2023 年报点评：费用投入提升，期待 AI 应用贡献增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 3.564 billion yuan for 2023, a year-on-year increase of 0.14%, while the net profit attributable to shareholders was 1.402 billion yuan, a year-on-year decrease of 17.07% [2][3] - The decline in market trading activity has impacted the company's advertising and internet services, with a 5.5% decrease in average daily trading volume in the A-share market [2] - The company has increased its investment in technology and sales, leading to a decrease in net profit margin [3] - The launch of the self-developed AI model HithinkGPT is expected to enhance the company's product competitiveness and drive revenue growth [3] - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted to 1.696 billion yuan and 1.928 billion yuan, respectively, reflecting a year-on-year growth of 21% and 14% [3] Summary by Sections Financial Performance - Total revenue for 2023 was 3.564 billion yuan, with a slight increase of 0.14% year-on-year [2] - Net profit attributable to shareholders was 1.402 billion yuan, down 17% year-on-year [2] - The company’s earnings per share (EPS) for 2023 was 2.61 yuan, with a projected EPS of 3.15 yuan for 2024 [2][3] Business Segments - The company has seen growth in its fund sales business, with a 14.04% increase in related revenue to 239 million yuan [3] - AI technology has been integrated into the company's software products, resulting in a 53.53% increase in software sales and maintenance revenue to 438 million yuan [3] Investment and R&D - R&D expenses increased by 10.51% to 1.179 billion yuan, representing 33.09% of total revenue [3] - Sales expenses rose by 35.15% to 497 million yuan as the company aims to expand its market share [3] Future Outlook - The self-developed AI model HithinkGPT is expected to contribute positively to the company's performance, with a focus on enhancing service quality across various financial products [3] - The company anticipates net profit growth of 21% in 2024 and 14% in 2025, with a projected net profit of 2.187 billion yuan in 2026 [3]