AI产品投入加大，Q1交投低迷业绩短期承压

Investment Rating - The report maintains a "Buy" rating for the company [8][12]. Core Views - The company reported Q1 2024 revenue of 619 million yuan, a year-on-year increase of 1.47%, while net profit attributable to shareholders decreased by 15.03% to 104 million yuan [7]. - The revenue growth was below market expectations due to a sluggish trading environment, with the margin of two financing balances hitting a one-year low in February [7]. - The company continues to invest heavily in AI development, with R&D expenses increasing by 7.6% year-on-year, reaching a rate of 48.8% of revenue [7]. - The report suggests monitoring the progress of the company's AI initiatives, particularly the self-developed HithinkGPT model, which has achieved significant advancements in financial data processing [7]. Summary by Sections Financial Performance - Q1 2024 revenue was 619 million yuan, a 1.5% increase year-on-year, while net profit was 104 million yuan, down 15% year-on-year [7]. - Operating cash flow decreased by 11.7% year-on-year, resulting in a negative operating cash flow of -50 million yuan [7]. - The company has adjusted its revenue forecasts for 2024 and 2025 to 4.013 billion yuan and 4.401 billion yuan, respectively, down from previous estimates [12]. R&D and AI Development - The company has increased its R&D spending, with a focus on AI technologies, and has registered 21 new software copyrights and 18 new invention patents in Q1 [7]. - The HithinkGPT model is designed to handle large-scale financial data and has been trained on a trillion-level token dataset [7]. Market Position and Valuation - The report highlights the company's leading position in financial market software and its potential for growth through AI applications [12]. - The adjusted PE ratio for 2024 is projected at 36 times, indicating a potential upside of 23% [14].