Gtja's research report on November 18th pointed out that hithink royalflush information network (300033.SZ)'s subsidiary received administrative regulatory measures due to problems in its advisory business, and the subsidiary will suspend new additions for 3 months. This event has a minor impact on the company's revenue and profit. In 2023, the revenue from the securities investment advisory business of the cloud software company was 0.199 billion yuan, accounting for 5.58% of the company's consolidated revenue. The administrative regulatory measures mainly involve suspending the addition of new clients, which does not affect the cloud software company's services to existing clients, and is expected to have a minor impact on the company's revenue and profit in 2024. Considering the continuous increase in trading volume in the capital markets, the company maintains an EPS of 3.00/4.67/6.59 yuan for 2024-2026, gives the company a 60x PE ratio for 2025, corresponding to a target price of 280.57 yuan, and maintains a 'shareholding' rating for the company.