【行业研究报告】同花顺-金融信息服务龙头，AI技术赋能及应用落地有望打开远期空间

Keywords:#newproducts,technology,clients
InvestmentThesis
◼Asleadingcompanyinthefinancialinformationservicesindustry,RoyalFlushenjoys
◼Asleadingcompanyinthefinancialinformationservicesindustry,RoyalFlushenjoys
usertrafficscaleadvantage.Transformedintoaninternetfinancialinformationservice
platformin2015,RoyalFlushisnowtheleadingdomesticserviceproviderofinternet
financialinformation.Asof30June2022,DAUofRoyalFlush'sfreeonlinequotation
platformapproximatesto14.52mn,creatingbusinessmoatwithmassiveusertraffic.
◼WeseehugepotentialforAIindustry,drivenbytechnologyupgrades.InNov2022,
thelaunchofanewconversationalAImodel"ChatGPT"signifiedremarkableprogressof
theunderlyingNLP(Naturallanguageprocessing)technologyandsuggestedthepotential
applicationofmoreefficientTransformerandoutputofmorehumanlikeRLHFalgorithms
forAIinotherfields.WeexpectbreakthroughsincoreAItechnologytoimproveeffects
ofrelevantapplicationsandtoacceleratethecommercializationofAI-relatedapplications.
AccordingtoiResearchConsulting,marketsizeofthecoreAIindustryandrelatedfields
islikelytoexceedRmb600bnandRmb2107.7bnby2026.
◼RoyalFlushiscapableofcontinuousR&DforAIapplicationsthankstoitslong-term
focusonAI-relatedfield.WithlayoutinAI-relatedfieldssince2009,RoyalFlush
launcheditsAIopenplatformin2017.Thankstoitsexperienceaccumulatedandmassive
usertrafficscale,RoyalFlushalreadyhasamassivedatabase.Andtheongoinginvestment
inAIhasenabledthecompanytopossessabundanttechnologyreservessuchasNLPand
voiceunderstanding.WeexpectRoyalFlushtobenefitfromtheAIindustrygrowthwith
itscapacityofcontinuousR&DforAIapplications.
◼Launchofvalue-addedAIproductsandimplementationofmulti-scenarioAI
solutionsarelikelytodriveupRoyalFlush'searningsandvaluation.Currently,
RoyalFlushprovidesmultipleAIproducts,including:1)To-Capplications:VASproducts
basedonAI.Usingalgorithmstodeterminethetimingofbuyandsell,RoyalFlush
providesinvestmentadviceforvariousinvestors.AsRoyalFlush'skeyproduct,iWenCai
isasuccessfulNLPandvoiceQ&Asysteminthefinancefield.2)To-Bapplications:
intelligentvoiceandcustomerserviceproductsforclientsfromvariousindustriesand
scenariossuchaslifeandhealth.Inthemedicalfield,thecompanyhasdeveloped
"XiaohuaTanying"EndoscopeCameraAssistanttoassistdoctorsinachievinghigh-
standard,high-qualitydigestiveendoscopydiagnosis.Withbreakthroughoflanguage-
relatedAItechnology,webelievethecompanyislikelytocontinueitsinvestmentinAI
advisorsandintelligentcustomerservicetoimproveAIproducts.Also,itmayalsoexpand
itsAIapplicationfieldshorizontallytodriveTo-CuserpaymentandTo-Bsales.
◼EarningsForecast&Rating:Weexpectthecompanytoachieverevenueof
Rmb3.6/4.6/5.4bnin2022-2024,withYoYgrowthof3%/26%/17%,andnetprofitof
Rmb1.7/2.2/2.5bnin2022-2024,withYoYgrowthof-12%/29%/16%andcorresponding
P/Eat39x/30x/26x.WemaintaintheBuyrating.
◼Risks:Intensifiedindustrycompetition,internetsystemanddatasecurityrisk,lower-than-
expecteddevelopmentofAItechnologyandapplication.
PricePerformance
MarketData