财富趋势：拥抱AI革新应用，发力C端成长可期

Investment Rating - The report does not provide a clear investment rating for the company [49] Core Insights - The company is positioned to benefit from the AI revolution and aims to enhance its growth in the consumer sector [27] - The company has a strong focus on R&D, with a high R&D expense ratio of 17.4% in 2023, which is expected to support its business innovation [3][40] - The company has launched an open AI platform, "Wen Xiaoda," to improve product competitiveness in stock selection and financial data services [40] Industry Changes - The policy environment is driving an upward trend in the industry, with significant room for improvement in the securitization rate [3] - The company has a low sales expense ratio of 2.3% in 2023, indicating a solid platform and brand effect, with potential for future business breakthroughs [3] - The financial technology sector is experiencing a golden development period, particularly in the context of domestic substitution and the promotion of financial innovation [12] Financial Performance - The company achieved a revenue of 4.3 billion in 2023, with projected revenues of 5.2 billion, 6.1 billion, and 7.1 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.2%, 16.6%, and 15.8% [58] - The net profit attributable to the parent company is expected to reach 3.7 billion, 4.4 billion, and 5.2 billion for the same years, with growth rates of 18.5%, 19.9%, and 17.3% respectively [58] Business Model - The company serves both B-end financial institutions and C-end individual investors, providing comprehensive financial IT solutions and financial information services [33] - The B-end business is primarily driven by the IT investment of securities firms, while the C-end business is influenced by market activity and product marketing [55] Market Position - The company has a significant market presence, with over 90% coverage of domestic securities firms in its products, and is expected to gain additional revenue from national encryption projects [22] - The monthly active users of the company's app reached 224.6 million in April 2024, showing a year-on-year increase of 25.0% [23]