Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company experienced short-term pressure on its performance in Q3 2024, with revenue of 348 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -30 million yuan, marking a shift from profit to loss [1]. - The company is actively embracing generative AI, focusing on digital creative verticals, and aims to build comprehensive digital creative solutions for overseas markets, despite the long conversion cycle for multi-channel product promotion [1]. - The company has invested in marketing and upgraded its core product lines, with sales expenses increasing by 19.31% year-on-year to 222 million yuan, while R&D expenses decreased by 10.34% to 97 million yuan [2]. - The company has launched new versions of its products, enhancing AI capabilities and introducing features such as AI voice beautification and AI color matching [2]. - The company is developing multimedia large models and exploring commercialization of AIGC products through various monetization strategies [3]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 1.542 billion yuan, 1.733 billion yuan, and 2.023 billion yuan, respectively, with net profits of 39 million yuan, 91 million yuan, and 118 million yuan [3][5]. - The company's financial metrics indicate a revenue growth rate of 4.1% in 2024, followed by 12.4% in 2025 and 16.7% in 2026 [5]. - The latest diluted EPS is expected to be 0.20 yuan in 2024, increasing to 0.47 yuan in 2025 and 0.61 yuan in 2026 [5][11].

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company's performance is under short-term pressure due to prolonged product promotion cycles and rising traffic costs, but it continues to actively embrace generative AI and focuses on digital creative vertical scenarios, aiming to provide a full-chain digital creative product solution for global markets [3] - Multiple products have undergone major version updates, with potential for accelerated growth in the future [4] Financial Performance - Revenue for the first three quarters of 2024 was RMB 1.053 billion, a year-on-year decrease of 3.91% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was -RMB 5 million, a year-on-year decrease of 108.48% [2] - In Q3 2024, revenue was RMB 348 million, a year-on-year decrease of 7.93%, and net profit attributable to the parent company was -RMB 30 million, a year-on-year decrease of 242% [2] Product Updates - Filmora V14 was launched overseas on September 28, 2024, with comprehensive upgrades to its AI capabilities [4] - EdrawMind V12 was launched in August 2024, with increased paid users and renewal sales, and its HarmonyOS version entered the HarmonyOS App Store for public testing [4] - PDFelement V11 was released with intelligent, integrated, and professional upgrades [4] - SelfyzAI, an AI-powered image product, saw continuous growth in user numbers and revenue [4] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 1.522 billion, RMB 1.762 billion, and RMB 2.099 billion, respectively [6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 62 million, RMB 83 million, and RMB 110 million, respectively [6] - The current stock price corresponds to a PE ratio of 193X, 146X, and 109X for 2024-2026 [6] Market Performance - The stock price as of October 28, 2024, was RMB 64.96, with a 52-week range of RMB 37.92-124.04 [3] - The total market capitalization was RMB 12.559 billion, with a circulating market capitalization of RMB 11.123 billion [3] Cost Structure - Gross margin for the first three quarters of 2024 was 93.72%, a year-on-year decrease of 1.47 percentage points, mainly due to increased computing costs for AI functionalities [3] - Sales/management/R&D expense ratios for the first three quarters of 2024 were 55.72%, 11.37%, and 29.07%, respectively, with sales expenses increasing due to global brand-building efforts and R&D expenses rising due to increased AI investments [3]

证券研究报告·公司点评报告·软件开发 万兴科技（300624） 2024 年三季报点评：加大投入致业绩承压， 期待 AI 商业化落地 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1180 | 1481 | 1530 | 1725 | 1905 | | 同比（ % ） | 14.67 | 25.49 | 3.33 | 12.76 | 10.43 | | 归母净利润（百万元） | 40.43 | 86.21 | 39.01 | 77.09 | 85.37 | | 同比（ % ） | 44.78 | 113.20 | (54.75) | 97.62 | 10.75 | | EPS- 最新摊薄（元 / 股） | 0.21 | 0 ...

Investment Rating - The report maintains an "Outperform" rating for the company [8][9]. Core Insights - The company has invested continuously in AI, enhancing core product lines with new features such as AI voice beautification and AI color matching [8]. - Despite a slight revenue decrease in the short term due to cloud transformation, long-term revenue stability is expected [8]. - The revenue forecast for 2024-2026 has been slightly adjusted downwards to 15.09 billion, 17.59 billion, and 20.16 billion respectively, from previous estimates of 16.65 billion, 19.58 billion, and 22.43 billion [8]. - Net profit forecasts for the same period have also been revised down to 0.25 billion, 0.88 billion, and 1.17 billion from earlier predictions of 0.96 billion, 1.28 billion, and 1.55 billion [8]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 10.53 billion, a year-on-year decrease of 3.91%, and a net profit of -0.05 billion, indicating a shift from profit to loss [9]. - The Q3 revenue was 3.48 billion, down 7.93% year-on-year, slightly below market expectations [9]. - The company's flagship product, Filmora, has undergone a significant upgrade with the release of version V14, which includes enhanced AI capabilities [9].

