研发投入增长，期待AI布局引领新发展

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, indicating an expected price increase of over 15% relative to the industry index in the next six months [9]. Core Views - The company reported a total revenue of 3.564 billion yuan in 2023, a slight increase of 0.14% year-on-year, while the net profit attributable to shareholders was 1.402 billion yuan, down 17.07% year-on-year [1][2]. - The company is focusing on integrating artificial intelligence technology into its existing business to create a new growth engine, despite facing challenges from a decline in trading activity in the securities market [2][4]. - The company has significantly increased its R&D investment, with R&D expenses rising to 1.179 billion yuan in 2023, accounting for 33.09% of total revenue, and the number of R&D personnel growing to 3,342 [2][4]. Financial Performance - The company's total revenue for 2023 was 3,564.26 million yuan, with a projected revenue of 4,020.15 million yuan for 2024, reflecting a growth rate of 12.79% [1][5]. - The net profit margin for 2023 was 39.35%, showing an increase compared to the previous year [2][5]. - The company’s earnings per share (EPS) for 2024 is projected to be 3.14 yuan, with corresponding price-to-earnings (P/E) ratios of 45.31, 40.49, and 36.10 for the years 2024, 2025, and 2026 respectively [4][5]. Business Segments - The value-added telecommunications segment generated revenue of 1.528 billion yuan in 2023, a decrease of 0.61% year-on-year [5]. - The software sales and maintenance segment saw a significant increase in revenue, reaching 437.52 million yuan, up 53.54% year-on-year [5]. - The advertising and internet promotion services segment reported a revenue of 1.359 billion yuan, down 10.97% year-on-year [5]. R&D and AI Development - The company has developed its own financial industry large model, HithinkGPT, which utilizes extensive training data and has shown strong performance in financial scenarios [4]. - The company aims to enhance its product competitiveness by integrating AI technologies into its existing services [4].