ROYALFLUSH INFO(300033) 开源证券·2025-02-26 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] 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 raised, with projected net profits of 2.141 billion, 2.525 billion, and 2.956 billion yuan respectively [5] - The company reported a significant increase in revenue and net profit for Q4 2024, driven by the recovery of the securities market and increased demand for financial information services [6][7] - The launch of the upgraded "HithinkGPT" model is expected to enhance the company's service efficiency and product quality, potentially opening up new growth avenues [8] Financial Summary - In 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] - The projected earnings per share (EPS) for 2025-2027 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 company's 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]