证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 同花顺（300033.SZ） 一季度业绩符合预期，AI 金融流量变现领军 事件：4 月 24 日，公司发布 2025 年一季报，实现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿元，同比增加 15.91%，业绩符合预 期。 经营性现金流净额良好，合同负债同比+67.39%。1）公司发布 2025 年一季报，实 现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿 元，同比增加 15.91%；实现扣非后归母净利 1.13 亿元，同比+13.72%。2）2025 年 一季度经营活动现金流净额 3.13 亿元，同比+720.40%，经营性现金流净额良好。3） 2025Q1公司销售/管理/研发费用分别为 1.66/0.63/2.91 亿元，同比+47.36%/-2.33%/- 3.72%；销售费用增幅较大主要系加大营销推广力度，销售人员薪酬及广告宣传费增加 所致。4）2025Q1 公司合同负债 18.68 亿元，同比+67.39%，环比+2 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a total revenue of 4.187 billion, a year-on-year increase of 17.47%, and a net profit attributable to shareholders of 1.823 billion, reflecting a 30% increase, slightly exceeding expectations [1]. - The company is positioned as a leader in AI financial traffic monetization, leveraging advancements in AI technology to enhance its business model and create new growth engines [1][4]. - The recovery of the securities market has led to increased demand for financial information services, contributing to the company's revenue and profit growth [1][2]. Revenue Breakdown - The value-added telecommunications services segment generated revenue of 1.616 billion, up 5.7% year-on-year, driven by increased client demand due to the recovering securities market [2]. - The advertising and internet business saw a significant revenue increase of 49% year-on-year, reaching 2.025 billion, attributed to heightened promotional demand and improved product competitiveness [2]. - Other business segments, such as software sales and maintenance, experienced a decline in revenue, with a 18.61% decrease, while fund sales and transaction fees dropped by 20.50% [2]. Future Growth Potential - The company is expected to benefit from the expansion of the ETF market, which will drive growth in its internet smart wealth management services [3]. - The "Ai Fund" platform has integrated with 222 fund and securities companies, offering a diverse range of financial products, which positions the company well for future growth [3]. - The report forecasts revenue growth for the years 2025 to 2027, estimating revenues of 5.245 billion, 5.985 billion, and 6.612 billion respectively, alongside net profits of 2.411 billion, 2.838 billion, and 3.202 billion [5][6]. Financial Metrics - The company achieved a net cash flow from operating activities of 2.316 billion in 2024, exceeding its net profit of 1.823 billion, indicating strong cash generation capabilities [1]. - The report outlines projected earnings per share (EPS) growth from 3.39 in 2024 to 5.96 by 2027, reflecting a positive outlook on profitability [6]. - Key financial ratios such as return on equity (ROE) are expected to improve from 22.9% in 2024 to 26.3% in 2027, indicating enhanced profitability and efficiency [6].