Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Insights - The company is experiencing a stable overall operational situation while continuously increasing its R&D efforts [2] - In the first half of 2024, the company achieved revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%, and a net profit attributable to shareholders of 363 million yuan, down 20.99%, primarily due to increased expenses [2] - The company has been focusing on AI technology development, establishing a significant technological lead with numerous patents and software copyrights [2][3] Financial Performance - The company's revenue for 2024 is projected to be 3.848 billion yuan, with a growth rate of 8.0% [4] - The net profit for 2024 is expected to be 1.328 billion yuan, reflecting a decrease of 5.3% compared to the previous year [4] - The earnings per share (EPS) for 2024 is forecasted at 2.47 yuan, with corresponding price-to-earnings (PE) ratios of 78, 72, and 63 for 2024, 2025, and 2026 respectively [4] Market Context - The financial technology market in China is expected to exceed 600 billion yuan in 2023, benefiting from improved digital infrastructure and favorable policies [3] - The report highlights that the company is well-positioned to leverage the growth in the financial technology sector, which has shown resilience despite recent challenges [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company is experiencing a stable overall operational situation while continuously increasing its investment in research and development [2] - In the first half of 2024, the company achieved revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%, and a net profit attributable to shareholders of 363 million yuan, down 20.99%, primarily due to increased expenses [2] - The company has been focusing on artificial intelligence (AI) technology, establishing a broad AI ecosystem since 2009, and has made significant advancements in various AI fields [2] Summary by Sections Company Overview - The company is a leading provider of internet financial information services in China, offering software products, financial data services, and investment analysis tools [2] - As of June 30, 2024, the company has obtained 510 software copyrights and 103 invention patents, including 20 US patents [2] Financial Performance - The company's gross margin for the first half of 2024 was 84.85%, a decrease of 1.16 percentage points year-on-year, while the net profit margin was 26.12%, down 5.11 percentage points [2] - The company’s operating expenses increased due to intensified sales promotion efforts and R&D investments in AI [2] Market Outlook - The financial technology market in China is expected to exceed 600 billion yuan in 2023, benefiting from improved digital infrastructure and favorable policies [3] - The report forecasts the company's revenue for 2024-2026 to be 3.848 billion, 4.289 billion, and 4.828 billion yuan, respectively, with corresponding EPS of 2.47, 2.70, and 3.06 yuan [4]

证券代码：300033 证券简称：同花顺 公告编号：2024-029 浙江核新同花顺网络信息股份有限公司 关于股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 浙江核新同花顺网络信息股份有限公司（以下简称"公司"或"本公司"） 连续 3 个交易日内（2024 年 9 月 26 日、9 月 27 日、9 月 30 日）收盘价格涨幅 偏离值累计达到 30%以上，根据深圳证券交易所相关规定，属于股票交易异常波 动的情况。 本公司董事会确认，本公司目前没有任何根据《创业板股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也未获悉本公司有根据《创业板股票上市规则》等有关规定应予以披露而 二、公司关注并核实的情况说明 针对公司股票交易异常波动情况，公司就相关事项进行了核实，现就相关情 况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 3.公司目前的经营情况及内外部经 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Tonghuashun (300033) [3]. Core Insights - In H1 2024, the company achieved operating revenue of 1.389 billion yuan, a year-on-year decrease of 5.51%. The net profit attributable to shareholders was 363 million yuan, down 20.99% year-on-year [3][4]. - The company is focusing on AI applications, launching multiple products across various business segments, including financial information, investment research, and customer service [3][4]. Financial Performance Summary - For H1 2024, the average daily trading volume in the market was 984.6 billion yuan, a decline of 6.8% year-on-year. The company's value-added telecommunications business revenue was 769 million yuan, down 10.96% year-on-year [3]. - The company's contract liabilities reached 1.202 billion yuan, reflecting a year-on-year growth of 9.7% [3]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 1.052 billion yuan, 1.446 billion yuan, and 1.748 billion yuan, respectively [4]. Key Financial Metrics - The company's gross profit margin for H1 2024 was 84.9%, a decrease of 1.16 percentage points year-on-year. The sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [3][4]. - The report provides projections for operating revenue and net profit for the years 2024E to 2026E, indicating a revenue forecast of 3.233 billion yuan in 2024E, with a year-on-year decline of 9.3% [5].

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：102.91 元 同 花 顺（300033）计算机 目标价：126.36 元（6 个月） 持续加大 AI 研发投入，合同负债增长稳健 [Table_Summary 事件：公司发布] 2024 年半年报，2024H1 实现营收 13.9 亿元，同比下滑 5.5%；实现归母净利润 3.6 亿元，同比下滑 21.0%；实现扣非归母净利润 3.4 亿元，同比下降 23.3%。单 Q2 实现营收 7.7 亿元，同比下滑 10.5%；实现归 母净利润 2.6 亿元，同比下滑 23.2%；实现扣非归母净利润 2.5 亿元，同比下 滑 26.3%。 广告导流业务逆势增长，收入端小幅承压。公司整体业务受市场情绪影响， 24H1 两市总成交额合计达 100.3万亿元，同比下降 10.0%。分业务来看：1） 增值电信业务 24H1实现营收 7.7亿元，同比下滑 11.0%。2）广告及互联网业 务营收同比+9.5%至 3.5 亿元。3）软件销售及维护实现营收 1.0 亿元，同比下 滑 7.2%。4） ...

