同花顺：看好市场景气度回升+AI落地

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 231.36 [6][7]. Core Views - The company has shown strong alpha attributes, with Q3 2024 revenue of RMB 9.45 billion, a year-on-year increase of 4.81% and a quarter-on-quarter increase of 22.66%. The report anticipates a recovery in market transaction volumes and the implementation of AI technologies to drive accelerated growth [1][2][3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of RMB 23.35 billion, a year-on-year decrease of 1.59%, and a net profit attributable to the parent company of RMB 6.51 billion, down 15.53% year-on-year. Q3 alone saw a net profit of RMB 2.88 billion, a year-on-year decrease of 7.47% but a quarter-on-quarter increase of 11.21% [1][2]. Market Conditions - The report highlights a recovery in market conditions, with A-share transaction volumes increasing significantly since September 24, 2024. In the first 12 trading days of October, the total transaction amount reached RMB 24.7 trillion, representing a year-on-year increase of 162% and a quarter-on-quarter increase of 272% [3]. R&D and AI Development - The company has increased its R&D investment, with a sales/management/R&D expense ratio of 17.01%/7.51%/37.89%, respectively. The AI Agent platform is actively being developed, supporting over 30 internal business departments and engaging with more than 150 financial institutions to create over 5,000 quality industry application scenarios [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2024-2026 are projected to be RMB 2.80, RMB 3.12, and RMB 3.53, respectively. The report assigns a price-to-earnings (PE) ratio of 74.2x for 2025, leading to a target price of RMB 231.36, reflecting an increase from the previous target of RMB 124.2 [4][5].