ROYALFLUSH INFO(SZ:300033) Guohai Securities·2024-10-24 07:30Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's Q3 revenue growth shows signs of improvement, with expectations of benefiting from increased market activity [3][4]. - The company reported a revenue of 2.335 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.59%, while the net profit attributable to shareholders was 651 million yuan, down 15.53% year-on-year [2][3]. - In Q3 2024, the company achieved a single-quarter revenue of 945 million yuan, reflecting a year-on-year increase of 4.81%, indicating the best performance in nearly six quarters [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company's gross profit margin was 85.69%, a decrease of 2.37% year-on-year [3]. - The sales, management, and R&D expense ratios were 17.01%, 7.51%, and 37.89%, respectively, with slight increases compared to the previous year [3]. - The company is focusing on enhancing its AI capabilities and has increased investments in data procurement and organization [3][4]. Market Position and Future Outlook - The company has a strong user base in the C-end market and comprehensive coverage in the B-end market, with expectations for improved product monetization capabilities due to AI empowerment [6][7]. - Revenue forecasts for 2024-2026 are projected at 3.753 billion, 4.314 billion, and 4.890 billion yuan, with net profits of 1.419 billion, 1.779 billion, and 2.186 billion yuan, respectively [6][7]. - The current stock price is 200.00 yuan, with a projected P/E ratio of 76, 60, and 49 for the years 2024, 2025, and 2026 [6][7].