ROYALFLUSH INFO(300033) 开源证券·2025-02-26 10:25Investment Rating - The investment rating for the company is "Buy" (maintained) [5][20]. Core Views - The company is a leading provider of internet financial information services in China and is expected to benefit from the recovery of the securities market. The integration of AI technology is anticipated to create new growth opportunities. The earnings forecast for 2025-2027 has been slightly adjusted upwards, with projected net profits of 2.141 billion, 2.525 billion, and 2.956 billion yuan respectively [5][6]. - The company reported a significant increase in revenue and net profit for Q4 2024, with revenue reaching 1.852 billion yuan, a year-on-year growth of 55.39%, and net profit of 1.172 billion yuan, up 85.54% year-on-year [6][7]. Financial Summary - For 2024, the company achieved operating revenue of 4.187 billion yuan, a year-on-year increase of 17.47%, and a net profit attributable to the parent company of 1.823 billion yuan, up 30.0% year-on-year [6][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.98, 4.70, and 5.50 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 81.4, 69.0, and 59.0 [5][10]. - The gross margin is expected to improve from 89.4% in 2024 to 91.0% in 2027, while the net margin is projected to increase from 43.5% to 45.1% over the same period [10][16]. Business Performance - The company's advertising and internet business services grew by 49.00% year-on-year, driven by increased demand due to the recovery of the securities market. However, software sales and maintenance revenue decreased by 18.61% due to the completion of upgrades by brokerage firms [7][8]. - The company has upgraded its financial AI model, HithinkGPT, which is expected to enhance service efficiency and quality across various business scenarios, potentially opening new growth avenues [8].