ROYALFLUSH INFO(300033)2024-02-27 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][7] Core Views - The company, Tonghuashun, has a strong advantage in mobile client resources and financial big data cloud computing technology, enabling it to connect B-end to C-end and B-end to B-end, thus building a comprehensive internet financial platform [6][7] - The company continues to innovate with AI investment robots and internet advisory services, indicating a promising future [6] - The reasonable value range for the company's stock is estimated to be between 141.30 and 157.00 yuan, maintaining the "Outperform the Market" rating [6][7] Financial Performance Summary - In 2023, the company achieved an operating income of 3.564 billion yuan, a year-on-year increase of 0.1%, while the net profit was 1.402 billion yuan, a decrease of 17.1% [6][7] - The earnings per share (EPS) for 2023 was 2.61 yuan, with a return on equity (ROE) of 20.2% [6] - The fourth quarter of 2023 saw an operating income of 1.19 billion yuan, down 7.1% year-on-year, and a net profit of 630 million yuan, down 21.9% year-on-year [6] Market Activity and User Engagement - As of the end of 2023, the company had approximately 62.339 million registered users on its financial services platform, with an average of 14.47 million daily active users [6] - The average daily trading volume in the stock market was 962.5 billion yuan in 2023, a decrease of 4.0% year-on-year, indicating a stable overall business performance despite market fluctuations [6] Research and Development Investment - The company has increased its R&D investment, with total R&D expenses reaching 1.18 billion yuan in 2023, a year-on-year increase of 10.5%, accounting for 33.1% of operating income [7] - The total cost rate for 2023 was 59.7%, an increase of 8.3 percentage points year-on-year, primarily due to rising R&D and sales expenses [7] Earnings Forecast - The projected net profits for 2024E to 2026E are 1.7 billion yuan, 1.9 billion yuan, and 2.1 billion yuan, respectively, with year-on-year growth rates of 21%, 13%, and 12% [7][11] - The corresponding EPS for these years is expected to be 3.14 yuan, 3.54 yuan, and 3.98 yuan [7][11] Business Revenue Forecast - The forecasted revenue from value-added telecommunications services for 2024E is 1.682 billion yuan, with a year-on-year growth rate of 10% [10] - The software sales and maintenance revenue is projected to reach 568.77 million yuan in 2024E, with a year-on-year growth rate of 30% [10]