同花顺：合同负债稳健增长，持续发力AI应用

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].