Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure due to lower market trading activity, but its customer resource advantage remains significant [1][4] - Revenue and net profit declined in H1 2024, with revenue at 1.389 billion yuan (-5.51% YoY) and net profit at 363 million yuan (-20.99% YoY) [2][6] - The company's gross margin slightly decreased to 84.85% in H1 2024, down by 4.23 percentage points compared to 2023 [6] - R&D investment continues to increase, with R&D expenses up by 5.12% YoY in H1 2024, driven by investments in AI and computing power [6] - The company has a strong customer base, covering over 90% of domestic securities firms and serving 625 million registered users as of H1 2024 [6] Financial Performance - H1 2024 revenue: 1.389 billion yuan (-5.51% YoY) [2][6] - H1 2024 net profit: 363 million yuan (-20.99% YoY) [2][6] - H1 2024 ROE: 5.25%, down by 1.48 percentage points YoY [2][6] - Gross margin in H1 2024: 84.85%, down by 4.23 percentage points compared to 2023 [6] - R&D expenses in H1 2024: 5.12% increase YoY [6] Customer Resources - The company's products and services cover over 90% of domestic securities firms, as well as numerous mutual funds, private funds, banks, and insurance companies [6] - As of H1 2024, the company has 625 million registered users, with 14.39 million daily active users and 19.21 million weekly active users [6] - Advertising and internet promotion services revenue in H1 2024: 350 million yuan (+9.45% YoY) [6] Future Projections - Expected revenue for 2024-2026: 3.3/3.5/3.7 billion yuan, with a 3-year CAGR of 1.37% [6] - Expected net profit for 2024-2026: 1.3/1.4/1.5 billion yuan, with a 3-year CAGR of 1.90% [6] - The company's strong customer base is expected to provide significant future growth potential [6]

浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告 2024-027 2024 年 08 月 1 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人易峥、主管会计工作负责人杜烈康及会计机构负责人(会计主 管人员)贾海明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划本报告期不派发现金红利，不送红股，不以公积金转增股本。 2 浙江核新同花顺网络信息股份有限公司 2024 年半年度报告全文 目录 | --- | |------------------------------------------------- ...

2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金占用 资金占 用方名 称 占用方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初 占用资金余额 2024 年半年度占 用累计发生金额 （不含利息） 2024 年半年度 占用资金的利息 （如有） 2024 年半年度 偿还累计发生 金额 2024 年半年度 期末占用资金 余额 占用形成 原因 占用性质 现大股东及其附属企业 无 非经营性占用 非经营性占用 小计 - - - - 前大股东及其附属企业 非经营性占用 非经营性占用 小计 - - - - 总计 - - - - 其它关联资金往来 资金往 来方名 称 往来方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初 往来资金余额 2024 年半年度往 来累计发生金额 （不含利息） 2024 年半年度 往来资金的利息 （如有） 2024 年半年度 偿还累计发生 金额 2024 年半年度 期末往来资金 余额 往来形成 原因 往来性质 大股东及其附属企业 经营性往来 经营性往来 上市公司的子公司及其附属 企业 非经营性往来 非经营性往来 关联自然人 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a leader in the fintech sector with strong profitability and a dominant position in the securities service app market [4] - The company's SaaS platform, iFinD, is expected to grow significantly due to its cost-effectiveness and AI capabilities [4] - The company is a pioneer in AI+finance applications, with its HithinkGPT model positioning it for future growth in the smart investment advisory market [5] Financial Performance - The company reported revenues of 3.51 billion, 3.56 billion, and 3.56 billion yuan for 2021, 2022, and 2023, respectively, with slight year-over-year growth [4] - Gross margins remained high at 91.42%, 89.61%, and 89.09% for 2021, 2022, and 2023, respectively [4] - Net profit margins were 54.45%, 47.52%, and 39.35% for the same periods [4] Business Segments - The company's core business segments include value-added telecom services, software sales and maintenance, advertising, and internet promotion services [4] - Value-added telecom services accounted for 46.11%, 43.22%, and 42.89% of total revenue in 2021, 2022, and 2023, respectively [20] - Advertising and internet promotion services contributed 36.58%, 42.89%, and 38.13% of revenue during the same periods [20] AI and Fintech Applications - The company launched HithinkGPT, a financial dialogue model, which is expected to drive growth in AI+finance applications [5] - HithinkGPT supports five versions with parameters ranging from 7 billion to 130 billion, offering API integration and private deployment options [46] - The company's AI applications include smart investment advisory products for C-end users and smart investment research products for B-end users [5] Market Position and Competitive Advantage - The company has a strong market position with 623 million registered users and over 30 million monthly active users for its app [4] - The company's iFinD platform is expected to gain market share due to its high cost-performance ratio and AI capabilities [4] - The company's financial data terminal, iFinD, is priced competitively at 5,000-10,000 yuan per account, making it attractive in a cost-sensitive market [39] Growth Prospects - The company is expected to achieve net profits of 1.685 billion, 2.132 billion, and 2.371 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth of 20.2%, 26.5%, and 11.2% [5] - The company's growth is driven by its AI+finance applications, the expansion of its iFinD platform, and the potential of its fund distribution business [64] Industry Trends - The financial information software service market in China is expected to grow from 7.4 billion yuan in 2021 to 27.3 billion yuan in 2026, with a compound annual growth rate of 30% [60] - The institutional financial software service market is projected to grow from 3.9 billion yuan in 2021 to 6.1 billion yuan in 2026, with a compound annual growth rate of 9.5% [61]

