业绩边际改善，研发力度维持在较高水平

Investment Rating - The investment rating for the company is "Buy" with a target price of 165.74 CNY, maintaining the current price of 112.35 CNY [7]. Core Insights - The company reported a marginal improvement in performance for Q1 2024, with operating revenue of 619 million CNY, a year-on-year increase of 1.47%. However, the net profit attributable to shareholders decreased by 15.03% year-on-year to 104 million CNY [2]. - The increase in revenue is attributed to a recovery in market trading activity, which positively impacted the company's value-added telecommunications and advertising services [2]. - The company has significantly increased its marketing and R&D expenditures, with sales expenses rising by 27.80%, management expenses by 14.78%, and R&D expenses by 7.63% [3]. - The customer base remains strong, with a total of 623 million registered users by the end of 2023, reflecting a year-on-year growth of 1.47% [4]. - The company has invested heavily in AI and large model research, with cumulative R&D expenses reaching 3.376 billion CNY, accounting for 30% of revenue since 2021 [4]. Financial Summary - The projected operating revenues for 2024, 2025, and 2026 are 3.636 billion CNY, 3.936 billion CNY, and 4.356 billion CNY, respectively, with year-on-year growth rates of 2.03%, 8.24%, and 10.65% [5]. - The net profit attributable to shareholders is expected to be 1.426 billion CNY, 1.540 billion CNY, and 1.709 billion CNY for the same years, with growth rates of 1.65%, 8.06%, and 10.97% [5]. - The company's financial metrics indicate a P/E ratio of 42.4 for 2024 and a P/B ratio of 7.8, reflecting its valuation in the market [6].