%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨同花顺（ ） 300033.SZ [同Ta花b顺le_2T0i2tl3e]年报点评：费用增长弱化盈利能力， 应用打开成长空间 AI 报告要点 [2T0a2b3le年_S弱um市m中a，ry公] 司经营稳健，收入端维持平稳，利润端受费用增长有所承压。分业务来看， 增值电信收入稳健，广告收入随市场回落，软件销售收入表现亮眼，基金代销份额稳中有升。 短期内市场环境等因素压制了公司业绩，长期来看公司在收入弹性、商业模式、公司治理等方 面优势突出，特别是问财大模型的落地有望显著增强产品竞争力，开拓新的盈利模式。 ...

[Table_Page] 年报点评|计算机 证券研究报告 [同Table_花Title] 顺（300033.SZ） [公Tab司le_I评nves级t] 买入 当前价格 135.45元 加快 AI 跑马圈地，搭建长期核心竞力 合理价值 147.75元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-02-28 ⚫ 公司发布2023年年报：营业收入35.64亿元，yoy+0.14%；归母14.02 相[Ta对ble市_Pi场cQu表ote现] 亿元，yoy-17.07%；扣非 13.69 亿元，yoy-15.27%。（1）2023 年收 入增速较低主要系数据需求受两市成交额下降影响，但由于iFind推广 101% 效果较好以及软件销售业务增长较快，因此营收仍实现了正增长。（2） 76% 净利润同比下降主因持续加大AI技术应用研发带来的研发费用增长， 52% 以及加大宣传投入带来的销售费用明显增长。 27% ⚫ 受益于金融数据终端涨价逻辑，iFInd收入及份额有望持续增长。2023 3% 02/23 04/23 06/23 08/23 10/23 12/23 02/24 年 ...

证券研究报告·公司点评报告·软件开发 同花顺（300033） 2023 年报点评：费用投入提升，期待 AI 应 2024 年 02月 27日 用贡献增量 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 胡翔 营业总收入（百万元） 3,559 3,564 4,119 4,569 5,035 执业证书：S0600516110001 同比 1% 0.14% 16% 11% 10% 021-60199793 归母净利润（百万元） 1,691 1,402 1,696 1,928 2,187 hux@dwzq.com.cn 同比 -12% -17% 21% 14% 13% 研究助理 晋晨曦 EPS-最新摊薄（元/股） 3.15 2.61 3.15 3.59 4.07 执业证书：S0600122090072 P/E（现价&最新摊薄） 43.06 51.92 42.94 37.78 33.30 jincx@dwzq ...

[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）公司年报点评 2024年02月27日 [Table_InvestInfo] 投资评级 优于大市 维持 经营稳健，研发投入持续增加 股票数据 [Table_Summary] 0[2Ta月b2le6_日S收to盘ck价（In元fo）] 投资要点：同花顺拥有移动端客户资源优势、金融大数据云计算技 130.09 52周股价波动（元） 104.06-239.22 术优势，有能力打通并连接 B端-C端、B端-B端，筑造互联网金 总股本/流通A股（百万股） 538/273 融大平台。同花顺创新发展人工智能投资机器人和互联网投顾业 总市值/流通市值（百万元） 69936/35578 务，前景广阔。合理价值区间 141.30-157.00元，维持“优于大市” 相关研究 评级。 [《Ta研b发le投_R入e持p续or增tI加nf，o费] 用上升导致利润同比 下滑》2024.01.04 《净利润下滑，研发投入持续增加》  【事件】同花顺发布 2023 年年度业绩：1）全年实现营业收入 35.6 亿元， 同比+0.1%，归母 ...

