证券研究报告 金融公司|公司点评|同花顺（300033） 业绩增速边际改善，大模型领域持续发 力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月24日 证券研究报告 |报告要点 公司发布 2024 年三季报，2024 年前三季度公司实现营业收入 23.35 亿元，同比-1.59%；归母 净利润 6.51 亿元，同比-15.53%；扣非归母净利润为 6.31 亿元，同比-16.74%；ROE 为 9.50%， 同比-1.89PCT。 |分析师及联系人 刘雨辰 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月24日 同花顺(300033) 业绩增速边际改善，大模型领域持续发力 | --- | --- | --- | |------------|--------------------------|------------------------------| | | | | | | 行 业： 投资评级： | 计算机/软件开发 买入（维持） | | | 当前价格： | 200.00 元 | | ...

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]

证券研究报告 同花顺 (300033 CH) 看好市场景气度回升+AI 落地 华泰研究 季报点评 2024 年 10 月 24 日│中国内地 计算机应用 同花顺发布三季报，2024 年 Q1-Q3 实现营收 23.35 亿元（yoy-1.59%）， 归母净利 6.51 亿元（yoy-15.53%），扣非净利 6.31 亿元（yoy-16.74%）。 其中 Q3 实现营收 9.45 亿元（yoy+4.81%，qoq+22.66%），归母净利 2.88 亿元（yoy-7.47%，qoq+11.21%）。24Q3 单季度收入实现止跌回升，公司 展现出较强阿尔法属性，看好后续市场成交量回升及 AI 落地推动公司实现 加速增长，维持"买入"评级。 Q3 销售收到现金止跌回升，阿尔法属性凸显 公司主业与 A 股市场景气度相关，销售商品收到现金是最贴近业务的财务 指标。24Q1-Q3 全 A 股成交金额 144 万亿元，同减 10%，其中 24Q3 成交 金额 43 万亿元，同减 15%。24Q1-Q3 公司销售商品、提供劳务得到的现 金流 25.3 亿元，同减 2.6%，其中 24Q3 为 9.58 亿元，同增 5.5% ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 23 日，公司发布三季报，前三季度实现营收 23.3 亿元，同比下降 1.6%；实现扣非归母净利润 6.3 亿元，同比下降 16.7%；剔除财务费用后的扣非归母净利润为 4.6 亿元，同比下降 23.0%。 单 Q3 公司实现营收 9.5 亿元，同比增长 4.8%；扣非归母净利润 为 2.9 亿元，同比下降 7.3%；剔除财务费用后的扣非归母净利润 为 2.8 亿元，同比略降 0.7%。截至三季报末，公司合同负债同比 增长 10.6%，在 A 股 Q3 日均成交额同比下降 15.1%的情况下， 体现了公司的经营韧性。 经营分析 成本费用方面，公司 Q3 毛利率为 86.9%，同比下降 4.5pct，主 要系为提升数据质量，数据采购、技术服务以及数据录入标注成 本增加所致。公司销售费用率为 16.4%，同比增加 1.2pct，主要 系为扩大市场份额增加推广力度，管理/研发费用率分别为 6.5%/31.0%，分别同比下降 1.9pct/3.4pct，控费效果较好。 公司在 AI领域持续投入，将多模态大模型技术赋能现有业务场景。 目前已推出国内第一家 ...

浙江核新同花顺网络信息股份有限公司 2024 年第三季度报告 证券代码：300033 证券简称：同花顺 公告编号：2024-030 浙江核新同花顺网络信息股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.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：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 浙江核新同花顺网络信息股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------- ...

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]

证券代码：300033 证券简称：同花顺 公告编号：2024-029 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 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 9 月 26 日、9 月 27 日、9 月 30 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。 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 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对公司股票交易价格产生较 大影响的未公开重大信息； 3.公司目前的经营情况及内外部经 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Tonghuashun (300033) [3]. Core Insights - In H1 2024, the company achieved operating revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%. The net profit attributable to shareholders was 363 million yuan, down 20.99% year-on-year [3][4]. - The company is focusing on AI applications, launching multiple products across various business segments, including financial information, investment research, and customer service [3][4]. Financial Performance Summary - For H1 2024, the average daily trading volume in the market was 984.6 billion yuan, a decline of 6.8% year-on-year. The company's value-added telecommunications business revenue was 769 million yuan, down 10.96% year-on-year [3]. - The company's contract liabilities reached 1.202 billion yuan, reflecting a year-on-year growth of 9.7% [3]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 1.052 billion yuan, 1.446 billion yuan, and 1.748 billion yuan, respectively [4]. Key Financial Metrics - The company's gross profit margin for H1 2024 was 84.9%, a decrease of 1.16 percentage points year-on-year. The 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 [3][4]. - The report provides projections for operating revenue and net profit for the years 2024E to 2026E, indicating a revenue forecast of 3.233 billion yuan in 2024E, with a year-on-year decline of 9.3% [5].

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：102.91 元 同 花 顺（300033）计算机 目标价：126.36 元（6 个月） 持续加大 AI 研发投入，合同负债增长稳健 [Table_Summary 事件：公司发布] 2024 年半年报，2024H1 实现营收 13.9 亿元，同比下滑 5.5%；实现归母净利润 3.6 亿元，同比下滑 21.0%；实现扣非归母净利润 3.4 亿元，同比下降 23.3%。单 Q2 实现营收 7.7 亿元，同比下滑 10.5%；实现归 母净利润 2.6 亿元，同比下滑 23.2%；实现扣非归母净利润 2.5 亿元，同比下 滑 26.3%。 广告导流业务逆势增长，收入端小幅承压。公司整体业务受市场情绪影响， 24H1 两市总成交额合计达 100.3万亿元，同比下降 10.0%。分业务来看：1） 增值电信业务 24H1实现营收 7.7亿元，同比下滑 11.0%。2）广告及互联网业 务营收同比+9.5%至 3.5 亿元。3）软件销售及维护实现营收 1.0 亿元，同比下 滑 7.2%。4） ...