＃assAuthor＃ 证券研究报告 ＃industryId＃ 传媒 ＃investSuggestion＃ liyangyjs@xyzq.com.cn S0190518080004 李阳 请务必阅读正文之后的信息披露和重要声明 公司点评报告(带市场行情) ⚫ 主业稳中有进，一季度合并范围变更致业绩波动。 3）2024 年一季度：由于合并范围同比增加光厂创意，公司一季度营收同比增 长 32.35%，扣非后归母净利润同比增长 88.35%。由于 2023 年 Q1 进一步收 购成都光厂至控股产生投资收益，2024 年 Q1 投资收益同比减少 4949.86 万 元，因此公司归母净利润同比下降 71.98%。 2）丰富场景及客户资源：公司客户已经覆盖各个行业领域，KA 客户均是头 部的党政媒体、广告营销、互联网平台和品牌企业，中小企业年度付费用户 不断增长。公司已树立行业领军地位，并凭借现有客户优势打造出健康闭环 的发展生态。 请务必阅读正文之后的信息披露和重要声明 - 2 - ⚫ 盈利预测：我们调整盈利预测，预计公司 2024-2026 年归母净利润为 1.65/1.91/2.10 亿元，对应当前股价（2024 ...

446 http://www.huajinsc.cn/ 1 / 6 请务必阅读正文之后的免责条款部分 公司快报/信息搜索与聚合Ⅲ 投资建议：公司拥有多品类全球化的内容生态以及丰富优质版权内容。针对其各个 领域客户使用场景及需求布局，成为整合数据、版权、链接产业上下游的关键中枢 平台。基于优质版权内容数据集，探索 AI 相关创新业务场景与商业模式。我们预 测公司2024年至2026年归母净利润为1.60/1.95/2.37亿元；EPS为0.23/0.28/0.34 元；PE 为 59.6/49.1/40.4；首次覆盖，给予"增持-A"建议。 财务数据与估值 http://www.huajinsc.cn/ 2 / 6 请务必阅读正文之后的免责条款部分 一、 盈利预测核心假设 | --- | --- | --- | --- | --- | --- | |-------------------------------|---------|---------|--------|----------|----------| | 表 2：分产品预测表 \n营业收入 | \n2022 | 2023 | 2024E | 202 ...

请务必阅读正文之后的免责声明及其项下所有内容 营收与净利润同比向上。1）23 年实现营业收入 7.81 亿元、归母净利润 1.46 亿元，同比分别增长 12%、48%，对应全面摊薄 EPS 0.21 元；经营性现金流 净额 1.79 亿元，同比增长 29%；其中 Q4 公司实现营收 2.07 亿元、归母净利 润 0.23 亿元，同比分别增长 21.7%、22.3%，对应摊薄 EPS 0.03 元；2）Q1 实现营业收入 1.75 亿元、归母净利润 0.16 亿元，同比分别增长 32.4%、 -72.0%，对应 EPS 0.02 元；归母净利润大幅下滑主要在于上年同期投资收 益影响，扣非归母净利润达到 0.16 亿元，同比增长 88.35%。 KA 客户保持高粘性，中小微强化运营能力。1）公司 KA 大客户继续保持了高 粘性，年度销售额 10 万元以上的长协客户续约率保持 80%；同时通过锁屏画 报、壁纸主题以及数字藏品等业务产品服务客户包括华为、小米、OPPO、vivo、 荣耀等手机以及电视等智能终端；2）中小企业市场，推出针对性满足目标 客户群需求及预算的标准化产品，提供高效简单的自助化程度高的电商交易 服 ...

[Table_ 过去一年股价走势 PicQuote] -45% -27% -8% 10% 28% 4/26 7/26 10/25 1/24 4/24 视觉中国 沪深300 视觉中国(000681)公司点评报告 2024 年 04 月 28 日 [Table_Title] AI 战略深化内容优势，音视频业务快速增长 ——视觉中国（000681）2023 年年报及 2024 年一季报点评 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报。 深化"AI+内容+场景"战略，视觉+服务持续开拓 C 端市场 投资建议与盈利预测 国元证券研究所 国元证券股份有限公司 投资评级说明: | --- | --- | --- | --- | |-------|---------------------------------------------------|-------|---------------------------------------------------| | | | | | | | | | | | | (1) 公司评级定义 | | (2) 行业评级定义 | | 买入 ...

视觉中国 (000681.SZ) 2007年度: 网站：http://www.bangs.com.com 2006年1月4日 2007-07-07 2006年1月15日 2007-07-07 2000年 1780520800097 华林与正联网 来源：公司年报、国金证券研究所 4 月 25 日公司披露 23 年报及 24 年一季报，全年营收 7.8 亿/同增 11.9%，归母净利 1.5 亿/同增 48.1%，扣非归母 1.1 亿/同增 12.2%， 23 年拟现金分红 0.021 元/股；1Q24 营收 1.7 亿/同增 32.4%，归 市价(人民币):12.75元 | --- | --- | --- | --- | --- | --- | |-------------------------------|---------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 698 | 781 | 938 | 1,061 | 1,175 ...

