ROYALFLUSH INFO(SZ:300033) GOLDEN SUN SECURITIES·2025-04-28 08:36Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Insights - The company reported a total revenue of 748 million yuan for Q1 2025, a year-on-year increase of 20.90%, and a net profit attributable to shareholders of 120 million yuan, up 15.91% year-on-year, aligning with expectations [1] - The company's operating cash flow for Q1 2025 was 313 million yuan, reflecting a significant year-on-year increase of 720.40%, indicating strong cash generation capabilities [1] - The growth in the advertising and internet business, driven by a recovery in the securities market, has led to a 49.00% year-on-year increase in revenue from this segment [2] - The company is positioned to benefit from the expansion of ETFs, enhancing its internet financial services and wealth management offerings [3] - The integration of advanced AI technologies, such as the HithinkGPT model, is expected to drive innovation and improve service delivery across various financial applications [4] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 4.187 billion yuan, a year-on-year increase of 17.47%, and a net profit of 1.823 billion yuan, up 30.0% [2][7] - Revenue projections for 2025-2027 are estimated at 5.245 billion, 5.985 billion, and 6.612 billion yuan respectively, with net profits expected to reach 2.411 billion, 2.838 billion, and 3.202 billion yuan [5][7] - The company's earnings per share (EPS) is projected to grow from 3.39 yuan in 2024 to 5.96 yuan by 2027 [7][8]