营收保持平稳增速，AI产业趋势下有望长期受益

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved total revenue of 3.564 billion, a year-on-year increase of 0.14%, while net profit attributable to shareholders decreased by 17.07% to 1.402 billion, primarily due to increased investments in artificial intelligence (AI) [1][2]. - The company is focusing on integrating AI technology into its existing financial information services, which is expected to yield long-term benefits [1][2]. - The operating cash flow for 2023 was 1.592 billion, exceeding the net profit, indicating strong cash generation capabilities [1][2]. Financial Performance - Revenue by business segment: - Value-added telecommunications services: 1.529 billion, down 0.61% - Software sales and maintenance: 438 million, up 53.53% - Advertising and internet promotion services: 1.359 billion, down 10.97% - Fund sales and other transaction fees: 239 million, up 14.04% [1]. - The company reported a net profit margin of 39.3% for 2023, down from 47.5% in 2022 [11]. - The company’s R&D expenses increased by 10.51% to 1.179 billion, reflecting its commitment to AI technology development [1][11]. Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 3.926 billion, 4.518 billion, and 5.120 billion respectively, with corresponding net profits of 1.608 billion, 1.762 billion, and 1.928 billion [2][3]. - The report anticipates a revenue growth rate of 10.1% in 2024, followed by 15.1% in 2025 and 13.3% in 2026 [3][11]. User Engagement - The company has a strong user base, with approximately 62.339 million registered users and an average of 14.47 million daily active users [2]. - The company’s products and services cover over 90% of domestic securities firms and a wide range of institutional clients, enhancing its market position [2].