同花顺2024三季报点评：平台流量显著复苏，业绩弹性有望率先释放

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In Q3 2024, the company's revenue growth showed a significant rebound, and the decline in profit narrowed. The total revenue for the first three quarters was 2.33 billion yuan, down 1.6% year-on-year, while the net profit attributable to the parent company was 650 million yuan, down 15.5% year-on-year [4][5] - The revenue benefited from market recovery, with a notable increase in platform traffic. The average daily transaction volume in Q3 was 677.6 billion yuan, down 15.1% year-on-year, but the company's revenue remained stable [5] - The company has a solid platform traffic advantage as a leading internet financial platform, and short-term performance elasticity is optimistic. In the medium to long term, the company's proactive layout in the AI sector, including the successful implementation of AI large models and intelligent investment advisory applications, is expected to open new growth opportunities [6][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a single-quarter revenue of 950 million yuan and a net profit of 290 million yuan, representing year-on-year growth of 4.8% and a decline of 7.5%, respectively [4] - The gross margin and net margin for the first three quarters were 85.7% and 27.9%, down 2.4 and 4.6 percentage points year-on-year [6] - The company’s R&D, sales, and management expenses for the first three quarters were 880 million, 400 million, and 180 million yuan, respectively, with year-on-year changes of +10.5%, +1.3%, and -0.4% [6] Market Position - As of the end of September, the company's app had 34.21 million monthly active users, with a market share of 21.5%, maintaining the top position in stock trading software traffic [5] - The company has increased its investment in R&D, particularly in AI large model technology, enhancing its product competitiveness [7] Future Outlook - The company is expected to achieve net profits of 1.44 billion yuan and 1.51 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 74.8 and 71.5 [7]