财富趋势：头部券商交易系统供应商

Investment Rating - The report assigns an "Accumulate" rating to the company with a current price of 73.95 CNY and a target value of 76 CNY [2]. Core Insights - The company benefits from the rapid iteration of capital market innovation and the ongoing transformation of its B-end business, which is expected to contribute to stable revenue growth [1][22]. - The C-end business, although starting from a low base, shows significant growth potential, with a 48% CAGR in MAU over the past five years [1]. - The development of AI technologies is expected to enhance the company's business capabilities, particularly in C-end applications [4]. Summary by Sections B-end Business Performance - The company primarily provides securities trading system software and information services, covering over 90% of domestic securities firms [22]. - Software sales and maintenance services have seen a compound annual growth rate (CAGR) of 18% and 16% respectively over the past three years, with software sales revenue reaching 2.1 billion CNY in 2023, up from 1.2 billion CNY in 2022 [1][42]. - The company is positioned as a key supplier in the securities trading system software market, with a focus on enhancing customer stickiness and adapting to market demands [57]. C-end Business Growth - The C-end business has shown rapid growth, with the Tongdaxin app's MAU increasing from approximately 200,000 in early 2018 to 2.13 million by April 2024, representing a 48% CAGR [1]. - The company offers competitive pricing for its mobile services, which aids in market penetration and revenue growth [1]. AI Development - The company is actively developing an open AI platform, which is expected to drive innovation in its trading software and enhance user experience [4]. Profit Forecast and Valuation - The net profit for 2024 is projected to be 310 million CNY, a slight decrease of 1% year-on-year, with a reasonable valuation set at 45x PE, leading to a target price of 76 CNY per share based on an EPS of 1.69 CNY [1].