证券研究报告 公 2024年02月28日 司 报 告 同花顺(300033) 行 业： 计算机/软件开发 │ 金 投资评级： 买入（维持） 融 当前价格： 132.41元 业绩保持韧性，客户基础扎实 - 公 目标价格： 165.74元 司 事件： 点 基本数据 评 同花顺发布 2023 年年度业绩报告。2023 全年公司实现营业收入 35.64 亿 研 元，同比+0.14%；归母净利润14.02亿元，同比-17.07%；ROE为20.19%， 总股本/流通股本(百万股) 537.60/273.49 究 较2022年-5.36PCT。 流通A股市值(百万元) 36,212.76 ➢ 营收实现小幅增长，软件销售及维护业务高增 每股净资产(元) 13.61 公司2023年营业收入同比+0.14%，增速较前三季度-4.11PCT，营收表现略 资产负债率(%) 25.65 有承压。分产品来看，2023年公司增值电信业务、软件销售及维护、广告 一年内最高/最低(元) 239.22/104.06 及互联网推广服务、基金销售及其他业务的营业收入分别为15.29、4.38、 13.59、2.39亿元，同比分别-0.61%、+5 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved total revenue of 3.564 billion, a year-on-year increase of 0.14%, while net profit attributable to shareholders decreased by 17.07% to 1.402 billion, primarily due to increased investments in artificial intelligence (AI) [1][2]. - The company is focusing on integrating AI technology into its existing financial information services, which is expected to yield long-term benefits [1][2]. - The operating cash flow for 2023 was 1.592 billion, exceeding the net profit, indicating strong cash generation capabilities [1][2]. Financial Performance - Revenue by business segment: - Value-added telecommunications services: 1.529 billion, down 0.61% - Software sales and maintenance: 438 million, up 53.53% - Advertising and internet promotion services: 1.359 billion, down 10.97% - Fund sales and other transaction fees: 239 million, up 14.04% [1]. - The company reported a net profit margin of 39.3% for 2023, down from 47.5% in 2022 [11]. - The company’s R&D expenses increased by 10.51% to 1.179 billion, reflecting its commitment to AI technology development [1][11]. Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 3.926 billion, 4.518 billion, and 5.120 billion respectively, with corresponding net profits of 1.608 billion, 1.762 billion, and 1.928 billion [2][3]. - The report anticipates a revenue growth rate of 10.1% in 2024, followed by 15.1% in 2025 and 13.3% in 2026 [3][11]. User Engagement - The company has a strong user base, with approximately 62.339 million registered users and an average of 14.47 million daily active users [2]. - The company’s products and services cover over 90% of domestic securities firms and a wide range of institutional clients, enhancing its market position [2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][7] Core Views - The company, Tonghuashun, has a strong advantage in mobile client resources and financial big data cloud computing technology, enabling it to connect B-end to C-end and B-end to B-end, thus building a comprehensive internet financial platform [6][7] - The company continues to innovate with AI investment robots and internet advisory services, indicating a promising future [6] - The reasonable value range for the company's stock is estimated to be between 141.30 and 157.00 yuan, maintaining the "Outperform the Market" rating [6][7] Financial Performance Summary - In 2023, the company achieved an operating income of 3.564 billion yuan, a year-on-year increase of 0.1%, while the net profit was 1.402 billion yuan, a decrease of 17.1% [6][7] - The earnings per share (EPS) for 2023 was 2.61 yuan, with a return on equity (ROE) of 20.2% [6] - The fourth quarter of 2023 saw an operating income of 1.19 billion yuan, down 7.1% year-on-year, and a net profit of 630 million yuan, down 21.9% year-on-year [6] Market Activity and User Engagement - As of the end of 2023, the company had approximately 62.339 million registered users on its financial services platform, with an average of 14.47 million daily active users [6] - The average daily trading volume in the stock market was 962.5 billion yuan in 2023, a decrease of 4.0% year-on-year, indicating a stable overall business performance despite market fluctuations [6] Research and Development Investment - The company has increased its R&D investment, with total R&D expenses reaching 1.18 billion yuan in 2023, a year-on-year increase of 10.5%, accounting for 33.1% of operating income [7] - The total cost rate for 2023 was 59.7%, an increase of 8.3 percentage points year-on-year, primarily due to rising R&D and sales expenses [7] Earnings Forecast - The projected net profits for 2024E to 2026E are 1.7 billion yuan, 1.9 billion yuan, and 2.1 billion yuan, respectively, with year-on-year growth rates of 21%, 13%, and 12% [7][11] - The corresponding EPS for these years is expected to be 3.14 yuan, 3.54 yuan, and 3.98 yuan [7][11] Business Revenue Forecast - The forecasted revenue from value-added telecommunications services for 2024E is 1.682 billion yuan, with a year-on-year growth rate of 10% [10] - The software sales and maintenance revenue is projected to reach 568.77 million yuan in 2024E, with a year-on-year growth rate of 30% [10]

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[同ITnaf 花bol]e 顺_Ti(tl3e]0 0033) [评Tab级le_：Inv est] 增持 上次评级： 增持 B 端业务持续发力，未来期待 AI 赋能主业 目标价格： 181.20 上次预测： 215.00 公 ——同花顺2023 年业绩点评 当前价格： 135.45 司 刘欣琦(分析师) 李艺轩(分析师) 2024.02.27 更 021-38676647 021-38032033 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com liyixuan023724@gtjas.com 证书编号 S0880515050001 S0880522120003 52周内股价区间（元） 108.55-235.00 报 总市值（百万元） 72,818 告 本报告导读： 总股本/流通A股（百万股） 538/273 流通 B股/H股（百万股） 0/0 受市场交投活跃度走弱及公司主动加大费用支出影响，23年业绩略低于预期，近期公 流通股比例 51% 司AI大模型算法已经通过监管备案， ...