Global Creator Royalty and Copyright Industry Growth - Global creator royalty income reached a record high of 12.1 billion euros in 2022, a 26.7% year-on-year increase, with digital royalties accounting for 35% of total income at 4.2 billion euros, surpassing TV and radio for the first time[20] - China's copyright industry added value reached 8.97 trillion yuan in 2022, accounting for 7.41% of GDP, with core copyright industry value increasing by 5.76% to 5.66 trillion yuan[20] - China's online audio-visual user base reached 1.04 billion by December 2022, with a penetration rate of 97.4%, driving the market size to 727.44 billion yuan, a 4.4% increase from 2021[22] Company Financial Performance - The company's total assets grew by 7.10% to 4.18 billion yuan in 2023, with net assets attributable to shareholders increasing by 2.83% to 3.47 billion yuan[41] - Diluted earnings per share rose by 48.11% to 0.2078 yuan in 2023, while weighted average return on equity increased by 1.16 percentage points to 4.24%[41] - The company proposed a cash dividend of 0.21 yuan per 10 shares for 2023, with no stock dividends or capital reserve conversions[31] - The company's consolidated revenue for the reporting period was RMB 780.8298 million, a year-on-year increase of 11.94%, and net profit attributable to the parent company was RMB 145.5941 million, a year-on-year increase of 48.14%[82] - Revenue in 2023 increased by 11.94% to RMB 780,829,818.58 compared to 2022[158] - Net profit attributable to shareholders of the listed company in 2023 increased by 48.14% to RMB 145,594,129.92 compared to 2022[158] - Net cash flow from operating activities in 2023 increased by 29.46% to RMB 179,158,572.68 compared to 2022[158] - Basic earnings per share in 2023 increased by 48.11% to RMB 0.2078 compared to 2022[158] - Non-recurring gains and losses in 2023 amounted to RMB 36,268,734.53, primarily due to gains from the acquisition of control over Chengdu Guangchang Creative Technology Co., Ltd[161] - Revenue in Q4 2023 was RMB 206,526,426.10, with net profit attributable to shareholders of RMB 23,058,620.21[159] AI and Technology Development - The company has established an "AI+content+scenario" development strategy, leveraging its global creator ecosystem, massive high-quality compliant content data, and rich application scenarios to develop a multimodal generation and understanding industry model[54] - The company has completed the development of a multimodal generation and understanding industry model based on open-source foundational models and high-quality copyright data[54] - The company has formed strategic partnerships with closed-source foundational models like Huawei Cloud's Pangu model to jointly build industry models based on copyright-compliant data[54] - The company has developed scenario application models by combining L0 and L1 foundational models with customer needs and usage scenarios, using high-quality copyright datasets and customer private datasets[54] - The company has introduced AI agent capabilities such as intelligent search, intelligent image matching, intelligent review, one-click video generation, and intelligent creation to enhance product experience and service capabilities[54] - The company's generative AI technology can extend its business model from B2B to B2C subscription models, empowering both upstream creators and downstream users[54] - The company's AI services are accessible through an API open platform, allowing customers to integrate AI capabilities into their workflows, enhancing customer experience and efficiency[54] - The company launched AI-powered tools such as AI intelligent search and AI image editing, enhancing user experience and content monetization efficiency[79] - The company's AI intelligent search and image matching services are available through API, providing efficient and professional AI services to clients[80] - The company has secured algorithm registrations for its AI image generation and synthesis technologies with the Cyberspace Administration of China, ensuring compliance and security[97] - The company completed the development of the 500px Content Feed System, aiming to enhance user experience and content engagement[109] - The AI-powered image editing system was developed to provide personalized and professional image editing services[109] - The AIGC text-to-image system was completed, offering personalized image generation services using AI tools[109] - The company established strategic partnerships with Baidu and Huawei Cloud to explore AIGC content industry development[114] - Over 550,000 AIGC-assisted works were reviewed and added to the library, with hundreds of AI creators joining the contributor list[116] - The company launched "AIGC" content customization services, enabling rapid delivery of AI-generated images, templates, videos, and custom models[116] - The AIGC industry in China is projected to grow from 14.3 billion yuan in 2023 to 720.2 billion yuan by 2028, driven by advancements in multimodal AI technologies[164] - The company's AI-driven platform supports intelligent tagging, natural language search, image search, and color search, enhancing content production, management, distribution, and monetization[172] - The company's AI and big data technologies create a closed-loop operation model, driving service improvements and data feedback, leading to a self-reinforcing platform effect[174] - The company's AI technology empowers the industry by improving product experience and service delivery capabilities, enhancing its competitive edge[174] - The company's AI-driven solutions help clients streamline digital asset management, enabling efficient content creation, management, and monetization[172] Content Ecosystem and Digital Services - The company's content ecosystem spans the entire digital content copyright trading industry chain, connecting creators and users through licensing agreements[24] - Visual content customization services leverage PGC, UGC, and AIGC resources to meet specific client needs, reflecting brand image and marketing objectives[27] - The company's digital art trading platform, Yuan Vision Art Network, has seen steady growth in new registered users, real-name authenticated users, and asset-holding users[59] - The company's upstream signed creators include professional suppliers, individual creators, and proprietary content, supported by global photographer and designer communities[56] - The company provides digital content services to KA clients through vcg.com, offering