ROYALFLUSH INFO(300033)2024-10-25 11:40Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in demand for 2C software following an increase in market activity in Q4 2024 [6]. Core Insights - 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%, with a net profit of 651 million yuan, down 15.53% year-on-year. However, the revenue for Q3 2024 was 945 million yuan, showing a year-on-year increase of 4.81%, which exceeded market expectations [8][6]. - The company launched the Agent Studio platform, which supports a million daily active users and provides over 300 financial business tool plugins to more than 150 securities, futures, and banking institutions [7][6]. - The financial forecasts for 2024-2026 estimate revenues of 36.15 billion, 40.97 billion, and 46.25 billion yuan, respectively, with net profits projected at 13.37 billion, 16.04 billion, and 18.41 billion yuan [6]. Financial Data Summary - For 2023, the total revenue was 3.564 billion yuan, with a projected increase to 3.615 billion yuan in 2024, and further growth to 4.097 billion yuan in 2025 and 4.625 billion yuan in 2026 [12]. - The gross profit margin is expected to improve from 89.1% in 2023 to around 91.2% in 2024 and beyond [5][12]. - The return on equity (ROE) is projected to be 15.5% in 2024, with a slight decrease to 15.2% by 2026 [5][12].