证券研究报告 | 公司动态点评 2024 年 04月 30日 同花顺（300033.SZ） 研发持续加码，看好公司发展前景 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 4020.15 4487.59 4986.15 股票信息 增长率yoy（%） 1.40 0.14 12.79 11.63 11.11 归母净利润（百万元） 1691.18 1402.47 1688.46 1889.27 2119.11 行业 计算机 增长率yoy（%） -11.51 -17.07 20.39 11.89 12.17 2024年4月29日收盘价（元） 123.64 ROE（%） 25.55 20.33 20.68 18.98 17.72 总市值（百万元） 66,468.86 EPS最新摊薄（元） 3.15 2.61 3.14 3.51 3.94 流通市值（百万元） 33,814.25 P/E（倍） 39.30 47.39 39.37 35.18 31.37 总股本（百万股） 537.60 P/B（倍） 9.17 9.08 8.06 7. ...

[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）公司季报点评 2024年05月06日 [Table_InvestInfo] 投资评级 优于大市 维持 整体经营稳健，研发投入持续提升 股票数据 [投Ta资ble要_S点um：m同a花ry]顺 拥有移动端客户资源优势、金融大数据云计算技 0[4T月ab3le0_日S收to盘ck价（In元fo）] 120.91 52周股价波动（元） 104.06-222.80 术优势，有能力打通并连接 B端-C端、B 端-B端，筑造互联网金 总股本/流通A股（百万股） 538/273 融大平台。同花顺创新发展人工智能投资机器人和互联网投顾业 总市值/流通市值（百万元） 65001/33067 务，前景广阔。合理价值区间 141.75-157.50元，维持“优于大市” 相关研究 评级。 [《Ta经b营le稳_R健e，p研o发rtI投nf入o]持 续增加》2024.02.27 《研发投入持续增加，费用上升导致利润同比  【事件】同花顺发布2024Q1业绩：2024年一季度公司实现营收6.19亿元， 下滑》2024.01.04 ...

公司研 究 证 券研究 报 告 产业互联网信息服务 2024年5月1日 同 花顺（300033）2023年报及2024 年一季报点评 推 荐 （下调） 营收稳定，自研大模型有望成为增长新引擎 当前价：123.64元 事项： 华创证券研究所  近期，公司发布2023年报及2024年一季报：公司2023年营收为35.64亿元， 证券分析师：吴鸣远 同比增长0.14%；归母净利润为14.02亿元，同比下滑17.07%；扣非净利润为 13.69亿元，同比下滑15.27%。公司2024年一季度营收为6.19亿元，同比增 邮箱：wumingyuan@hcyjs.com 长1.47%；归母利润为1.04亿元，同比下滑15.03%；扣非归母净利润为0.99 执业编 号：S0360523040001 亿元，同比下滑14.58%。 评论： 公司基本数据 总股本(万股) 53,760.00  营收总体保持稳定，销售推广力度持续加大。2023年及2024年第一季度资本 已上市流通股(万股) 27,348.96 市场出现一定程度波动，投资者对金融信息服务需求受到较大程度的影响。公 总市值(亿元) 664.69 司立足金融信息服务主 ...

