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同花顺收入(亿元)受市场活跃度影响,季度波动大
同花顺收入(亿元)受市场活跃度影响,季度波动大
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图片大小:263KB
图片尺寸:1270*890
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所属报告:
同花顺(300033)-A股公司研究报告:金融市场活跃带来多项利好AI产品布局提升发展空间-250826(23页).pdf
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2025-10-10
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最新数据
开源模型参数规模在今年4月开始突破
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不同任务中,推理模式相比普通模式的token消耗倍数范围
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全球专业开发者规模(百万人)
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中国汽车出口政策由规模导向转向高质量发展
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政策法规
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营收四年CAGR近39%,8000亿规模持续创新高
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市场规模
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总结:1)公司毛利率维持高水平,产品化收入占比较高。净利率近年下降趋势明显,公司内部 AI 方面投入经费与招聘规模持续扩张。2)公司财务可预测性强。牛市收入当期确认比例较低,约 20%,可以通过三季度合同负债增速预判年终主要收入。
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同花顺(300033)-A股公司研究报告:金融市场活跃带来多项利好AI产品布局提升发展空间-250826(23页).pdf
财务预测与估值
同花顺的产品矩阵及客单价与同行业产品对比,具备较大优势
多元化产品矩阵构筑公司护城河
同花顺四大业务模式
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