同花顺（300033）：业绩延续改善趋势，AI赋能增强产品力

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company's performance continues to show an improving trend, with revenue benefiting from the increased activity in the equity market, leading to rapid growth in advertising and internet promotion services [2][6]. - The company is well-positioned as a leading internet financial platform, with a solid platform traffic advantage. Short-term performance is expected to be resilient, while long-term growth is anticipated through proactive investments in artificial intelligence (AI) [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 750 million yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 120 million yuan, up 15.9% year-on-year. The weighted average return on equity increased by 0.09 percentage points to 1.50% [6]. - The average daily trading volume in the two markets reached 15.2 trillion yuan, a year-on-year increase of 70.3%, contributing to a significant recovery in revenue [11]. Cost Analysis - The sales expense ratio increased significantly, which weakened profitability. In Q1 2025, management, sales, and R&D expenses were 60 million, 170 million, and 290 million yuan, respectively, with corresponding expense ratios of 8.4%, 22.2%, and 38.9% [11]. - The company's gross margin and net margin were 84.3% and 16.1%, respectively, with a slight year-on-year increase in gross margin but a decrease in net margin due to the rise in sales expense ratio [11]. AI and Product Development - The company is actively embracing AI trends, continuously upgrading the performance of its HithinkGPT model, which is now applied in various internal and external business scenarios, including smart investment advisory and customer service [11]. - The company has upgraded multiple products in 2024, enhancing interaction capabilities and integrating AI with real-time financial data, which is expected to accelerate commercialization in 2025 [11]. Market Position and Future Outlook - As a leading internet financial platform, the company maintains a strong traffic advantage. The proactive layout in the AI sector and successful application of AI models and smart investment advisory are expected to open new growth avenues [2][11]. - The projected net profit attributable to shareholders for 2025 and 2026 is 2.26 billion yuan and 2.55 billion yuan, respectively, with corresponding price-to-earnings ratios of 61.9 and 54.8 times [11].