公司研 究 证 券研究 报 告 产业互联网信息服务 2024年5月1日 同 花顺（300033）2023年报及2024 年一季报点评 推 荐 （下调） 营收稳定，自研大模型有望成为增长新引擎 当前价：123.64元 事项： 华创证券研究所  近期，公司发布2023年报及2024年一季报：公司2023年营收为35.64亿元， 证券分析师：吴鸣远 同比增长0.14%；归母净利润为14.02亿元，同比下滑17.07%；扣非净利润为 13.69亿元，同比下滑15.27%。公司2024年一季度营收为6.19亿元，同比增 邮箱：wumingyuan@hcyjs.com 长1.47%；归母利润为1.04亿元，同比下滑15.03%；扣非归母净利润为0.99 执业编 号：S0360523040001 亿元，同比下滑14.58%。 评论： 公司基本数据 总股本(万股) 53,760.00  营收总体保持稳定，销售推广力度持续加大。2023年及2024年第一季度资本 已上市流通股(万股) 27,348.96 市场出现一定程度波动，投资者对金融信息服务需求受到较大程度的影响。公 总市值(亿元) 664.69 司立足金融信息服务主 ...

[Ta b同le_花Stoc顺kN（am 3eR 0p 0tT 0yp 3e 3] ） 公司研究/公司点评 2024Q1 利润承压，关注 AI 应用落地 [T投 a资 ble评 _R级 a： nk买 ] 入（维持） 主要观点： 报告日期： 2024-04-25 ⚫[ T 事ab 件le_ 概Su 况m mary] 5收70盘 价（元） 112.83 同花顺于2024年4月23日发布2024 年第一季度报告。报告期内，公 司实现营收 6.19 亿元，同比增长 1.47%；实现归母净利润 1.04 亿元， 近12个月最高/最低（元） 219/102 同比下降15.03%；实现扣非归母净利润0.99亿元，同比下降14.58%。 总股本（百万股） 537.6 流通股本（百万股） 273.5 ⚫ 2024Q1利润承压，费用投入加大 流通股比例（%） 50.87 1）营收方面，24Q1公司实现营收6.19亿元，同比增长1.47%。2024Q1A 股日均成交额约8953.7亿元，同比增长1.89%。 总市值（亿元） 606.6 2）利润方面，2024Q1公司实现归母净利润1.04亿元，同比下降15.03%。 流通市值（亿元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2024, the company achieved a steady revenue growth of 1.47% year-on-year, reaching 619 million yuan, while the net profit attributable to the parent company decreased by 15.03% year-on-year to 104 million yuan. The weighted average return on equity (ROE) fell by 0.26 percentage points to 1.41% [5]. - The revenue growth is attributed to a slight recovery in market activity, with the average daily trading volume in the two markets increasing by 1.9% year-on-year to 895.4 billion yuan. The company’s contract liabilities also showed positive signals, increasing by 4.1% year-on-year to 1.12 billion yuan [5]. - The company has increased its marketing and AI research and development investments significantly, with sales, management, and R&D expenses rising by 28.4%, 16.1%, and 7.5% year-on-year, respectively. The expense ratios for these categories also increased [5]. - The successful launch of the HithinkGPT large model and the new intelligent investment advisory product "Wencai" is expected to open new growth opportunities for the company. The AI model is designed to outperform general models in the financial sector [6]. - The company is positioned as a leading internet financial information platform in China, with strong beta characteristics. Although short-term expense growth may weaken profitability, long-term technological advantages are expected to enhance product capabilities and explore new profit models. The projected net profits for 2024 and 2025 are 1.47 billion yuan and 1.66 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 41.1 and 36.3 [6]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 619 million yuan, a year-on-year increase of 1.47%, and a net profit of 104 million yuan, a decrease of 15.03% year-on-year. The weighted average ROE was 1.41%, down 0.26 percentage points [5]. - The company’s expenses for sales, management, and R&D were 110 million, 70 million, and 300 million yuan, respectively, with year-on-year increases of 28.4%, 16.1%, and 7.5% [5]. Market Conditions - The market showed signs of recovery, with the average daily trading volume in the two markets increasing by 1.9% year-on-year to 895.4 billion yuan. The new fund issuance scale was 243.4 billion units, a decrease of 10.8% year-on-year [5]. Strategic Initiatives - The company has launched the HithinkGPT large model and the "Wencai" intelligent investment advisory product, which are expected to leverage the company’s AI capabilities and enhance its competitive edge in the financial information sector [6].