Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's government and enterprise business performed well, with a 46% YoY growth in revenue from this segment in H1 2024 [5] - The company is focusing on both technological development and commercialization, with over 100 AI algorithms developed or integrated in H1 2024 [6] - The company is well-positioned to benefit from the AIGC trend and the natural affinity of Gen Z for AIGC, with the launch of its multimedia large model "Tianmu" and several AIGC creative products [9] - The company's short-term performance is under pressure, but its B2B business is expected to become a new growth driver [10] Financial Performance - In H1 2024, the company achieved total operating revenue of 705 million yuan, a YoY decrease of 1.80%, and net profit attributable to the parent company of 24.49 million yuan, a YoY decrease of 43.99% [5] - In Q2 2024, the company achieved operating revenue of 347 million yuan, a YoY decrease of 4.43%, and a net loss attributable to the parent company of 1.159 million yuan [5] - The company's overseas revenue reached 641 million yuan, accounting for over 90% of total revenue, with core video creative business contributing 461 million yuan, accounting for over 65% of revenue [5] - The company's revenue is expected to grow to 1.682 billion yuan in 2024, 1.937 billion yuan in 2025, and 2.261 billion yuan in 2026 [7] Product Development - The company has been strengthening its product base, with the release of new versions of its flagship products such as Filmora V13.5 and PDFelement V11, which include enhanced AI capabilities [8] - The company has also launched new AI-powered products such as Selfie U and Media.io Studio, targeting the growing demand for AIGC tools [8] Market Opportunities - The company is well-positioned to capitalize on the AIGC trend, with the global AI market expected to grow at a CAGR of 36.6% from 2024 to 2030, and 90% of digital content expected to be AI-generated by 2030 [9] - The company's focus on Gen Z, who are naturally inclined towards content creation and AIGC, presents a significant growth opportunity [9] Valuation - The report values the company at a dynamic PS of 8-9x for 2024, with a reasonable value range of 69.61-78.31 yuan [10]

证券研究报告 公司点评 万兴科技(300624.SZ) 计算机｜ 软件开发 中报业绩有所承压，持续打磨产品 AI 能力 2024 年半年报点评 2024 年 08 月 20 日 评级 增持 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n42.81 | | 52 周价格区间（元） | | 42.50-114.72 | | 总市值（百万） | | 8276.73 | | 流通市值（百万） | | 7330.50 | | 总股本（万股） | | 19333.70 | | 流通股（万股） | | 17123.40 | 涨跌幅比较 -43% -23% -3% 17% 37% 2023/08 2023/11 2024/02 2024/05 万兴科技 软件开发 | --- | --- | --- | --- | |----------|--------|--------|--------| | % | 1M | 3M | 12M | | 万兴科技 | -11 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：41.38 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,180 1,481 1,585 1,835 2,112 增长率 yoy% 15% 25% 7% 16% 15% 净利润（百万元） 40 86 81 94 111 增长率 yoy% 45% 113% -6% 16% 17% 每股收益（元） 0.31 0.63 0.59 0.68 0.80 每股现金流量 0.78 1.70 1.25 1.23 1.46 净资产收益率 5% 6% 6% 6% 7% P/E 197.9 92.8 98.4 84.8 72.3 P/B 9.8 6.0 5.8 5.5 5.2 备注：股价采用 2024 年 8 月 21 日收盘价 分析师：闻学臣 执业证书编号：S0740519090007 Email：wenxc@zts.com.cn 联系人：王雪晴 Email：wangxq03@zts.com.cn [Table_Profit] 基本状况 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 万兴科技(300624)公司点评报告 2024 年 08 月 21 日 [Table_Title] 利润短期有所承压，坚定 AI 技术投入 ——万兴科技(300624.SZ)2024 年半年度报告点评 [Table_Summary] 事件： 公司于 2024 年 8 月 15 日收盘后发布《2024 年半年度报告》。 点评： 营业收入基本持平，加大投入致利润短期承压 2024 年上半年，公司实现营业收入 7.05 亿元，同比下降 1.80%；实现归母 净利润 2449.08 万元，同比下降 43.99%；实现扣非归母净利润 1565.23 万 元，同比下降 54.58%；主营业务毛利率为 93.88%，同比下滑 1.51pct，主 要系公司加大 AI 投入带动服务器费用增长，营业成本较上期有所增长。分 产品来看，视频创意类产品实现收入 4.61 亿元，同比增长 1.01%，毛利率 为 93.73%；实用工具类产品实现收入 1.20 亿元，同比下降 5.02%，毛利 率为 95.73%。 持续增强多模态 AI 能力，落地赋能产品应用 202 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 万兴科技（300624.SZ） 24H1 业绩短期承压，投入 AIGC 为长期成长奠基 事件：8 月 16 日，公司发布《2024 年半年度报告》，实现营业收入 7.05 亿元，同比下 降 1.80%；归母净利润 0.24 亿元，同比下降 43.99%，业绩暂时承压。同时，公司发 布《关于回购公司股份方案的公告暨回购报告书》，拟采用自有资金回购不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含）的公司普通股。 24H1 业绩暂时承压，视频创意线保持稳定增长。1）报告期内，报告期公司共实现营 业收入 7.05 亿元，同比下降 1.80%，归属于上市公司股东的净利润 2,449.08 万元， 同比下降 43.99%，业绩暂时承压。随着视频模型快速迭代，用户生产力工具需求和便 捷化创作意愿逐步增强，公司持续深耕数字创意主业，全面拥抱 AIGC，以产品和用户 需求为导向加强 AI 音视频算法的研发与落地速度，但目前尚未全面落地，仍处于分批 测验和评估阶段；同时外部流量竞争激烈，优质流量获取难度加大。2）分业 ...

