同花顺：受益于交易活跃，AI功能持续拓展-20250225

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 15.50% for 2025, 13.30% for 2026, and 10.80% for 2027 [4]. Core Insights - The company reported a revenue of 4.19 billion yuan for 2024, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 1.82 billion yuan, up 30.0% year-on-year [1]. - In Q4 alone, the revenue reached 1.85 billion yuan, reflecting a significant year-on-year growth of 55.4%, while the net profit for the same quarter was 1.17 billion yuan, marking an 85.5% increase [1]. - The advertising and internet promotion segment generated 2.02 billion yuan in revenue, a 49.0% increase, driven by increased client demand and improved ad conversion rates [2]. - The daily active users (DAU) for the platform reached 32.645 million, maintaining the industry lead [2]. - The company is continuously upgrading its HithinkGPT large model, which is expected to further enhance platform activity and assist in risk assessment and investment decision-making [3]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 4.19 billion yuan, a 17.5% increase year-on-year, and a net profit of 1.82 billion yuan, up 30.0% [1]. - Q4 performance showed a revenue of 1.85 billion yuan, a 55.4% increase year-on-year, and a net profit of 1.17 billion yuan, an 85.5% increase [1]. Business Analysis - Revenue from advertising and internet promotion was 2.02 billion yuan, a 49.0% increase due to market recovery and enhanced ad conversion [2]. - Value-added telecom services generated 1.62 billion yuan, a 5.7% increase, while software sales and maintenance revenue fell by 18.6% to 360 million yuan [2]. - Fund sales and transaction fees decreased by 20.5% to 190 million yuan, despite a 12.8% increase in the number of products sold [2]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 4.836 billion yuan, 5.479 billion yuan, and 6.071 billion yuan, respectively, with corresponding net profits of 2.019 billion yuan, 2.311 billion yuan, and 2.545 billion yuan [4]. - The company is expected to maintain a high price-to-earnings (P/E) ratio of 84.32x for 2025, decreasing to 66.89x by 2027 [4].