ROYALFLUSH INFO(SZ:300033) GOLDEN SUN SECURITIES·2025-10-23 10:29Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported better-than-expected performance in Q3 2025, with total revenue of 3.261 billion yuan, a year-on-year increase of 39.67%, and a net profit attributable to shareholders of 1.206 billion yuan, up 85.29% [1]. - The company is positioned as a leader in AI financial traffic monetization, leveraging advancements in artificial intelligence to enhance its core business and user experience [1][2]. - The company has established a comprehensive wealth management service platform, catering to diverse investment needs, which is expected to benefit from the expansion of the ETF market [2]. - The introduction of the HithinkGPT model is anticipated to drive significant advancements in AI applications within the financial sector [3]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.481 billion yuan, representing a 56.72% increase year-on-year, and a net profit of 704 million yuan, up 144.50% [1]. - The operating cash flow for the first three quarters of 2025 was 2.196 billion yuan, a year-on-year increase of 235.32% [1]. - The company’s contract liabilities reached 2.519 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 113.41% [1]. Future Projections - Revenue projections for 2025-2027 are estimated at 5.447 billion yuan, 6.836 billion yuan, and 8.228 billion yuan, respectively, with net profits expected to be 2.549 billion yuan, 3.288 billion yuan, and 4.055 billion yuan [3][5]. - The report anticipates a strong correlation between the company's business performance and the activity level of the securities market, driven by advancements in AI technology [3].