ROYALFLUSH INFO(300033) 长城证券·2025-02-28 02:22Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][20]. Core Views - The company is expected to benefit from favorable policies and the integration of AI technology, which enhances its development prospects [1][9]. - The company reported significant revenue growth in 2024, with total revenue reaching 4.187 billion yuan, a year-on-year increase of 17.47% [1]. - The net profit for 2024 was 1.823 billion yuan, reflecting a year-on-year growth of 30% [1]. Financial Performance Summary - Revenue Forecast: The company's revenue is projected to grow from 3.564 billion yuan in 2023 to 6.819 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.31% [1][12]. - Net Profit Forecast: The net profit is expected to increase from 1.402 billion yuan in 2023 to 3.137 billion yuan in 2027, with a CAGR of about 11.46% [1][12]. - Earnings Per Share (EPS): The diluted EPS is forecasted to rise from 2.61 yuan in 2023 to 5.83 yuan in 2027 [1][12]. - Return on Equity (ROE): The ROE is projected to remain strong, starting at 20.33% in 2023 and stabilizing around 19.84% by 2027 [1][12]. Business Segment Analysis - Advertising and Internet Services: This segment is expected to see significant growth, with a projected revenue increase of 49% in 2024 due to improved market conditions and enhanced product competitiveness [2][12]. - Software Sales and Maintenance: Revenue in this segment is forecasted to decline by 18.61% in 2024, primarily due to reduced demand following the completion of upgrades by brokerage firms [2][12]. - Other Business Segments: Fund sales and other transaction fees are expected to decrease by 20.50% in 2024, reflecting a decline in customer demand due to changing market conditions [2][12]. Strategic Developments - The company has integrated its large model technology with financial information services, enhancing its product offerings and customer engagement [4][9]. - The launch of an internet-based intelligent wealth management service platform aims to provide a comprehensive range of financial products and services, catering to diverse investor needs [9].