ROYALFLUSH INFO(300033) 东吴证券·2025-02-25 13:16Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 4.2 billion yuan in 2024, representing a year-on-year increase of 17%, with a net profit attributable to shareholders of 1.8 billion yuan, up 30% year-on-year [1] - The report highlights that the increase in market activity has significantly boosted overall performance, with a notable rise in the company's advertising and internet promotion services revenue, which grew by 49% year-on-year to 2 billion yuan [1] - The report emphasizes the company's strong performance in the C-end business, driven by the continuous improvement of AI B+C end product capabilities [1] Revenue and Profit Forecast - The forecast for total revenue is projected to reach 5.1 billion yuan in 2025, with a year-on-year growth of 22.11% [1] - The net profit attributable to shareholders is expected to be 2.4 billion yuan in 2025, reflecting a growth of 31.13% year-on-year [1] - The report anticipates that the company's net profit will continue to grow, reaching 3.1 billion yuan in 2026 and 3.9 billion yuan in 2027, with respective growth rates of 28.41% and 25.92% [1] Business Segment Performance - The report details that the value-added telecommunications business revenue increased by 6% to 1.6 billion yuan, while the software sales and maintenance services revenue decreased by 19% to 360 million yuan [1] - The advertising and internet promotion services revenue saw a significant increase, which is attributed to the heightened market activity and increased demand for financial information services from retail investors [1] - The report notes that the company's contract liabilities reached a historical high of 1.5 billion yuan, indicating strong future revenue potential [1] Cost and Expense Analysis - Operating costs rose by 14% to 440 million yuan, primarily due to enhanced data quality and increased personnel costs related to data entry and labeling [1] - Research and development expenses increased by 1% to 1.2 billion yuan, with a decrease in the R&D expense ratio by 4.6 percentage points to 29% [1] - Sales expenses grew by 19% to 590 million yuan, reflecting the company's efforts to expand market share through increased sales promotion [1] AI Technology Integration - The report highlights the comprehensive integration of AI technology within the company's operations, including the launch of new features in the "Ask Finance" application that enhance investment decision-making [1] - The company has upgraded its data querying capabilities and expanded its data offerings, including real-time bond and fund market data [1] - The report indicates that the company's AI initiatives are expected to further drive performance improvements [1]