同花顺：短期业绩仍然承压，静待四季度业绩回升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Short-term performance remains under pressure, with expectations for a recovery in Q4 [1] - The company reported a revenue of 2.33 billion yuan for the first three quarters, a year-on-year decline of 1.6% [1] - The net profit attributable to the parent company for the same period was 650 million yuan, down 15.5% year-on-year [1] - The company anticipates a rebound in performance due to the recovery of the capital market, which is expected to boost demand for financial information services [1] - The report maintains previous profit forecasts, projecting revenues of 3.67 billion yuan, 4.10 billion yuan, and 4.63 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 3%, 12%, and 13% [1][2] Financial Summary - For Q3, the company achieved an operating income of 950 million yuan, a year-on-year increase of 4.8% [1] - The gross profit margin for the company was reported at 85.7%, a decrease of 2.4 percentage points year-on-year [1] - The net cash flow from operating activities was 650 million yuan, down 12.6% year-on-year [1] - The company’s total assets are projected to grow from 9,845 million yuan in 2023 to 11,298 million yuan in 2026 [2] - The net profit is expected to increase from 1,402 million yuan in 2023 to 1,862 million yuan in 2026, with a net profit margin projected to rise from 39.3% to 40.2% [2]