ROYALFLUSH INFO(300033) 国泰君安·2024-04-24 12:32Investment Rating - The report maintains an "Accumulate" rating for Tonghuashun (300033) with a target price of 178.24 CNY, unchanged from the previous rating [1][2]. Core Views - The company has experienced a decline in net profit due to increased expenses from greater investments, but it is expected to benefit from ongoing product launches that will enhance its core business growth [1][2]. - The first quarter of 2024 saw the company achieve an operating income of 619 million CNY, a year-on-year increase of 1.47%, while net profit decreased by 15.03% year-on-year [1][2]. - The report highlights that the company's performance aligns with expectations, maintaining forecasts for earnings per share (EPS) of 3.02/3.52/4.21 CNY for 2024 [1][2]. Financial Summary - The company reported a net profit of 1.04 billion CNY in Q1 2024, reflecting a decline of 15.03% year-on-year [1][2]. - The operating income for Q1 2024 was 619 million CNY, with a year-on-year growth of 1.47% [1][2]. - The report projects a net profit of 1.69 billion CNY for 2024, with an EPS forecast of 3.02 CNY [1][2]. AI Investment Insights - The report emphasizes the potential of AI to empower the company's core business, with ongoing advancements in AI models expected to drive future growth [1][2]. - The company has made significant investments in AI, with R&D expenses increasing by 27.8% year-on-year in Q1 2024 [1][2]. - The AI model has been approved for deep synthesis service algorithms, and related products are being applied in the company's financial terminals [1][2]. Market Performance - The average daily trading volume is reported at 8.77 million shares, with an average daily trading value of 1.134 billion CNY [1][2]. - The stock price has fluctuated between 108.55 CNY and 212.00 CNY over the past year, with a current price of 112.35 CNY [1][2].