Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [19]. Core Insights - The company reported a revenue of 4.187 billion yuan for 2024, representing a year-on-year growth of 17.47%. The net profit attributable to shareholders was 1.823 billion yuan, up 30.00% year-on-year [2][4]. - The advertising and internet business promotion services saw significant growth, with revenues reaching 2.025 billion yuan, a 49.00% increase year-on-year, driven by a recovery in the securities market [8]. - The company is enhancing its AI capabilities through the HithinkGPT model, which has improved product competitiveness and user engagement [8]. Financial Performance Summary - **2024 Financials**: Total revenue of 4.187 billion yuan, net profit of 1.823 billion yuan, and a diluted EPS of 3.39 yuan [4][8]. - **2025-2027 Projections**: Expected revenues of 5.142 billion yuan, 6.115 billion yuan, and 7.042 billion yuan for 2025, 2026, and 2027 respectively. Corresponding net profits are projected at 2.381 billion yuan, 2.910 billion yuan, and 3.505 billion yuan [4][8]. - **Valuation Metrics**: The projected P/E ratios for 2025, 2026, and 2027 are 59, 48, and 40 respectively, indicating a favorable valuation trend [4][8]. Business Growth Drivers - The company is leveraging its extensive data and proprietary training frameworks to enhance AI model training efficiency, which is expected to drive future growth [8]. - The integration of AI technologies into various products has led to increased user engagement, with daily usage exceeding 3 million calls for its intelligent platforms [8]. Market Context - The company's performance is closely tied to market activity, with expectations of increased trading volumes in 2024 positively impacting its financial results [8].

Core Insights - The company reported a revenue of 4.187 billion in 2024, representing a year-on-year growth of 17.47% [1] - The net profit attributable to shareholders reached 1.823 billion, with a year-on-year increase of 30.00% [1] - The first quarter of 2025 saw a revenue of 748 million, marking a year-on-year growth of 20.90% [1] Revenue Breakdown - The advertising and internet business promotion services experienced significant growth, with revenues of 2.025 billion, up 49.00% year-on-year [2] - Value-added telecommunications services generated 1.616 billion, reflecting a growth of 5.70% year-on-year, driven by the optimization of large model technology [2] - Fund distribution and other transaction services saw a decline, indicating mixed performance across different service segments [2] AI and Technology Advancements - The company has optimized its HithinkGPT large model capabilities, enhancing product competitiveness through a cost-effective training system [3] - The integration of large models with low-code and real-time financial data has led to the development of over 5,000 intelligent agents, with an average daily call volume exceeding 3 million [3] - Multiple intelligent products have been upgraded, including the investment assistant and the iFind financial data terminal, showcasing continuous innovation in AI applications [3] Investment Outlook - Given the anticipated increase in market transaction volumes, the company has adjusted its profit forecasts upward [4] - Projected revenues for 2025-2027 are 5.142 billion, 6.115 billion, and 7.042 billion, with net profits of 2.381 billion, 2.910 billion, and 3.505 billion respectively [4] - Corresponding EPS estimates are 4.43, 5.41, and 6.52, with current market PE ratios of 59, 48, and 40 [4]

Core Viewpoint - The company reported a significant improvement in revenue and net profit for Q1 2025, driven by a recovering market and increased user engagement in its financial services [1][2]. Revenue Performance - In Q1 2025, the company achieved an operating income of 750 million yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 120 million yuan, up 15.9% year-on-year [1]. - The average daily trading volume in the two markets reached 15.2 trillion yuan, reflecting a substantial year-on-year increase of 70.3%, which contributed to the company's revenue recovery [2]. - Cash flow from sales of goods and services increased by 79.9% to 1.18 billion yuan, while contract liabilities rose by 67.4% to 1.87 billion yuan [2]. - User engagement on the company's website and app improved significantly, leading to increased advertising and internet promotion service revenue [2]. Cost and Profitability - The company's management, sales, and R&D expenses for Q1 2025 were 60 million, 170 million, and 290 million yuan, with year-on-year changes of -2.3%, +47.4%, and -3.7% respectively [3]. - The expense ratios for management, sales, and R&D were 8.4%, 22.2%, and 38.9%, with year-on-year changes of -2.0, +4.0, and -9.9 percentage points [3]. - The company's gross margin and net margin were 84.3% and 16.1%, reflecting a year-on-year increase of 1.8 percentage points and a decrease of 0.7 percentage points, respectively, due to increased sales expense ratios [3]. AI Innovation and Future Outlook - The company is actively enhancing its AI capabilities, particularly through the HithinkGPT model, which is being applied across various financial scenarios, including smart investment advisory and customer service [4]. - The company has upgraded multiple products in 2024, integrating AI dialogue capabilities and enhancing interaction [4]. - The company is expected to achieve net profits of 2.26 billion yuan and 2.55 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 61.9 and 54.8 times [4].

