同花顺：经营有所承压，持续进行大模型投入

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 1.39 billion RMB in the first half of 2024, a year-on-year decline of 5.5%, and a net profit attributable to shareholders of 340 million RMB, down 23.3% year-on-year [1]. - The decline in revenue is attributed to a decrease in average daily trading volume in the A-share market, which fell by 8% year-on-year [2]. - The company is focusing resources on artificial intelligence, particularly in talent acquisition and computational resource development, launching various AI products and services [2]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 770 million RMB, a decrease of 10.5% year-on-year, with a net profit of 250 million RMB, down 26.3% year-on-year [1]. Business Analysis - The value-added telecommunications business generated 770 million RMB in revenue, down 11.0% year-on-year, influenced by the decline in A-share market trading volume [2]. - Software sales and maintenance revenue was 100 million RMB, down 7.2% year-on-year, affected by IT spending cuts from brokerage clients [2]. - Advertising and internet business revenue increased by 9.5% year-on-year to 350 million RMB, while fund distribution services revenue decreased by 4.9% to 170 million RMB [2]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 3.5 billion RMB, 3.64 billion RMB, and 3.88 billion RMB, with year-on-year growth rates of -1.8%, 3.9%, and 6.7% respectively [3]. - Net profit forecasts for the same period are 1.36 billion RMB, 1.4 billion RMB, and 1.54 billion RMB, with corresponding growth rates of -3.4%, 3.6%, and 9.6% [3].