同花顺：业绩增速边际改善，大模型领域持续发力

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a marginal improvement in revenue growth, with Q3 2024 revenue reaching 9.45 billion yuan, a year-on-year increase of 4.81%, which is an improvement of 15.27 percentage points compared to Q2 2024 [6]. - The overall performance improvement is attributed to better performance in advertising and internet promotion services, although value-added telecommunications services are expected to remain under pressure [6]. - The company continues to invest heavily in research and development, particularly in artificial intelligence and multimodal model technologies, enhancing its competitive edge [6]. - The company has registered 37 new software copyrights and 44 new invention patents in the first three quarters of 2024, indicating a strong focus on innovation [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 23.35 billion yuan, a decrease of 1.59% year-on-year, and a net profit attributable to shareholders of 6.51 billion yuan, down 15.53% year-on-year [2][6]. - The company's return on equity (ROE) stands at 9.50%, a decline of 1.89 percentage points year-on-year [2][6]. - The projected revenues for 2024-2026 are 33 billion yuan, 35 billion yuan, and 37 billion yuan, with year-on-year growth rates of -8.09%, +5.76%, and +7.17%, respectively [6][7]. Cost and Expense Analysis - The company's operating costs for the first three quarters of 2024 were 3.34 billion yuan, an increase of 17.99% year-on-year, primarily due to higher data quality improvement costs [6]. - Sales expenses increased by 10.47%, while management expenses decreased slightly by 0.37%, and R&D expenses increased by 1.30% [6]. Market Context - The average daily stock trading volume in Q3 2024 was 6739.57 billion yuan, reflecting a year-on-year decrease of 15.47% and a quarter-on-quarter decrease of 18.50% [6]. - The report notes that the overall market trading activity remains low, impacting the demand for financial information services [6].