证券代码：300624 证券简称：万兴科技 万兴科技集团股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |--------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

领军者，AI 赋能未来可期 2024-02-07 万兴科技（ [Table_StockNameRptType] 300624） 公司点评 前三季度成本上升、AI 投入加大致业绩承压 | --- | --- | |-------------------------------------|--------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-25 | | [Table_BaseData] 收盘价（元） | 61.99 | | 近 12 个月最高 / 最低（元） | 124.04/37.92 | | 总股本（百万股） | 193 | | 流通股本（百万股） | 171 | | 流通股比例（ % ） | 88.57 | | 总市值（亿元） | 120 | | 流通市值（亿元） | 106 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -18% 6% 30% 54% 10/23 1/24 4/24 7/24 10/24 万兴科技 沪深300 [Table_Author] 分析师：金荣 执业证书号：S0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a slowdown in revenue growth and profit pressure, with a 7.9% year-over-year decline in revenue for Q3 2024, totaling 348 million RMB, and a 3.9% decline for the first three quarters of 2024, totaling 1.053 billion RMB [2] - The net profit attributable to shareholders turned from profit to loss, with a net loss of 29.988 million RMB in Q3 2024 and a total net loss of 54.973 million RMB for the first three quarters [2] - The company is focusing on enhancing its algorithm capabilities and product innovation, with new product launches such as Edraw.AI and SelfyzAI, while also increasing its intangible assets by 54.02 million RMB due to new computing power purchases [2] Summary by Sections Revenue and Profit - Q3 2024 revenue was 348 million RMB, down 7.9% year-over-year; total revenue for the first three quarters was 1.053 billion RMB, down 3.9% year-over-year [2] - Q3 2024 net profit attributable to shareholders was -29.988 million RMB, and for the first three quarters, it was -54.973 million RMB [2] - The comprehensive gross margin for the first three quarters of 2024 was 93.7%, a decrease of 1.5 percentage points year-over-year [2] Expenses - R&D expense ratio for the first three quarters of 2024 was 29.1%, up 1.6 percentage points year-over-year; sales expense ratio was 55.7%, up 5.9 percentage points; management expense ratio was 11.4%, down 0.2 percentage points [2] - The total number of employees in the first half of 2024 was 1,562, a decrease of 12 from the previous year [2] Product Development - The company launched new products including Edraw.AI and SelfyzAI, and saw a 49.5% year-over-year increase in contract liabilities, totaling approximately 37.825 million RMB [2] Profit Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are 1.482 billion RMB, 1.669 billion RMB, and 1.851 billion RMB respectively, with net profits of 8 million RMB, 23 million RMB, and 29 million RMB respectively [2] - The current stock price corresponds to a price-to-sales (P/S) valuation of 8.1, 7.2, and 6.5 times for 2024, 2025, and 2026 respectively [2]

万兴科技集团股份有限公司 关于继续开展外汇衍生品交易业务的可行性分析报告 一、开展外汇衍生品交易业务的背景 近年来受国际政治、经济形势等因素影响，汇率和利率波动幅度不断加大， 外汇市场风险显著增加。因万兴科技集团股份有限公司（以下简称"公司"）业 务持续发展，外币收汇金额逐年增长，为了提高外汇资金使用效率，合理降低财 务费用，降低汇率波动对公司经营的影响，公司及子公司拟基于自身实际业务需 求，适度开展外汇衍生品交易业务。 二、公司开展的外汇衍生品交易业务概述 公司及子公司拟开展的外汇衍生品交易品种均为与基础业务密切相关的外 汇衍生产品或组合，主要包括远期结售汇、外汇套期保值、外汇掉期、外汇期权、 利率互换、利率掉期、利率期权及其他组合产品等。以锁定成本、规避和防范汇 率风险为目的。公司及子公司拟开展的外汇衍生品交易业务与公司业务紧密相关， 且该等外汇衍生品与基础业务在品种、规模、方向、期限等方面相互匹配，以遵 循公司合法、谨慎、稳健的风险管理原则。 三、公司开展外汇衍生品交易业务的必要性和可行性 因公司业务持续发展需要，外币收汇金额逐年增长，公司及子公司收款币种 存在兑换操作，继而会造成公司的外汇风险敞口。为 ...

万兴科技集团股份有限公司 2024 年员工持股计划 （草案修订稿） 万兴科技集团股份有限公司 二〇二四年十月 1 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） 声明 本公司及董事会、监事会全体成员保证，本员工持股计划的内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并相应承担法律责任。 2 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） 风险提示 一、本员工持股计划须经公司股东会审议通过后方可实施，本员工持股计划 能否获得公司股东会批准，存在不确定性。 二、本员工持股计划能否达到计划规模、目标存在不确定性。本员工持股计 划设立后将由公司自行管理。 三、有关本员工持股计划的具体资金来源、实施方案、回购情况等属初步结 果，能否完成实施，存在不确定性。 四、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 3 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） ...

万兴科技集团股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试点的 指导意见》（以下简称"《指导意见》"）等法律、法规的相关规定，经认真审阅《万 兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿）》（以下简称"《员 工持股计划（草案修订稿）》"）及其摘要等相关议案、资料，并经监事会充分讨 论与分析，现就调整 2024 年员工持股计划相关事项发表如下审核意见： 万兴科技集团股份有限公司监事会 关于调整 2024 年员工持股计划相关事项的审核意见 监事会 2024年10月24日 综上所述，我们认为：公司调整 2024 年员工持股计划参与人数上限不会损 害公司及全体股东，特别是中小股东的利益，符合公司长远发展的需要。 万兴科技集团股份有限公司 公司本次员工持股计划拟定的新增持有人均符合《指导意见》及其他法律、 法规、规范性文件规定的持有人条件，符合员工持股计划规定的持有人范围，其 作为公司本次员工持股计划持有人的主体资格合法、有效。 ...