丨证券研究报告丨 联合研究丨公司点评丨同花顺（300033.SZ） [Table_Title] 同花顺 2025 一季报点评：业绩延续改善趋势， AI 赋能增强产品力 报告要点 [Table_Summary] 2025 年一季度，同花顺业绩延续改善趋势，收入端受益于权益市场热度提升，广告及互联网推 广服务业务销售收款快速增长。成本端销售费用率显著提升，弱化盈利能力。同花顺作为头部 互联网金融平台，平台流量优势稳固。短期内看好公司的业绩弹性，中长期来看，公司前瞻性 布局人工智能赛道，AI 大模型及智能投顾应用顺利落地，有望助同花顺打开新的成长空间。 分析师及联系人 [Table_Author] 吴一凡 宗建树 戴永飞 SAC：S0490519080007 SAC：S0490520030004 SAC：S0490524070001 SFC：BUV596 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 同花顺（300033.SZ） cjzqdt11111 [Table_Title 同花顺 20252]一季报点评：业绩延续改善趋势， AI 赋能增强 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company's profitability significantly improved, driven mainly by high growth in advertising revenue. The company achieved operating revenue of 4.19 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 1.82 billion yuan, up 30.0% year-on-year [5][11] - The company's advertising revenue showed higher elasticity compared to the market, with product competitiveness enhanced through the integration of AI technologies [2][11] - The company has effectively controlled costs, slowing down R&D expenditure, which has led to improved profitability [2][11] - The company is strategically positioned in the AI sector, with successful applications of AI models and intelligent investment advisory services expected to open new growth avenues [2][11] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 4.19 billion yuan and a net profit of 1.82 billion yuan, with a weighted ROE of 24.8%, an increase of 4.6 percentage points year-on-year. The Q4 net profit was 1.17 billion yuan, up 85.5% year-on-year [11] - Revenue contributions from various segments include value-added telecommunications (1.62 billion yuan, +5.7%), advertising (2.02 billion yuan, +49.0%), software (360 million yuan, -18.6%), and fund distribution (190 million yuan, -20.5%) [11] Revenue Drivers - The company's app had 36.27 million monthly active users by the end of 2024, a year-on-year increase of 18.9%, with a market share of 21.2% [11] - The average daily trading volume in the market increased by 21.2% year-on-year to 1.06 trillion yuan, with the company's advertising revenue growth significantly outpacing the market [11] Cost Management - The company managed to control costs effectively, with management, sales, and R&D expenses reported at 220 million, 590 million, and 1.19 billion yuan respectively, showing a year-on-year increase of 8.3%, 19.1%, and 1.2% [11] - The net profit margin for 2024 was 43.5%, an increase of 4.2 percentage points year-on-year [11] AI and Product Development - The company upgraded its intelligent products, integrating advanced AI technologies to enhance user interaction and product capabilities [11] - The AI investment assistant was upgraded to a native AI dialogue product, and the company has built a matrix of intelligent products for financial data analysis [11] Future Outlook - The company is expected to achieve net profits of 2.27 billion yuan and 2.57 billion yuan in 2025 and 2026, respectively, with corresponding PE ratios of 76.7 and 67.9 times [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][20]. Core Views - The company is expected to benefit from favorable policies and the integration of AI technology, which enhances its development prospects [1][9]. - The company reported significant revenue growth in 2024, with total revenue reaching 4.187 billion yuan, a year-on-year increase of 17.47% [1]. - The net profit for 2024 was 1.823 billion yuan, reflecting a year-on-year growth of 30% [1]. Financial Performance Summary - **Revenue Forecast**: The company's revenue is projected to grow from 3.564 billion yuan in 2023 to 6.819 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.31% [1][12]. - **Net Profit Forecast**: The net profit is expected to increase from 1.402 billion yuan in 2023 to 3.137 billion yuan in 2027, with a CAGR of about 11.46% [1][12]. - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to rise from 2.61 yuan in 2023 to 5.83 yuan in 2027 [1][12]. - **Return on Equity (ROE)**: The ROE is projected to remain strong, starting at 20.33% in 2023 and stabilizing around 