Investment Rating - Maintains an "Overweight" rating with a target price adjusted to 60.83 RMB [3] - The target price is based on a 2024 PE of 120x, reflecting the company's scarcity in the video large model sector [3] Core Views - The company is accelerating AI commercialization and significantly improving product capabilities [2] - AI video and audio algorithms are being rapidly developed and implemented, though not yet fully deployed, with testing and evaluation ongoing [3] - Revenue for H1 2024 was 705 million RMB, down 1.80% YoY, while net profit attributable to shareholders was 24.49 million RMB, down 43.99% YoY [3] - Over 100 AI algorithms were developed or integrated in H1 2024, supporting product expansion and quality improvement [3] - The company is enhancing its video creation engine and exploring AI application scenarios and commercialization paths [3] - Strategic partnerships, such as with Huawei Cloud, are strengthening the company's computing power and data resource accumulation [3] Financial Summary - Revenue for 2024E is projected at 1.657 billion RMB, with a YoY growth of 11.9% [4] - Net profit attributable to shareholders for 2024E is forecasted at 98 million RMB, with a YoY growth of 13.4% [4] - EPS for 2024E is estimated at 0.51 RMB, with a ROE of 6.9% [4] - The company's revenue model is primarily subscription-based, with stable gross margins around 95% [12] Product Line Performance - Video creation products, contributing 65% of revenue in 2023, are expected to grow at 13%/15%/16% from 2024 to 2026 [12] - Cross-platform data management software is projected to grow at 12%/15%/16% over the same period [12] - Document creation software, leveraging AI capabilities, is expected to grow at 10%/10%/15% from 2024 to 2026 [12] - Drawing and creative products are forecasted to grow at 10%/10%/15% from 2024 to 2026 [12] Valuation - Using PS valuation, the company's 2024 revenue is projected at 1.657 billion RMB, with a PS multiple of 7.2x, implying a market cap of 11.93 billion RMB and a target price of 61.71 RMB [16] - Using PE valuation, the company is given a 2024 PE of 120x, resulting in a market cap of 11.76 billion RMB and a target price of 60.83 RMB [20] - Comparable companies include Kingsoft Office, Ufida Network, and iFlytek, with average 2024 PE of 87.78x and PS of 6.88x [17][21]

