同花顺2024一季报点评：加大营销及研发投入，构筑中长期竞争力

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].