事项： 公司发布2025年第一季度报告，2025年第一季度公司实现营业收入7.48亿元，同比增长20.91%，实现归 母净利润1.20亿元，同比增长15.91%，实现扣非净利润1.13亿元，同比增长13.72%。 盈利预测与投资建议：根据公司2025年第一季度报告，我们维持公司盈利预测，预计公司2025-2027年 的归母净利润分别为22.67亿元、27.34亿元、32.29亿元，对应EPS分别为4.22元、5.09元、6.01元，对应 4月25日收盘价的PE分别为61.7倍、51.1倍、43.3倍。公司是国内领先的互联网金融信息服务提供商以及 头部网上证券交易系统供应商之一，拥有近三十年丰富的行业经验，同时基于庞大的C端客户资源以及 渠道网络，公司在广告推广、基金代销领域具备较强的竞争优势，我们认为资本市场交易活跃度的提升 将带动公司收入规模的增长。中长期来看，作为技术驱动型公司，公司于2019年提出"ALL in AI"战 略，2024年初发布金融垂类大模型问财HithinkGPT，当前面向金融投顾/投资决策/编码/Agent开发等多 个领域，公司的AI应用产品百花齐放，我们认为有望为公司业绩注入新的活力 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The emergence of DeepSeek will accelerate the digital transformation of financial institutions, providing a more efficient way to demonstrate the phased effects of digital transformation and enabling mass replication [6][8] - DeepSeek's general and reasoning models offer high performance at a cost reduced to less than one-tenth of leading models, making it more accessible for financial institutions [2][11] - The integration of AI capabilities with financial scenarios will shift the competitive focus from technological barriers to the value extraction of financial data [2][11] Summary by Sections 1. Core Pain Points of Digital Transformation in Financial Institutions - Traditional financial institutions face three core contradictions: long-term strategic goals versus short-term performance KPIs, long-term value versus short-term financial pressures, and the growth of mature business versus the small proportion of innovative business [8][19] - Digital transformation requires a unified planning approach to address the scattered demands from business sides and the systematic thinking needed for technical development [16][19] 2. Digital Marketing in Financial Institutions - The traditional marketing model emphasizes product sales, leading to challenges in service standardization and the need for a more agile and data-driven marketing system [26][27] - The report suggests a shift from product sales to user operation, focusing on customer experience and trust [21][22] 3. Application of Large Models in Financial Institutions - Continuous accumulation of high-quality business data and deepening vertical scenario understanding are crucial for leveraging large models to accelerate digital transformation [5][12] - The report emphasizes that AI is not a job replacer but a capability amplifier, allowing financial professionals to focus more on value judgment and distribution [8][19] 4. DeepSeek's Role in Digital Transformation - DeepSeek's introduction is seen as a catalyst for quantifying and accelerating the effects of digital transformation, significantly reducing transformation costs [8][19] - The report outlines eight key conclusions regarding the empowerment of the financial industry by DeepSeek, including the importance of human-machine collaboration and the need for gradual innovation in digital transformation [8][19] 5. Pain Points and Digital Value in Various Financial Sectors - The report provides an in-depth analysis of the pain points and digital value in sectors such as brokerage, insurance, credit, supply chain finance, and other fintech institutions [7][10]