a focus on innovation[15]. - The company plans to enhance its competitive edge through the application of multi-modal large model technology in its products and services[11]. - The company registered 37 new software copyrights, bringing the total to 516, and received 44 new invention patents, totaling 105, including 20 from the United States[11]. Other Financial Metrics - The company received government subsidies amounting to ¥23,984,747.57 during the year, contributing to other income growth of 19.44%[6]. - The net cash flow from investment activities improved by 55.47%, primarily due to reduced investment in future technology park projects[6]. - The company's cash and cash equivalents decreased to ¥7,601,854,487.76 from ¥8,169,871,865.16, representing a decline of approximately 7%[12]. - Accounts receivable increased to ¥59,504,842.92 from ¥54,082,400.83, showing an increase of about 10%[12]. - The total current assets decreased to ¥7,702,256,245.23 from ¥8,264,934,748.60, indicating a reduction of around 7%[12]. - The company’s long-term equity investments increased to ¥3,306,250.64 from ¥2,984,348.95, reflecting a growth of approximately 11%[12]. - The company’s fixed assets decreased to ¥640,519,387.36 from ¥665,146,609.17, a decline of about 4%[12]. - The company’s non-current assets include intangible assets valued at ¥333,253,845.19, slightly down from ¥339,252,154.93[12]. - Deferred income tax assets increased to CNY 904,938.97 from CNY 821,700.68 year-over-year[14]. - The company’s contract liabilities rose to CNY 1,180,345,598.42 from CNY 1,101,526,739.75 in the previous year, indicating growth in future revenue recognition[14]. - The total number of restricted shares held by executives is 227,888,697, with 1,939,650 shares released from restriction on January 1, 2024[10].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Insights - The company is experiencing a stable overall operational situation while continuously increasing its R&D efforts [2] - In the first half of 2024, the company achieved revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%, and a net profit attributable to shareholders of 363 million yuan, down 20.99%, primarily due to increased expenses [2] - The company has been focusing on AI technology development, establishing a significant technological lead with numerous patents and software copyrights [2][3] Financial Performance - The company's revenue for 2024 is projected to be 3.848 billion yuan, with a growth rate of 8.0% [4] - The net profit for 2024 is expected to be 1.328 billion yuan, reflecting a decrease of 5.3% compared to the previous year [4] - The earnings per share (EPS) for 2024 is forecasted at 2.47 yuan, with corresponding price-to-earnings (PE) ratios of 78, 72, and 63 for 2024, 2025, and 2026 respectively [4] Market Context - The financial technology market in China is expected to exceed 600 billion yuan in 2023, benefiting from improved digital infrastructure and favorable policies [3] - The report highlights that the company is well-positioned to leverage the growth in the financial technology sector, which has shown resilience despite recent challenges [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company is experiencing a stable overall operational situation while continuously increasing its investment in research and development [2] - In the first half of 2024, the company achieved revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%, and a net profit attributable to shareholders of 363 million yuan, down 20.99%, primarily due to increased expenses [2] - The company has been focusing on artificial intelligence (AI) technology, establishing a broad AI ecosystem since 2009, and has made significant advancements in various AI fields [2] Summary by Sections Company Overview - The company is a leading provider of internet financial information services in China, offering software products, financial data services, and investment analysis tools [2] - As of June 30, 2024, the company has obtained 510 software copyrights and 103 invention patents, including 20 US patents [2] Financial Performance - The company's gross margin for the first half of 2024 was 84.85%, a decrease of 1.16 percentage points year-on-year, while the net profit margin was 26.12%, down 5.11 percentage points [2] - The company’s operating expenses increased due to intensified sales promotion efforts and R&D investments in AI [2] Market Outlook - The financial technology market in China is expected to exceed 600 billion yuan in 2023, benefiting from improved digital infrastructure and favorable policies [3] - The report forecasts the company's revenue for 2024-2026 to be 3.848 billion, 4.289 billion, and 4.828 billion yuan, respectively, with corresponding EPS of 2.47, 2.70, and 3.06 yuan [4]