Financial Performance - The company's operating revenue for 2023 was ¥3,564,260,219.05, representing a slight increase of 0.14% compared to the previous year[12]. - The net profit attributable to shareholders for 2023 was ¥1,402,468,555.23, a decrease of 17.07% from the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥1,368,922,316.80, down 15.27% year-over-year[12]. - The net cash flow from operating activities for 2023 was ¥1,591,901,414.82, reflecting a decline of 9.01% compared to 2022[12]. - The total assets at the end of 2023 amounted to ¥9,844,860,690.35, an increase of 9.05% from the end of 2022[12]. - The company's basic earnings per share for 2023 were ¥2.61, down 17.14% from the previous year[12]. - The weighted average return on net assets for 2023 was 20.19%, a decrease of 5.36% compared to 2022[12]. - The total operating revenue for the year 2023 was ¥3,564,260,219.05, representing a slight increase of 0.14% compared to ¥3,559,137,454.21 in 2022[47]. - The revenue from value-added telecommunications services was ¥1,528,776,073.06, accounting for 42.89% of total revenue, which decreased by 0.61% from the previous year[47]. - Software sales and maintenance revenue increased significantly by 53.53% to ¥437,518,374.05, representing 12.28% of total revenue[47]. - Advertising and internet business promotion services revenue decreased by 10.97% to ¥1,358,997,995.62, which accounted for 38.13% of total revenue[47]. - The net profit attributable to shareholders for Q4 2023 was ¥631,846,081.63, showing a substantial increase compared to ¥397,496,502.85 in Q4 2022[49]. - The company’s cash flow from operating activities for Q4 2023 was ¥842,522,496.48, compared to ¥512,662,369.13 in Q4 2022[49]. - The total operating profit for the year was approximately ¥1.39 billion, a slight decrease from ¥1.40 billion in the previous year, reflecting a decrease of about 0.05%[200]. - The total profit amounted to approximately ¥1.38 billion, down from ¥1.40 billion, indicating a decrease of around 0.09% year-over-year[200]. - The net profit for the year was approximately ¥1.38 billion, compared to ¥1.40 billion in the previous year, representing a decrease of about 0.01%[200]. Dividend Distribution - The company plans to distribute a cash dividend of 22 RMB per 10 shares to all shareholders, based on a total of 537,600,000 shares[2]. - The company distributed cash dividends of RMB 1,182,720,000.00, with a dividend of RMB 22.00 per 10 shares based on a total share capital of 537,600,000 shares[140]. - The company implemented a cash dividend policy, distributing 100% of the distributable profit amounting to RMB 6,032,139,965.46 during the reporting period[140]. Research and Development - The company invests over 15% of its total revenue annually in research and development[39]. - The company has a total of 3,342 R&D personnel, including 80 with doctoral degrees, enhancing its innovation capabilities[40]. - R&D expenses increased by 10.51% to ¥1,179,239,106.34 in 2023, driven by investments in AI technology and talent acquisition[58]. - The company is actively investing in AI technology and talent acquisition to drive innovation and market expansion[26]. - The company is focusing on artificial intelligence (AI) technology, particularly in developing large models, to enhance its financial information services[28]. - The company aims to improve its large model capabilities, integrating text generation, logical reasoning, and multi-modal understanding to enhance user experience[76]. - The company will leverage large models to empower AI products, focusing on applications in financial advisory, intelligent customer service, and legal consulting[77]. Market Expansion and Strategy - The company is exploring market expansion opportunities, with a particular emphasis on enhancing its service offerings[2]. - The company aims to build a comprehensive wealth management service platform, providing diverse financial products such as stocks, funds, and insurance[30]. - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 5% market share in each[118]. - The company is considering strategic acquisitions to enhance its product offerings and market presence, with a budget of 300 million RMB allocated for potential deals[118]. - A new marketing strategy will be implemented, focusing on digital channels, with an expected increase in customer acquisition costs by 15%[118]. - The sales team will be strengthened to increase market scale, utilizing new media for product promotion and enhancing brand influence[78]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has confirmed the integrity of its financial statements[2]. - The company has maintained compliance with relevant laws and regulations, ensuring that all shareholders have equal rights and access to information[92]. - The company has established a comprehensive performance evaluation system for senior management, linking their performance directly to compensation[96]. - The company has a governance structure that complies with the requirements of the Shenzhen Stock Exchange and relevant laws, enhancing operational transparency[91]. - The company has a dedicated board of directors with independent members, ensuring professional oversight and decision-making[94]. - The company has maintained a cooperative relationship with information service providers to ensure uninterrupted operation of its products[86]. - The company has not engaged in any actions that would harm the interests of minority shareholders, maintaining a fair governance structure[98]. - The company has implemented a robust server system and data storage security measures to mitigate risks related to internet systems and data security[87]. - The company actively monitors regulatory changes in the internet financial information service industry to ensure compliance and adapt to new policies[89]. Social Responsibility and Environmental Initiatives - The company actively engages in social responsibility initiatives, leveraging its technology advantages in artificial intelligence and big data for social welfare activities[148]. - The company invested significantly in environmental protection, implementing energy-saving measures that resulted in an annual reduction of 281 MWh in electricity consumption and 278 tons of CO2 emissions[147]. - The data processing center adopted advanced energy-efficient technologies, improving UPS efficiency from 80% to 90%, leading to an annual reduction of 423 tons of CO2 emissions[147]. - The company plans to continuously enhance its environmental management mechanisms in response to stricter national environmental protection policies[147]. - The company donated a total of 1.608 million yuan during the reporting period, including 1.6 million yuan to support medical assistance for impoverished patients[149]. Employee and Talent Management - The company increased its employee count by 244 compared to the previous year, with 40 new employees holding doctoral degrees[33]. - The total number of employees at the end of the reporting period was 5,492, with 3,342 in technical roles and 1,998 in sales and support[133]. - The company actively engages in talent development and collaboration with universities to cultivate applied talents[33]. - The company emphasized internal training programs to enhance the capabilities of financial and IT professionals, contributing to its competitive advantage[136]. - The company will continue to optimize its employee structure and enhance high-end talent recruitment and training to support innovation and technological breakthroughs[79]. Audit and Financial Oversight - The company has engaged Tianjian Accounting Firm for auditing services, ensuring compliance and oversight[10]. - The audit report issued by Tianjian Accounting Firm provided a standard unqualified opinion[178]. - The audit procedures included testing internal controls, reviewing contracts, and verifying cash balances through bank confirmations[182]. - The governance layer is responsible for overseeing the financial reporting process, ensuring compliance with relevant regulations[185]. - The audit concluded that there were no significant misstatements in the other information provided in the annual report[184]. Risks and Challenges - The company faces risks related to reduced industry demand, intensified competition, and rapid technological updates, and plans to mitigate these through innovation and market adaptation[82][84]. - The company has reported a non-recurring loss from the disposal of non-current assets amounting to ¥613,322.12 in 2023[16]. - The company has not disclosed any specific figures related to user data or performance metrics in the provided content[2].