计算机 2024年08月18日 公司研究人公司书 报告原因:有业绩公布需要点评 增持(维持) | --- | --- | |-----------------------------------|-------------------| | 市场数据: | 2024年08月16日 | | 收盘价(元) | 42.50 | | 年内最高/最低(元) | 124.04/42.41 | | 市净率 息率 (分红/股价) | 6.1 0.26 | | 流通 A 股市值(百万元) | 7,277 | | 上证指数/深证成指 | 2,879.43/8,349.87 | | 注:"息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | | | | 基础数据: 每股净资产(元) | 2024年06月30日 6.95 | -年内股价与大盘对比走势: 万兴科技 相关研究 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 联系人 洪依真 (8621)23297818× ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 基础软件及管理办公软件 投资评级 买入-A 维持评级 6 个月目标价 50.64 元 股价 (2024-08-16) 42.50 元 交易数据 总市值(百万元) 8,216.79 流通市值(百万元) 7,277.41 总股本(百万股) 193.34 流通股本(百万股) 171.23 12 个月价格区间 42.5/114.72 元 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 -11.0 -40.9 -42.0 绝对收益 -15.3 -49.0 -54.4 赵阳 分析师 相关报告 视频创意业务快速增长，"天 幕"大模型开启公测 2024-05-03 2023 年业绩高增，"天幕" 正式发布赋能 AI 创作 2024-02-03 Q3 收入快速增长，数字创意 新品持续落地 2023-11-05 23H1 营收快速增长，AI 创意 新品持续落地 2023-09-03 2023H1 业绩高增，全面拥抱 2023-07-12 公司快报 2024 年 08 月 19 日 万兴科技(300624.SZ) 24H1 业绩短期承压，持续加大 ...

证券研究报告·公司点评报告·软件开发 万兴科技（300624） 2024 年半年报点评：业绩低于我们预期，持 续提升竞争力，挖掘 AI 商业化潜力 2024 年 08 月 18 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 | 1549 | 1748 | 1930 | | 同比（ % ） | 14.67 | 25.49 | 4.63 | 12.78 | 10.46 | | 归母净利润（百万元） | 40.43 | 86.21 | 93.01 | 126.02 | 154.08 | | 同比（ % ） | 44.78 | 113.20 | 7.89 | 35.50 | 22.26 | | EPS- 最新摊薄（元 / 股） | 0.21 ...

昨日的晚间披露了2024年半年度报告首先将由我和各位投资者分享一下公司上半年的经营情况之后再请公司董事长兼CEO吴总与大家一同进行问答交流近年来随着经济全球化深入发展中国企业全球化的步伐不断迈进企业出海方兴未艾万兴作为一家从成立之初就面向海外市场提供软件产品与服务的中国企业 已经打造了一批深受海外用户认可和喜爱的数字创意产品也打磨出一套成熟的产品研发迭代和运营推广机制实现公司海外收入占比稳定在九成以上中国研发本土运营全球销售是万兴对全球化的理解也是二十年来的坚守与践行那么具体到今年上半年的成果首先在业绩方面 公司一直秉持初心保持着对外部市场和技术发展趋势的高度关注坚定的以用户需求为导向以产品质量为核心能力对此在2024年上半年公司大力投入研发搭建算力基座积累优质深渊数据进行AI音视频算法技术开发与迭代 同时积极打磨产品质量提升产品竞争力并分批将相关算法技术落地于产品进行测试与评估截至上半年相关算法技术暂未全面稳态的推动商业策略实施对业绩的作用存在一定滞后性 公司着眼于长远发展在移动和云化产品上积极进行布局与建设目前已进入快速成长期因为基数较小暂时对整体业绩影响不明显同时随着全球AI视频技术快速演进相关应用流量 ...