various types of digital content such as images, videos, designs, music, and fonts[57] - The company has accumulated over 34 million registered community members, covering 195 countries and regions, with over 550,000 signed creators, of which more than 65% are overseas creators[61] - The company has paid over 2.2 billion yuan in copyright licensing and service fees to global content contributors from 2014 to 2023[61] - The company's digital content trading platform generates billions of searches, downloads, and purchases, along with rich user behavior data from creators and industry knowledge graphs[62] - The company's KA clients have a high retention rate, with an 80% renewal rate for long-term contract clients with annual sales exceeding 100,000 yuan[71] - The company owns nearly 500 million professional-grade, copyright-licensed high-quality image-text pairs and 800,000 hours of video and music materials, with 3 million structured tags and industry knowledge graphs[78] - The company has established partnerships with nearly 300 media publishing and copyright institutions globally[61] - The company's visual digital asset management platform is developed in collaboration with international organizations like IPTC, contributing to industry standards[73] - The company serves C-end consumers through products like lock screen wallpapers, themes, and digital collectibles, collaborating with major brands like Huawei, Xiaomi, OPPO, and Vivo[75] - The company leverages AI technology to provide precise and efficient visual content to users through API platforms, enhancing content reach and depth in B2B2C models[77] - The company's content assets are highly structured with metadata, including titles, descriptions, formats, dimensions, and 20-30 keyword tags, which are valuable for AI model training[175] - The company's visual content management service supports cloud or on-premise deployment, managing various content types and providing multi-dimensional permission management[172] - The company's platform leverages blockchain technology to ensure clear and traceable copyright management, covering the entire process from signing to authorization and transaction[172] Business Strategy and Market Position - The company has transitioned from a cultural media enterprise to a cultural technology enterprise, focusing on "AI + content + scenarios" as a strategic direction[66] - The company's audio-visual content library reached nearly 30 million, and the proportion of audio-visual business sales to total revenue increased from 6% in 2022 to 26% in 2023[82] - The company's e-commerce platform transaction sales accounted for 23% of total revenue in 2023, up from 1% in 2022[94] - The company serves over 34 million registered users across 195 countries and has over 550,000 signed contributors globally[81] - The company has paid over RMB 2.2 billion in royalties to contributors since its listing in 2014, promoting a healthy creator ecosystem[99] - The company's audio-visual business sales grew significantly, with the acquisition of a 31.6% stake in Guangchang Creative, increasing its total ownership to 61.6% and enhancing its market position in the audio-visual sector[82] - Internet media revenue reached 780,252,320.80 yuan, a year-on-year increase of 12.15%, with a gross profit margin of 51.20%[102] - The top five customers accounted for 21.87% of total annual sales, with the largest customer contributing 9.01%[106] - The company's top 5 suppliers accounted for 23.14% of total annual procurement, with the largest supplier contributing 11.92%[130] - The company's controlling shareholders changed in March 2023, with Liao Daoxun, Wu Yurui, and Chai Jijun remaining as the controlling shareholders[156] - The company's main business changed in June 2014 from indoor theme park intelligent amusement facilities and special film production to visual content and services[156] - The company holds a 61.6% stake in Chengdu Guangchang Creative Technology Co., Ltd through its subsidiary Far East Culture[143] - The company's subsidiaries include Huaxia Visual, Hanhua Yimei, Far East Culture, and 500px[143] - The company aggregates over 530 million high-quality images, videos, and music assets, making it one of the largest visual content digital copyright trading platforms globally[168] - The advertising market in 2023 saw a 6.0% year-on-year increase, with significant growth in elevator LCD, elevator poster, and cinema video advertising[167] R&D and Innovation - R&D expenses increased by 22.49% to 99,061,200.25 yuan, driven by increased R&D investment[109] - The number of R&D personnel increased by 79.52% to 149, with R&D personnel now making up 28.01% of the total workforce[109] - R&D investment in 2023 was RMB 105.24 million, accounting for 13.48% of operating revenue, a decrease of 2.69% year-on-year[134] - Capitalized R&D investment decreased by 43.55% year-on-year, accounting for 23.81% of total R&D investment[134] Corporate Governance and Leadership - Wang Gang has been serving as Vice President of Visual China Group since April 15, 2014, and holds multiple VP roles in affiliated companies since 2007[185] - Chen Chunliu, appointed as Vice President and CFO of Visual China Group on July 3, 2023, brings extensive financial and investment experience from her previous roles at Huagai Capital and other firms[186] - The company's board of directors held 10 meetings in the reporting period, with all directors attending either in person or via teleconference, and no instances of consecutive absences[196] - The Audit Committee held 6 meetings in 2023, reviewing and approving key financial documents including the 2022 annual financial report and 2023 Q1 report[199] Operational and Financial Metrics - Operating costs increased by 18.56% year-on-year, reaching RMB 380.75 million[123] - Net cash flow from financing activities decreased by 79.45% year-on-year to RMB -48.57 million[135] - The company completed over 500 custom projects in photography, design, video, and virtual production, and organized over 88 competitions with total prizes exceeding RMB 7.5 million[100] - Domestic revenue accounted for 96.57% of total revenue, increasing by 12.58% year-on-year[120] - Overseas revenue decreased by 3.45% year-on-year, accounting for 3.43% of total revenue[120] - Revenue from the internet media sector accounted for 99.93% of total revenue, growing by 12.15% year-on-year[120] - Total operating revenue for 2023 reached RMB 780.83 million, a year-on-year increase of 11.94%[120]

