同花顺：经营韧性显现，大模型产品持续落地

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 2.33 billion RMB for the first three quarters of 2024, a year-on-year decrease of 1.6%. The net profit attributable to the parent company was 630 million RMB, down 16.7% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 950 million RMB, representing a year-on-year growth of 4.8%, while the net profit attributable to the parent company was 290 million RMB, a decline of 7.3% year-on-year [2]. - The company's contract liabilities increased by 10.6% year-on-year, showcasing operational resilience despite a 15.1% decline in average daily trading volume in A-shares during Q3 [2]. Performance Analysis - The gross margin for Q3 was 86.9%, a decrease of 4.5 percentage points year-on-year, primarily due to increased costs in data procurement and technical services [3]. - The sales expense ratio rose to 16.4%, an increase of 1.2 percentage points year-on-year, reflecting efforts to expand market share [3]. - The company continues to invest in AI, launching the "Agent Studio" platform, which supports over 150 financial institutions and has developed more than 5,000 industry-specific applications [3]. Earnings Forecast - Revenue forecasts for 2024-2026 have been adjusted to 3.72 billion RMB, 4.22 billion RMB, and 4.71 billion RMB, reflecting year-on-year growth rates of 4.4%, 13.3%, and 11.6% respectively [4]. - The net profit forecasts for the same period are adjusted to 1.31 billion RMB, 1.47 billion RMB, and 1.66 billion RMB, with year-on-year growth rates of -6.3%, 12.0%, and 13.0% respectively [4].