ROYALFLUSH INFO(300033) 东吴证券·2025-02-25 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 4.2 billion yuan in 2024, representing a year-on-year increase of 17%, and 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 AI B+C end product capabilities [1] - The report anticipates continued growth in net profit for 2025-2027, with projections of 2.4 billion yuan, 3.1 billion yuan, and 3.9 billion yuan respectively, reflecting year-on-year growth rates of 31%, 28%, and 26% [1] Revenue and Profit Analysis - Total revenue for 2024 was 4.2 billion yuan, with a year-on-year growth of 17% [1] - The net profit attributable to shareholders for 2024 was 1.8 billion yuan, marking a 30% increase from the previous year [1] - The company's net assets reached 8 billion yuan, a 9% increase compared to the end of 2023 [1] Business Segment Performance - The report indicates that the internet advertising business saw a revenue increase of 49% year-on-year, contributing significantly to the overall revenue growth [1] - The value-added telecommunications business revenue grew by 6% year-on-year, reaching 1.6 billion yuan [1] - Software sales and maintenance services experienced a decline of 19% year-on-year, totaling 360 million yuan, attributed to a high base from the previous year [1] Cost and Expense Overview - Operating costs increased by 14% year-on-year to 440 million yuan, primarily due to enhanced data quality and related service costs [1] - Research and development expenses rose by 1% year-on-year to 1.2 billion yuan, with a decrease in the R&D expense ratio by 4.6 percentage points to 29% [1] - Sales expenses increased by 19% year-on-year to 590 million yuan, driven by intensified marketing efforts [1] AI and Technology Integration - The company has integrated AI technology across its operations, enhancing financial tools and applications [1] - The "Ask Finance" feature has been upgraded with AI capabilities, improving investment decision-making processes [1] - The report emphasizes the potential for further performance improvement through the deep integration of AI technology in financial applications [1]