[Table_MainInfo] 公司研究/信息服务/互联网软件与服务 证券研究报告 同花顺（300033）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | | | 相关研究 | | [Table_ReportInfo] 《整体经营稳健，研发投入持续提升》 | | 2024.05.06 | | 《经营稳健，研发投入持续增加》 | | 《研发投入持续增加，费用上升导致利润同比 | | 下滑》 2024.01.04 市场表现 | 同花顺 海通综指 -41.39% -32.39% -23.39% -14.39% -5.39% 2023/9 2023/12 2024/3 2024/6 | --- | --- ...

同花顺（300033.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|-----------------------------------------|-------|------------------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | | | | 3559.14 3564.26 3485.81 3643.11 3781.21 | | 股票信息 | | | 增长率 yoy （ % ） | 1.40 | 0.14 | -2.20 | 4.51 | 3.79 | | | | 归母净利润（百万元） | | | | 1691.18 1402.47 993.45 1092.93 1153.27 | | 行业 | 计算机 | | 增长率 yoy （ % ） | -11.51 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on performance but is increasing investments in AI while awaiting market recovery [1] - The company reported a revenue of 1.389 billion yuan for H1 2024, a decrease of 5.51% year-on-year, and a net profit of 363 million yuan, down 20.99% year-on-year [3] - The company is focusing on enhancing its AI capabilities and integrating them into existing products to improve monetization [7] Financial Performance - In H1 2024, the company's sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [2] - The company's contract liabilities increased by 9.67% year-on-year to 1.202 billion yuan, indicating operational resilience [5] - The company’s revenue from various business segments showed mixed results, with value-added telecom services down 10.96% and software sales down 7.19% year-on-year [4] AI Investment and Development - The company is intensifying its R&D in AI technologies, achieving advancements in areas such as large models, natural language processing, and machine translation [6] - The launch of the HithinkGPT large model positions the company as a leader in the financial dialogue model space, enhancing its service capabilities [7] Earnings Forecast - The company is projected to achieve revenues of 3.674 billion yuan, 4.054 billion yuan, and 4.508 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.353 billion yuan, 1.539 billion yuan, and 1.759 billion yuan [8] - The expected EPS for the same years is 2.52 yuan, 2.86 yuan, and 3.27 yuan per share, with current P/E ratios of 38, 34, and 30 times [8]

公司点评报告 · 计算机行业 费仍承压,合同负债指标向好 — 2024 年中报业绩点评 2024年8月25日 ● ● 事件:公司发布 2024 年中报,报告期内实现营收 13.89 亿元,同比下滑 5.51%;实现归母净利润 3.63 亿元,同比下滑 20.99%;销售毛利率为 84.85%; 扣非归母净利润 3.44 亿元,同比下滑 23.26%。 广告及互联网板块同比增长,业绩仍受证券市场影响:作为金融信息服务行 业的龙头企业,公司持续巩固技术优势、拓展服务深度。报告期内,公司增值 电信业务板块营收为 7.69亿元,同比下滑 10.96%;广告及互联网业务推广服 务板块营收为3.50 亿元,同比增长9.45%;软件销售及维护板块营收为1.03 亿元,同比下滑7.19%;基金代销及其他交易板块营收为1.68亿元,同比下 滑 4.91%。2024Q2 A 股日均成交额下滑至 8352.17 亿元,相较 2023Q2 A 股 日均成交额 10229.55 亿元同比下滑 18.35%。2024年上半年,公司积极强化 AI 技术以提升软件产品竞争力,广告及互联网业务推广服务投入同比增加 20.59%;主营增值电信业 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 1.39 billion RMB in the first half of 2024, a year-on-year decline of 5.5%, and a net profit attributable to shareholders of 340 million RMB, down 23.3% year-on-year [1]. - The decline in revenue is attributed to a decrease in average daily trading volume in the A-share market, which fell by 8% year-on-year [2]. - The company is focusing resources on artificial intelligence, particularly in talent acquisition and computational resource development, launching various AI products and services [2]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 770 million RMB, a decrease of 10.5% year-on-year, with a net profit of 250 million RMB, down 26.3% year-on-year [1]. Business Analysis - The value-added telecommunications business generated 770 million RMB in revenue, down 11.0% year-on-year, influenced by the decline in A-share market trading volume [2]. - Software sales and maintenance revenue was 100 million RMB, down 7.2% year-on-year, affected by IT spending cuts from brokerage clients [2]. - Advertising and internet business revenue increased by 9.5% year-on-year to 350 million RMB, while fund distribution services revenue decreased by 4.9% to 170 million RMB [2]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 3.5 billion RMB, 3.64 billion RMB, and 3.88 billion RMB, with year-on-year growth rates of -1.8%, 3.9%, and 6.7% respectively [3]. - Net profit forecasts for the same period are 1.36 billion RMB, 1.4 billion RMB, and 1.54 billion RMB, with corresponding growth rates of -3.4%, 3.6%, and 9.6% [3].