ROYALFLUSH INFO(300033) 平安证券·2025-02-25 23:52Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][10][16] Core Views - The company achieved a significant revenue growth of 17.47% year-on-year, reaching 4.187 billion yuan in 2024, driven by a market recovery in the fourth quarter [3][8] - The net profit for 2024 was 1.823 billion yuan, reflecting a 30% increase year-on-year, with a proposed cash dividend of 30.00 yuan per 10 shares [3][8] - The company is focusing on enhancing its AI product capabilities, particularly through the HithinkGPT model, which is expected to inject new vitality into its performance [9][10] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 4.187 billion yuan, net profit of 1.823 billion yuan - 2025E: Revenue of 5.001 billion yuan, net profit of 2.267 billion yuan - 2026E: Revenue of 5.896 billion yuan, net profit of 2.734 billion yuan - 2027E: Revenue of 6.815 billion yuan, net profit of 3.229 billion yuan [7][10][14] - Profitability Ratios: - Gross margin for 2024 is 89.4%, with a net margin of 43.5% - Expected gross margin to improve to 90.5% by 2027 [7][14] - Earnings Per Share (EPS): - 2024: 3.39 yuan - 2025E: 4.22 yuan - 2026E: 5.09 yuan - 2027E: 6.01 yuan [10][14] Market and Business Insights - The company is a leading provider of internet financial information services and has a strong competitive advantage in advertising and client acquisition due to its extensive customer base [10] - The company is committed to a technology-driven approach, continuously enhancing its AI capabilities across various financial applications [9][10]