brokerage research report gives jiufang intelligent investment holdings (9636.hk) a "buy" rating
2024-09-12
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the annual "midterm exam" for listed companies has come to an end, and jiufang zhitou holdings (9636.hk), a leading domestic online investment decision-making solution provider, has also recently handed in its mid-term answer sheet. in the first half of 2024, in a weak market environment, jiufang zhitou holdings has demonstrated strong development resilience, with good performance in terms of operating income, capital structure, cash reserves, business expansion, and "digitalization" transformation, and has been recognized by securities firms such as cicc, guojin securities, and cinda securities. among them, cicc gave a rating of "maintaining outperforming the industry", guojin securities maintained a "buy" rating, and cinda securities said that "the company is expected to achieve relatively rapid growth again."
the picture shows guojin securities research report
performance in line with expectations, driving diversification of revenue sources
cicc pointed out in its research report that the overall performance of jiufang zhitou holdings is in line with market expectations. the interim report shows that although jiufang zhitou holdings' performance was under certain pressure in the first half of 2024, it always maintained revenue growth and financial stability. during the reporting period, the total order amount was 931 million yuan, and the operating income was 898 million yuan, an increase of about 4.4% year-on-year; it had cash and financial assets of up to 1.618 billion yuan, an asset-liability ratio of 45.7%, and prepayments accounted for 66.6% of total liabilities. the cash reserves were sufficient and the capital structure was healthy and stable.
the picture shows the research report of cicc
the stable performance is due to the fact that jiufang zhitou holdings actively innovates and changes to promote the diversification of revenue sources. in the first half of the year, jiufang zhitou holdings further improved its product matrix, continued to optimize the existing software product system, and actively expanded the new business line of "yizhi gudao" stock learning machine to fill the market gap of professional stock learning products.
in addition to the hardware products of the stock learning machine, small-amount products and the jiufang zhitou app are also noteworthy. according to a research report by cinda securities, as of june 30, jiufang zhitou holdings has launched more than 20 lightweight products, with a total of about 347,000 small-amount products used and about 300,000 new app registered users. at the same time, it has also optimized the homepage of the "small-amount product mall", improved product display and classification navigation, and enhanced user purchasing experience.
therefore, brokerage firms have given optimistic expectations for the business innovation of jiufang zhitou holdings. cinda securities believes that the launch of lightweight products is expected to help jiufang zhitou holdings further open up the sinking market and improve its product layout. cicc said that jiufang zhitou holdings increased its investment in content development and new business during the reporting period. although the relevant investment has reduced the gross profit margin, it is expected to enhance product strength to achieve efficient user conversion, stable retention and long-term companionship. in addition, jiufang zhitou insists on product-centricity and accelerates digital transformation. supported by data analysis, ai and other technologies, it enriches the small product line, polishes the learning machine products to improve the product and service experience, and thus fully meets the needs of investors.
the picture shows a user using the "yizhigudao" stock learning machine
digital transformation consolidates the development foundation and opens up future growth space
investment research innovation and technology development have always been regarded as the core driving force of jiufang zhitou holdings. in the first half of 2024, in addition to the expansion of new businesses, jiufang zhitou continued to work hard on digital transformation, and the results of the transformation were also highlighted in the research reports of many securities companies. guojin securities pointed out in its comment on the interim report of jiufang zhitou holdings that during the reporting period, jiufang zhitou app completed a new round of upgrades and launched the industry's first stock learning machine to create an exclusive learning platform for investors. jiuzhang securities' large-scale model in the securities field was also registered with the cyberspace administration of china.
the picture shows the jiufang zhitou stock market software
cicc believes that jiufang investment holdings continues to increase its r&d investment, empowering software and hardware products and services based on financial data assets and technologies such as ai, while actively promoting the application of ai in content production, intelligent customer service, marketing and other scenarios, aiming to comprehensively improve business efficiency.
cinda securities also pointed out that jiufang investment holdings has accelerated its digital transformation and ai has been implemented in multiple scenarios. in the first half of 2024, the smart investment advisor "jiu ge" served about 257,000 customers and provided 15.83 million services in total, providing a professional and easy-to-understand ai question-and-answer experience.
the picture shows a research report from cinda securities
according to the interim report, in the first half of the year, jiufang zhitou holdings maintained a high level of r&d investment, with r&d investment reaching 154 million yuan, a year-on-year increase of 6.2%, accounting for about 17.2% of total revenue, and the number of professionals in the r&d department increased by 13% year-on-year, accounting for about 22.7% of the total number of employees; and 32 new software copyrights in product functions, big data, artificial intelligence, etc. were added. the expansion of the investment research team has also brought rich results. cinda securities research report pointed out that the company has carried out about 90 listed company research activities and written more than 1,000 analytical articles covering macro-politics and economy, industry, company and financial engineering. at the same time, 73 sets of special courses were designed, including 341 class hours, with a total duration of more than 3,000 minutes.
ai is a key area of investment in r&d for jiufang zhitou holdings, and the technology has successfully enabled five scenarios. first, jiufang zhitou app has been upgraded to version 4.11.0, becoming a "new generation of stock investment assistant", and ai functions have greatly enhanced the user experience; in terms of content production, aigc, face and voiceprint recognition and other ai functions have achieved efficient and automated content production; for the "yizhi stock road" stock learning machine, embedded "ai mind map", "ai notes", "smart investment advisors" and other functions can help improve learning efficiency; in marketing and service, "smart conversation summary" and "ai marketing partner" can provide customers with warmer high-quality services all the time; in terms of compliance and risk control, "ai monitoring officers" and "ai patrol officers" truly leave full traces, covering the entire service cycle without blind spots, making the compliance audit system more professional and three-dimensional.
at present, the adjustment of the capital market is still ongoing, which is also an important stage to reflect the anti-cyclical ability of enterprises. in this context, the performance and growth logic of jiufang intelligent investment holdings (9636.hk) have shown good sustainability, and it is also constantly improving its competitiveness with ai technology as the core, which not only lays a solid foundation for the company's long-term development, but also enhances the market's confidence in the company.
as cicc pointed out, considering that jiufang intelligent investment holdings is in the leading position in the industry, its short-term investment may expand its long-term development space. as cinda securities also pointed out, jiufang intelligent investment holdings has been deeply involved in the online investor content service market and has formed a core product strength advantage. with the improvement of the external environment, the recovery of confidence and the recovery of trading volume, the company is expected to achieve relatively rapid growth again.
