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金证股份:一季报业绩符合预期,模型能力提升加速产品AI化落地-20250428

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 521 million yuan, a year-on-year decrease of 52.13%, and a net profit attributable to shareholders of -95.196 million yuan, down 19.68% year-on-year [1][2]. - The company is focusing on three cornerstone businesses: Wealth Technology, Asset Management Technology, and Proprietary Technology, leveraging AI and distributed architecture to enhance brokerage efficiency [2][4]. - The company has a strong commitment to R&D, with over 1,300 registered software copyrights and more than 60% of its workforce in R&D roles, ensuring a stable core technology team [3][4]. Financial Performance - For Q1 2025, the company reported a revenue of 521 million yuan, a decrease of 52.13% year-on-year, primarily due to a decline in IT equipment distribution revenue [2]. - The company expects revenues of 4.402 billion yuan, 4.659 billion yuan, and 5.027 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 165 million yuan, 226 million yuan, and 300 million yuan for the same years [5][6]. - The company's operating expenses for Q1 2025 were 6.5% for sales, 16.3% for management, and 24.4% for R&D, reflecting increases in all areas compared to the previous year [3]. AI Development - The company has established an AI Innovation Center to advance research and application in artificial intelligence, with successful internal deployment of its K-CODE model and integration of K-GPT into business scenarios [4]. - Several subsidiaries are actively promoting the application of AI models, enhancing product offerings and expanding market reach in the financial sector [4].