金融科技领军企业，AI金融成长空间广阔

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a leader in the fintech sector with strong profitability and a dominant position in the securities service app market [4] - The company's SaaS platform, iFinD, is expected to grow significantly due to its cost-effectiveness and AI capabilities [4] - The company is a pioneer in AI+finance applications, with its HithinkGPT model positioning it for future growth in the smart investment advisory market [5] Financial Performance - The company reported revenues of 3.51 billion, 3.56 billion, and 3.56 billion yuan for 2021, 2022, and 2023, respectively, with slight year-over-year growth [4] - Gross margins remained high at 91.42%, 89.61%, and 89.09% for 2021, 2022, and 2023, respectively [4] - Net profit margins were 54.45%, 47.52%, and 39.35% for the same periods [4] Business Segments - The company's core business segments include value-added telecom services, software sales and maintenance, advertising, and internet promotion services [4] - Value-added telecom services accounted for 46.11%, 43.22%, and 42.89% of total revenue in 2021, 2022, and 2023, respectively [20] - Advertising and internet promotion services contributed 36.58%, 42.89%, and 38.13% of revenue during the same periods [20] AI and Fintech Applications - The company launched HithinkGPT, a financial dialogue model, which is expected to drive growth in AI+finance applications [5] - HithinkGPT supports five versions with parameters ranging from 7 billion to 130 billion, offering API integration and private deployment options [46] - The company's AI applications include smart investment advisory products for C-end users and smart investment research products for B-end users [5] Market Position and Competitive Advantage - The company has a strong market position with 623 million registered users and over 30 million monthly active users for its app [4] - The company's iFinD platform is expected to gain market share due to its high cost-performance ratio and AI capabilities [4] - The company's financial data terminal, iFinD, is priced competitively at 5,000-10,000 yuan per account, making it attractive in a cost-sensitive market [39] Growth Prospects - The company is expected to achieve net profits of 1.685 billion, 2.132 billion, and 2.371 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth of 20.2%, 26.5%, and 11.2% [5] - The company's growth is driven by its AI+finance applications, the expansion of its iFinD platform, and the potential of its fund distribution business [64] Industry Trends - The financial information software service market in China is expected to grow from 7.4 billion yuan in 2021 to 27.3 billion yuan in 2026, with a compound annual growth rate of 30% [60] - The institutional financial software service market is projected to grow from 3.9 billion yuan in 2021 to 6.1 billion yuan in 2026, with a compound annual growth rate of 9.5% [61]