同花顺2024年三季报点评：交投活跃收入改善，看好公司业绩爆发

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 280.57 CNY, adjusted from a previous forecast of 129.50 CNY [4][10]. Core Views - The company's revenue showed positive growth in the third quarter, primarily driven by active trading, leading to an increase in C-end business. The report expresses optimism about the company's performance explosion due to sustained high trading volumes [2][10]. - The third quarter revenue increased by 4.81%, attributed to market recovery, with the overall A-share index rising by 17.68% in Q3 2024. The report highlights a significant increase in new account openings during this period [10]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 7.47% year-on-year, mainly due to rising costs in various expense categories [10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 2.335 billion CNY, down 1.59% year-on-year, and a net profit of 651 million CNY, down 15.53% year-on-year [10]. - The report projects future earnings per share (EPS) for 2024, 2025, and 2026 to be 3.00 CNY, 4.67 CNY, and 6.59 CNY respectively, reflecting adjustments from previous estimates [10]. Market Activity - The report notes that the capital market remains active, with average daily stock trading volume reaching 20.667 billion CNY from October 8 to October 22, 2024, which is expected to significantly boost the company's C-end value-added telecommunications and advertising business revenues [10]. - The report emphasizes the potential for rapid growth in the intelligent investment advisory and research market, driven by the company's AI capabilities and increased customer willingness to pay [10]. Cost and Expenses - The report details that the increase in operating costs, sales expenses, management expenses, and R&D expenses were 59.8%, 13.2%, -18.71%, and -5.65% respectively, indicating a focus on enhancing data quality and expanding B-end business [10].