同花顺：乘资本市场东风，启AI赋能新篇

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading provider of internet financial information services in China, with a strong correlation between its revenue growth and the activity level of the capital market. The report anticipates that the increasing demand for financial information services will drive revenue growth [6][8]. - The company has a robust C-end user base and a wide channel network, with four main business segments showing promising growth prospects: value-added telecommunications, advertising promotion, fund sales, and software sales [6][8]. Summary by Sections Company Overview - The company has nearly 30 years of experience in the financial information services industry and has maintained a strong focus on technological innovation [15][16]. - The ownership structure is stable, with the founder holding a significant share of 36.13% [18]. Financial Analysis - Revenue growth is closely tied to the activity level of the capital market, with significant growth observed during bullish market conditions, such as 443% in 2015 and 63% in 2020 [20]. - The company achieved a compound annual growth rate (CAGR) of 20.77% in revenue and 17.20% in net profit from 2018 to 2023 [22]. Business Segments - Value-Added Telecommunications: This segment is the backbone of the company's revenue, averaging 46% of total revenue from 2019 to 2023, supported by a large user base of approximately 625 million registered users [37]. - Advertising Promotion: The company leads in advertising revenue due to its extensive C-end user base and partnerships with 88 brokerage firms, achieving an average gross margin of 95.25% from 2019 to 2023 [47]. - Fund Sales: The company ranks among the top independent sales organizations for fund management, benefiting from the accelerated expansion of ETFs [6]. - Software Sales: Revenue from this segment is expected to grow with increased trading activity and IT investments in the securities industry [6]. Technological Innovation - The company has adopted an "ALL in AI" strategy since 2019, launching the financial dialogue model HithinkGPT in early 2024, which integrates multi-modal capabilities for financial advisory services [8][7]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 40.02 billion, 45.11 billion, and 51.06 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 12.3%, 12.7%, and 13.2% [8].