ROYALFLUSH INFO(300033) Huachuang Securities·2025-05-12 12:23Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [19]. Core Insights - The company reported a revenue of 4.187 billion yuan for 2024, representing a year-on-year growth of 17.47%. The net profit attributable to shareholders was 1.823 billion yuan, up 30.00% year-on-year [2][4]. - The advertising and internet business promotion services saw significant growth, with revenues reaching 2.025 billion yuan, a 49.00% increase year-on-year, driven by a recovery in the securities market [8]. - The company is enhancing its AI capabilities through the HithinkGPT model, which has improved product competitiveness and user engagement [8]. Financial Performance Summary - 2024 Financials: Total revenue of 4.187 billion yuan, net profit of 1.823 billion yuan, and a diluted EPS of 3.39 yuan [4][8]. - 2025-2027 Projections: Expected revenues of 5.142 billion yuan, 6.115 billion yuan, and 7.042 billion yuan for 2025, 2026, and 2027 respectively. Corresponding net profits are projected at 2.381 billion yuan, 2.910 billion yuan, and 3.505 billion yuan [4][8]. - Valuation Metrics: The projected P/E ratios for 2025, 2026, and 2027 are 59, 48, and 40 respectively, indicating a favorable valuation trend [4][8]. Business Growth Drivers - The company is leveraging its extensive data and proprietary training frameworks to enhance AI model training efficiency, which is expected to drive future growth [8]. - The integration of AI technologies into various products has led to increased user engagement, with daily usage exceeding 3 million calls for its intelligent platforms [8]. Market Context - The company's performance is closely tied to market activity, with expectations of increased trading volumes in 2024 positively impacting its financial results [8].