营收端保持平稳，“AI+金融”打造新增长极

Investment Rating - The investment rating for the company is "Hold" based on the current performance and market conditions [1]. Core Views - The company achieved a revenue of 3.564 billion yuan in 2023, a slight increase of 0.14% year-on-year, while the net profit attributable to the parent company decreased by 17.07% to 1.402 billion yuan [1][2]. - The report highlights the resilience of the company's revenue amidst significant fluctuations in the secondary market, with a total trading volume of 212.2 trillion yuan in 2023, down 5.5% year-on-year [1]. - The company is leveraging AI technology to enhance its financial services, with the introduction of the HithinkGPT model, which has shown superior performance compared to mainstream open-source models [1][2]. Financial Performance Summary - Revenue: The company reported total revenue of 3.564 billion yuan in 2023, with a year-on-year growth rate of 0.1% [2][3]. - Net Profit: The net profit attributable to the parent company was 1.402 billion yuan, reflecting a decline of 17.1% compared to the previous year [2][3]. - Operating Cash Flow: The net operating cash flow for 2023 was 1.592 billion yuan, a decrease from the previous year [4]. - Earnings Per Share (EPS): The EPS for 2023 was 2.61 yuan, with projected EPS for 2024, 2025, and 2026 at 2.94, 3.38, and 3.90 yuan respectively [2][3]. Product and Service Performance - Segment Revenue: The value-added telecommunications business generated 1.529 billion yuan, down 0.61% year-on-year; advertising and internet promotion services saw a revenue of 1.359 billion yuan, down 10.97%; software sales and maintenance increased by 53.53% to 438 million yuan; and fund sales and other transaction fees rose by 14.04% to 239 million yuan [1]. - Cost Management: The company experienced an increase in sales, management, and R&D expenses, with respective growth rates of 35.15%, 27.19%, and 10.51% [1]. Market Position and Customer Base - The company has established a strong customer base, covering over 90% of domestic securities firms and a significant number of public and private fund companies, banks, and insurance companies [1]. - As of the end of 2023, the company had approximately 623 million registered users for its financial services, with an average of 14.47 million daily users on its online market client [1]. Future Outlook - The report suggests that if the macroeconomic environment improves, the secondary market may stabilize and rebound, potentially driving the company's performance growth [1]. - The company is expected to continue integrating AI technology into its services, enhancing product competitiveness and customer retention [1].