Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported strong operational performance in 2024, achieving total revenue of 1.438 billion yuan (YoY +21.21%) and a net profit attributable to shareholders of 401 million yuan (YoY +23.93%) [1][2] - The user ecosystem continues to grow, with monthly active users reaching 171 million (YoY +14.00%) and a total of 7.4392 million paying users (YoY +22.45%) by the end of 2024 [2] - The company is leveraging AI algorithms and big data technologies to enhance its C-end product capabilities and expand its B-end business, indicating potential for sustained high-quality growth [1][4] Financial Performance Summary - In 2024, the company's C-end products generated revenue of 1.141 billion yuan (YoY +22.78%) with a gross margin of 87.76% [3] - The B-end products and services achieved revenue of 74.8587 million yuan (YoY +11.32%) with a gross margin of 62.32% [3] - The commercial big data business saw significant gross margin improvement, with C-end products generating revenue of 64.1126 million yuan (YoY -9.32%) and a gross margin of 91.52% (YoY +6.06%) [3] - The B-end commercial big data products and services generated revenue of 150 million yuan (YoY +30.19%) with a gross margin of 65.93% (YoY +8.82%) [3] Future Earnings Forecast - The company is expected to achieve revenues of 1.766 billion yuan, 2.184 billion yuan, and 2.623 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22.83%, 23.66%, and 20.06% [5] - The net profit attributable to shareholders is projected to reach 484 million yuan, 582 million yuan, and 708 million yuan for the same years, with growth rates of 20.73%, 24.22%, and 21.63% [5] - Corresponding EPS for these years is expected to be 4.84 yuan, 5.82 yuan, and 7.08 yuan [5]
合合信息（688615）：2024年报点评：全年经营表现亮眼，AI大数据业务持续打开B+C端空间