Guosheng Securities: Maintain Buy rating on Same-Hua Shun, half-year report performance exceeds expectations, active trading and AI empowerment resonate.

Guosheng Securities Research Report pointed out that the performance of Tonghuashun's semi-annual report exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 75%-95%, and active trading and AI empowerment resonating. Influenced by factors such as active trading in the capital market, the demand for financial information services is rapidly increasing. The company continues to promote the deep integration of artificial intelligence technology and financial information services, accelerating the application of large models and AI technology in financial intelligence systems, data terminals, user services, and other scenarios, continuously improving the level of product intelligence and service capabilities, further optimizing user experience, enhancing the core competitiveness of the company. SkillHub+iFinDMCP released, leading AI fully implemented in financial terminals. The 2026 midterm dividend plan is announced to continue to reward investors. The company's business is highly correlated with the activity level of the securities market. It is expected that the operating income for 2026-2028 will be 7.894/9.801/11.544 billion yuan respectively, and the net profit attributable to shareholders will be 4.568/6.105/7.434 billion yuan respectively. The "buy" rating is maintained.