ROYALFLUSH INFO(SZ:300033) GOLDEN SUN SECURITIES·2026-01-21 01:24Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.735 billion to 3.282 billion yuan for the year 2025, representing a year-on-year increase of 50% to 80% [1]. - The company's Q4 2025 net profit is projected to be between 1.529 billion and 2.076 billion yuan, showing a year-on-year growth of 30.5% to 77.1% and a quarter-on-quarter increase of 117.2% to 194.9% [1]. - The increase in user activity on the company's website and app, along with the growing demand from financial clients, has led to a rise in advertising and internet promotion service revenue [1]. - The number of new A-share accounts opened in 2025 has exceeded that of 2024, reaching 27.44 million, a year-on-year increase of 9.8% [2]. - The A-share trading volume for 2025 is expected to grow by 63.3% year-on-year, reaching 420 trillion yuan [2]. - The company is investing in artificial intelligence and has developed a benchmark for evaluating large language models in financial scenarios, enhancing its product competitiveness [3]. Financial Projections - The projected revenues for 2025, 2026, and 2027 are 6.458 billion, 8.303 billion, and 10.299 billion yuan respectively, with corresponding net profits of 2.972 billion, 3.925 billion, and 4.991 billion yuan [3][5]. - The earnings per share (EPS) for 2025 is estimated at 5.53 yuan, with a projected price-to-earnings (P/E) ratio of 64.7 [5][6].