19.84% by 2027 [1][12]. Business Segment Analysis - **Advertising and Internet Services**: This segment is expected to see significant growth, with a projected revenue increase of 49% in 2024 due to improved market conditions and enhanced product competitiveness [2][12]. - **Software Sales and Maintenance**: Revenue in this segment is forecasted to decline by 18.61% in 2024, primarily due to reduced demand following the completion of upgrades by brokerage firms [2][12]. - **Other Business Segments**: Fund sales and other transaction fees are expected to decrease by 20.50% in 2024, reflecting a decline in customer demand due to changing market conditions [2][12]. Strategic Developments - The company has integrated its large model technology with financial information services, enhancing its product offerings and customer engagement [4][9]. - The launch of an internet-based intelligent wealth management service platform aims to provide a comprehensive range of financial products and services, catering to diverse investor needs [9].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved a revenue of 4.187 billion RMB in 2024, representing a year-over-year increase of 17.47%, and a net profit of 1.823 billion RMB, up 30.00% year-over-year [1][2]. - The fourth quarter of 2024 saw a significant revenue increase of 55.39% year-over-year and 95.93% quarter-over-quarter, driven by a recovery in market conditions [1][2]. - The company is benefiting from the rise in market activity, with a leading average monthly active user count of 32.46 million in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.187 billion RMB and a net profit of 1.823 billion RMB, with a significant increase in Q4 revenue to 1.852 billion RMB [1][2]. - The revenue growth is attributed to a recovery in the A-share market, which saw a transaction volume of 257 trillion RMB in 2024, up 21.3% year-over-year [2]. Business Segments - The advertising and internet business generated 2.025 billion RMB in revenue, a 49.00% increase year-over-year, driven by the market recovery and AI applications [2]. - The value-added telecommunications business revenue was 1.616 billion RMB, up 5.70% year-over-year, while software sales and maintenance revenue decreased by 18.61% to 356 million RMB [2]. AI and Product Development - The company has integrated its platforms with DeepSeek, enhancing its AI capabilities and product competitiveness [3][4]. - The HithinkGPT model continues to evolve, with applications across various business scenarios, leading to the development of over 5,000 intelligent agents [4]. Profitability and Valuation - The company’s EPS is projected to be 5.41 RMB in 2025, with a target price set at 425.23 RMB based on a PE ratio of 78.6 [5][8]. - The report indicates a significant upward revision in EPS estimates for 2025 and 2026, reflecting a 73.4% and 99.4% increase, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Insights - The company reported significantly better-than-expected performance for 2024, achieving revenue of 4.187 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 1.823 billion yuan, up 30% year-on-year [6]. - The recovery in the securities market positively impacted the company's advertising and internet promotion services, which generated 2.025 billion yuan in revenue, a 49% increase year-on-year [6][7]. - The company is expected to benefit from the ongoing evolution of large model capabilities, enhancing the usability of its intelligent products and opening up growth opportunities [13][14]. Financial Data and Profit Forecast - Revenue and profit forecasts for the company have been revised upwards for 2025 and 2026, with expected revenues of 5.078 billion yuan and 5.879 billion yuan, respectively, and net profits of 2.286 billion yuan and 2.749 billion yuan [6][13]. - The company's gross margin remains strong, with advertising and internet promotion services achieving a gross margin of 94.57% [8][10]. - The company’s R&D expenses are projected to stabilize at around 1.2 billion yuan per year, focusing on AI and related technologies [10][12].