ROYALFLUSH INFO(300033) 华鑫证券·2024-10-07 13:03Investment 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]