经营增速放缓，HithinkGPT持续落地

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - In 2023, the company achieved revenue of 3.56 billion RMB, a slight increase of 0.1% year-on-year, while the net profit attributable to the parent company decreased by 15.3% to 1.37 billion RMB, primarily due to increased marketing personnel and rising marketing expenses [1][2]. - The company expects revenue growth of 10.6%, 10.7%, and 10.9% for the years 2024, 2025, and 2026, respectively, with net profit growth of 7.3%, 9.4%, and 9.3% for the same periods [3][6]. Performance Summary - In Q4 2023, the company's revenue was 1.19 billion RMB, down 7.1% year-on-year, influenced by a 1% decline in the average daily trading volume of A-shares [1]. - The cash received from sales and services was 3.91 billion RMB, reflecting a 4.1% increase year-on-year [1]. Business Analysis - The company's value-added telecommunications business declined by 9.9% year-on-year in the second half of 2023, while the advertising and internet business fell by 13.7% [2]. - Software sales and maintenance grew by 68.4% year-on-year, and fund distribution business surged by 85.0% in the second half of 2023, mainly due to a low base in 2022 [2]. Financial Forecast - The projected revenues for 2024, 2025, and 2026 are 3.94 billion RMB, 4.36 billion RMB, and 4.84 billion RMB, respectively [6]. - The expected net profits for the same years are 1.51 billion RMB, 1.65 billion RMB, and 1.80 billion RMB, respectively [6]. AI Development - The company has developed its own AI model, HithinkGPT, with a pre-trained financial corpus of one trillion tokens, aimed at various applications including investment advisory and customer service [2]. - The company plans to increase its investment in fund sales and expand its financial information service products in overseas markets in 2024 [2].