Investment Rating - The investment rating for the company is "Hold" based on the current performance and market conditions [1]. Core Views - The company achieved a revenue of 3.564 billion yuan in 2023, a slight increase of 0.14% year-on-year, while the net profit attributable to the parent company decreased by 17.07% to 1.402 billion yuan [1][2]. - The report highlights the resilience of the company's revenue amidst significant fluctuations in the secondary market, with a total trading volume of 212.2 trillion yuan in 2023, down 5.5% year-on-year [1]. - The company is leveraging AI technology to enhance its financial services, with the introduction of the HithinkGPT model, which has shown superior performance compared to mainstream open-source models [1][2]. Financial Performance Summary - **Revenue**: The company reported total revenue of 3.564 billion yuan in 2023, with a year-on-year growth rate of 0.1% [2][3]. - **Net Profit**: The net profit attributable to the parent company was 1.402 billion yuan, reflecting a decline of 17.1% compared to the previous year [2][3]. - **Operating Cash Flow**: The net operating cash flow for 2023 was 1.592 billion yuan, a decrease from the previous year [4]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 2.61 yuan, with projected EPS for 2024, 2025, and 2026 at 2.94, 3.38, and 3.90 yuan respectively [2][3]. Product and Service Performance - **Segment Revenue**: The value-added telecommunications business generated 1.529 billion yuan, down 0.61% year-on-year; advertising and internet promotion services saw a revenue of 1.359 billion yuan, down 10.97%; software sales and maintenance increased by 53.53% to 438 million yuan; and fund sales and other transaction fees rose by 14.04% to 239 million yuan [1]. - **Cost Management**: The company experienced an increase in sales, management, and R&D expenses, with respective growth rates of 35.15%, 27.19%, and 10.51% [1]. Market Position and Customer Base - The company has established a strong customer base, covering over 90% of domestic securities firms and a significant number of public and private fund companies, banks, and insurance companies [1]. - As of the end of 2023, the company had approximately 623 million registered users for its financial services, with an average of 14.47 million daily users on its online market client [1]. Future Outlook - The report suggests that if the macroeconomic environment improves, the secondary market may stabilize and rebound, potentially driving the company's performance growth [1]. - The company is expected to continue integrating AI technology into its services, enhancing product competitiveness and customer retention [1].