证券代码：000681 证券简称：视觉中国 公告编号：2024-011 重要内容提示： 3.第一季度报告是否经审计 视觉（中国）文化发展股份有限公司 2024 年第一季度报告 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------|-------------|-------------------------------------| | 适用 □ 不适用 \n项目 | 本报告期金额 | | | 单位：元 \n说明 | | 非流动性资产处置损益（包括已计提 资产减值准备的冲销部分） | | | -18,910.33 | | | 计入当期损益的政府补助（与公司正 常经营业务密切相关、符合国家政策 规定、按照确定的标准享有、对公司 损益 ...

费用率：1）销售费率：销售费用主要是工资薪酬（19 年起占比 75%以上），预计随 收入规模扩大销售费用增长，AI 赋能下人效或提升，预计占收入比有所降低，1H23 销售费率 12.3%，23-25 年销售费率分别为 12.2%、11.4%、11.1%；2）管理费率： 管理费用主要是工资薪酬、中介机构服务费，预计随业务规模扩大有所增长，1H23 管理费率 15.77%，预计全年为 15.2%，24-25 年随营业收入规模扩大、人效增长而 有所较低，为 13.8%、13.4%；3）研发费率：研发费用主要包括技术服务费、工资 薪酬、及自行开发无形资产的摊销，虑及公司在 AI 等领域的投入，预计研发费用增 多，但费率随收入规模扩大略有增长，23-25 年为 11.87%、11.91%、12.06%。 | --- | --- | --- | --- | --- | --- | |----------|--------|-----------------------------|--------|--------|--------| | | | 2021 2022 2023E 2024E 2025E | | | | | ...

视觉（中国）文化发展股份有限公司 2023 年第三季度报告 视觉（中国）文化发展股份有限公司 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 □是 否 视觉（中国）文化发展股份有限公司 2023 年第三季度报告 一、主要财务数据 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-----------------|-------------------|-----------------|-----------------------------------|-----------------|-------------------|----------------------|------------------------------------------| | | 本 ...

视觉（中国）文化发展股份有限公司 投资者关系活动登记表 编号：2023-004 □特定对象调研 分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 详见附件。 时 间 2023 年 8 月 18 日 10:00-11:20 地 点 公司会议室，线上会议 公司董事长：廖杰先生 上市公司接待 公司董事、总裁：柴继军先生 人员姓名 公司副总裁、财务负责人：陈春柳女士 公司董秘：李淼先生 一、公司董事长廖杰先生介绍公司 2023 年半年度情况 各位投资者好，公司半年报从财务数据上来看，业绩稳定，第二 季度收入、利润、经营现金净流入同比和环比的增速表现突出。公司 过去两年持续地进行业务重构、流程再造、组织优化和梯队建设，降 本增效的效果显著，此效果将在后续定期报告中逐步体现出来。 自 2022 年至今，公司在 AIGC 的认知、实践有了较大提升，我 资者关系活动主 们认为 AIGC 带给公司的机遇大于挑战。一方面，AIGC 提高公司内 要内容介绍 部劳动生产率，另一方面，AIGC 带来了更好的用户体验，将原来不 可能的事情变为可能，使公司从简单的原材料 ...