同花顺：业绩短期承压，客户资源优势显著

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure due to lower market trading activity, but its customer resource advantage remains significant [1][4] - Revenue and net profit declined in H1 2024, with revenue at 1.389 billion yuan (-5.51% YoY) and net profit at 363 million yuan (-20.99% YoY) [2][6] - The company's gross margin slightly decreased to 84.85% in H1 2024, down by 4.23 percentage points compared to 2023 [6] - R&D investment continues to increase, with R&D expenses up by 5.12% YoY in H1 2024, driven by investments in AI and computing power [6] - The company has a strong customer base, covering over 90% of domestic securities firms and serving 625 million registered users as of H1 2024 [6] Financial Performance - H1 2024 revenue: 1.389 billion yuan (-5.51% YoY) [2][6] - H1 2024 net profit: 363 million yuan (-20.99% YoY) [2][6] - H1 2024 ROE: 5.25%, down by 1.48 percentage points YoY [2][6] - Gross margin in H1 2024: 84.85%, down by 4.23 percentage points compared to 2023 [6] - R&D expenses in H1 2024: 5.12% increase YoY [6] Customer Resources - The company's products and services cover over 90% of domestic securities firms, as well as numerous mutual funds, private funds, banks, and insurance companies [6] - As of H1 2024, the company has 625 million registered users, with 14.39 million daily active users and 19.21 million weekly active users [6] - Advertising and internet promotion services revenue in H1 2024: 350 million yuan (+9.45% YoY) [6] Future Projections - Expected revenue for 2024-2026: 3.3/3.5/3.7 billion yuan, with a 3-year CAGR of 1.37% [6] - Expected net profit for 2024-2026: 1.3/1.4/1.5 billion yuan, with a 3-year CAGR of 1.90% [6] - The company's strong customer base is expected to provide significant future growth potential [6]