Haitong International ** Group *** Ting Sun recently conducted research on Straight Flush and released a research report "Comments on the Company's Annual Report: Stable Operation, Continuous Increase in R&D Investment", this report gives an overweight rating to Straight Flush and believes that its target price is 15700 yuan, the current stock price is 13241 yuan, the expected range of ** is 1857%。
Straight flush (300033).
Investment points: Straight Flush has the advantages of mobile customer resources, financial big data cloud computing technology, and has the ability to open up and connect the B-end-C-end, B-end-B-end, and build a large Internet financial platform. Flush innovates and develops artificial intelligence investment robots and Internet investment advisory business, with broad prospects. The target price is 15700 yuan, maintaining the "better than the market" rating.
Event] Straight Flush released 2023 annual results: 1) Annual operating income of 35600 million yuan, +01%, net profit attributable to the parent company 140 billion yuan, a year-on-year increase of -171%。eps2.61 yuan, ROE202%。2) Operating income in the fourth quarter was 11900 million yuan, a year-on-year increase of -71%, net profit 6300 million yuan, a year-on-year increase of -219%。3) By the end of 2023, there will be about 623.39 million registered users of RoyalFlush Financial Services Network; The average number of daily users of the Straight Flush online** free client is about 14.47 million, and the number of weekly active users is about 19.36 million.
The market activity remained high, and the company's overall operation was stable. In 2023, the average daily share-based trading volume of the market will be 962.5 billion yuan, a year-on-year increase of -40%, the equity market has a large fluctuation. In this context, the company's operating income remained stable: value-added telecommunications revenue of 15300 million yuan, a year-on-year increase of -06%；Software sales and maintenance revenue4400 million yuan, +535%, mainly due to the company's continuous improvement of the competitiveness of software products through artificial intelligence technology, as well as the company's active participation in financial information innovation and software product sales; **Sales & Other Income2400 million yuan, +140%；Advertising and Internet promotion revenue13600 million yuan, a year-on-year increase of -110%, mainly due to a decrease in customer demand due to a decrease in market activity during the reporting period.
Continue to increase the development of third-party sales business and build an Internet pan-financial intelligent service platform. As of the end of 2023, the "Love**" platform has access to a total of 216 ** companies and ** companies, and 20,040 consignment products, an increase of 22 and 2,644 products respectively from the end of 2022. According to the data of the ** industry association, at the end of 2023, the company's ** + mixed public offering ** will hold 36 billion yuan, with a market share of 055%, ranking 33rd in the industry; The scale of non-money market public offering is 46 billion yuan, with a market share of 028%, ranking 41st in the industry.
R&D investment continues to increase. The total cost ratio in 2023 is 597%, an increase of 8 year-on-year3 percentage points, mainly due to the increase in the company's R&D expenses and sales expenses. In 2023, the company's R&D expenses will be 11800 million yuan, a year-on-year increase of +105%, accounting for 331%, an increase of 3 year-on-year1 percentage point. The company carried out technology research and development and strategic layout in the fields of mobile Internet, cloud computing, big data, intelligent search, artificial intelligence and other fields earlier, and has a mature and stable elite team of technology development, and has established a compound talent team combining information technology, financial engineering and artificial intelligence.
Earnings** & Investment Recommendations: Based on our 2023 earnings slightly below our expectations and a downward revision of our 2024 capital market performance expectations, we have lowered our earnings going forward**. It is estimated that the net profit in 2024E-2026E will be 1.7 billion yuan, 1.9 billion yuan, and 2.1 billion yuan respectively (the original 2024-25 ** will be 2.1 billion yuan and 2.4 billion yuan), with a year-on-year increase of 314 yuan, 354 yuan, 398 yuan. Using the comparable company valuation method, we give it 50XPE in 2024, corresponding to a target price of 15700 yuan (-11%), corresponding to 94x2024EPB, maintaining an "outperform" rating.
*According to the calculation of the research report data released in the past three years, the research team of Founder**Xu Yishan has conducted in-depth research on the stock, and the average accuracy of the past three years is 7352%, and its ** attributable net profit in 2024 is 157.2 billion, and the **PE converted according to the current price is 4528。
The latest profit** breakdown is as follows:
A total of 19 institutions have rated the stock in the last 90 days, with ** rating 17 and 2 overweight ratings; The average institutional price target over the last 90 days is 16661。
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