同花顺：公司半年报点评：整体稳健经营，费用率同比提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][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 large internet financial platform. The development of AI investment robots and internet advisory services shows promising prospects. The reasonable value range is set at 97.20-108.00 CNY, maintaining the "Outperform the Market" rating [6][7]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.39 billion CNY, a year-on-year decrease of 5.5%, and a net profit attributable to the parent company of 360 million CNY, down 21.0% year-on-year. The earnings per share (EPS) is 0.68 CNY, with a return on equity (ROE) of 5.25% [6][7]. - The average daily trading volume of stock funds in the market decreased by 6.4% year-on-year to 961.6 billion CNY, impacting the demand for financial information services [6]. Revenue Breakdown - The revenue from value-added telecommunications services was 769 million CNY, down 10.9% year-on-year; software sales and maintenance revenue was 103 million CNY, down 7.2%; fund sales and other income was 170 million CNY, down 4.9%; while advertising and internet promotion revenue increased by 9.4% to 350 million CNY [6][10]. R&D Investment - The company's R&D expenses in the first half of 2024 were 590 million CNY, an increase of 5.1% year-on-year, accounting for 42.6% of operating revenue, up 4.3 percentage points year-on-year. The company has made significant progress in AI technology research and development, with numerous achievements in various technical fields [6][7]. Cost and Profitability - The total cost rate for the first half of 2024 was 73.9%, an increase of 6.6 percentage points year-on-year. The operating costs, selling expenses, and management expenses increased by 2.3%, 8.8%, and 13.3% year-on-year, respectively [6][11]. Future Earnings Forecast - The projected net profits for 2024E-2026E are 1.16 billion CNY, 1.34 billion CNY, and 1.49 billion CNY, reflecting year-on-year changes of -17.1%, +14.9%, and +11.3%, respectively. The corresponding EPS for these years is expected to be 2.16 CNY, 2.49 CNY, and 2.77 CNY [7][11].