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[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Title] 业绩实现快速增长，AIGC 功能持续落地 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司于 2024 年 4 月 26 日收盘后发布《2023 年年度报告》、《2024 年第一 季度报告》。 点评： 2023 年，公司实现营业收入 14.81 亿元，同比增长 25.49%；实现归母净 利润 8620.57 万元，同比增长 113.20%；实现扣非净利润 8968.31 万元， 同比增长 817.45%。分产品来看，视频创意类实现收入 9.61 亿元，同比增 长 28.91%，毛利率为 94.64%；绘图创意类实现收入 1.29 亿元，同比增长 30.52%，毛利率为 94.31%；文档创意类实现收入 1.30 亿元，同比增长 30.92%，毛利率为 93.82%；实用工具类实现收入 2.56 亿元，同比增长 10.07%，毛利率为 96.33%。2024 年第一季度，公司实现营业收入 3.58 亿 元，同比增长0.90%；实现扣非归母净利润2276.79万元，同比增长26. ...

证 券 研 究 报 告 ——利润高增符合预期！期待天幕音频多模态大模型应用 落地 | --- | --- | |----------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 9.83 | | 资产负债率 % | 13.94 | | 总股本 / 流通 A 股（百万） | 138/120 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 年报业绩基本符合预期，Q1 利润符合预期，收入略低于市场预期。1）23Q4 收入增长 12.7%，符合市场 10-20%的增速预期，24Q1 收入增长 1%，此前市场预期 5-15%，略 低于市场预期，预测主要由于核心产品 Filmora 继续推进云化、以及汇率影响；2）23 全 年实现净利润 0.86 亿元，位于此前业绩预告 0.75-1 亿中值水平，符合预期，一季报利润 增长 23%，符合市场预期。 风险：企业级市场开拓进度缓慢； AIGC 业务落地不及预期；国际市场竞争激烈。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [9][10]. Core Views - The company achieved steady growth in its annual performance, with a revenue of 1.481 billion yuan, representing a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 86 million yuan, up 108.96% year-on-year [19]. - The gross margin for the year was 94.77%, slightly down by 0.70 percentage points, attributed to a significant increase in AI server costs. The net profit margin improved by 1.86 percentage points to 7.31% [19]. - The company has increased its R&D investment, with the expense ratios for sales, management, and R&D being 48.81%, 11.16%, and 27.18%, respectively, showing a decrease in all three categories year-on-year [19]. Financial Forecasts - The company is projected to achieve revenues of 1.806 billion yuan, 2.197 billion yuan, and 2.665 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.94%, 21.67%, and 21.31% [10][11]. - The net profit attributable to shareholders is expected to reach 119 million yuan, 150 million yuan, and 187 million yuan for the same years, with growth rates of 38.34%, 25.39%, and 25.01% [10][11]. - Earnings per share (EPS) are forecasted to be 0.87 yuan, 1.09 yuan, and 1.36 yuan for 2024, 2025, and 2026, respectively [10][11]. Recent Performance - In the first quarter of 2023, the company reported a revenue of 358 million yuan, a slight increase of 0.90% year-on-year, and a net profit of approximately 25.65 million yuan, up 22.99% year-on-year [5]. - The company has launched the "Wondershare Tianmu" multimedia model, integrating nearly a hundred audio and video capabilities, with plans to continuously incorporate AIGC capabilities into its product line [20].

投资评级 买入-A 维持评级 6 个月目标价 118.43 元 股价 (2024-04-30) 92.00 元 交易数据 总市值(百万元) 12,668.78 流通市值(百万元) 11,072.49 总股本(百万股) 137.70 流通股本(百万股) 120.35 12 个月价格区间 73.39/162.31 元 升幅% 1M 3M 12M 相对收益 -3.6 8.1 -23.9 绝对收益 -1.8 19.2 -34.5 赵阳 分析师 相关报告 正式发布赋能 AI 创作 2024-02-03 SAC 执业证书编号：S1450522040001 zhaoyang1@essence.com.cn 杨楠 分析师 SAC 执业证书编号：S1450522060001 公司快报/万兴科技 2023H1 业绩高增，全面拥抱 AIGC 把握 AIGC 风险提示： 本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报/万兴科技 本公司具备证券投资咨询业务资格的说明 本报告仅供国投证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任 何机构或个人接收到本报告而视其为本公司的当然客户。 本报告基于已公开的资 ...

盈利预测： 面拥抱 AIGC，机遇与挑战并 [Table_Contacts] [Table_Page] 年报点评|软件开发 [Table_Title] 万兴科技（300624.SZ） 23 年业绩符合预期，24Q1 收入略显承压 [Table_Summary] 核心观点： 公司披露 23 年年报及 24 年一季报。23 年营收 14.81 亿元，同比 +25.5%。24Q1 营收 3.58 亿元，同比+0.9%。 23 年业绩符合预期，毛利率略有波动，费用率有一定优化。23 年收入 同比+25.5%，符合预期。其中视频创意类产品收入同比+28.9%，仍贡 献公司总收入的 65%，较 22 年略上升约 1.8PCT。文档创意类及绘图 创意类收入同比增速均约 31%左右，二者共贡献公司总收入的 17.5%， 较 22 年上升 0.7PCT。公司综合毛利率同比-0.7PCT，视频创意类、文 档创意类及实用工具类产品毛利率均略有下降。23 年三项费用率约 87.1%，同比-3.3PCT，其中销售费用率为 48.8%，同比-0.3PCT。 23H2 创意类产品收入增速有所收窄，关注后续变化。根据公司财报， 23H1 视 ...

事件: 《万兴科技（300624）点评报告：Sora 重磅来袭， 万兴天幕拥抱 AI 视频新时代（增持）*软件开发* 刘熹》——2024-02-18 | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------|-------| | [ 预 Ta 测 b 指 le 标 _Forcast1] | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1481 | 1783 | 2158 | 2639 | | 增长率 (%) | 25 | 20 | 21 | 22 | | 归母净利润（百万元） | 86 | 107 | 131 | 164 | | 增长率 (%) | 113 | 24 | 23 | 25 | | 摊薄每股收益（元） | 0.63 | 0.77 | 0.95 | 1.19 | | ROE(%) | 7 | 8 | 9 | 10 | | P/E | 147.81 | 117.44 | 95.51 | 76.24 | | P/B | 9.83 ...

证券研究报告 | 年报点评报告 23 年及 24Q1 业绩符合预期，数字创意领军全面拥抱 AIGC | --- | --- | |-------------------------------|-----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 软件开发 | | 前次评级 | 买入 | | 4 月 26 日收盘价 ( 元 ) | 91.01 | | 总市值 ( 百万元 ) | 12,532.45 | | 总股本 ( 百万股 ) | 137.70 | | 其中自由流通股 (%) | 87.40 | | 30 日日均成交量 ( 百万股 ) | 11.40 | | 股价走势 | | 相关研究 1、《万兴科技（300624.SZ）：三季度维持高增，数字创 意领军全面拥抱 AIGC》2023-10-30 2、《万兴科技（300624.SZ）：业绩高增、质量提升，数 字创意领军全面拥抱 AIGC》2023-09-14 3、《万兴科技（300624.SZ）：2023H1 持续高增，数字 创意领军全面拥抱 AIGC》2023-07-11 2024 年 04 月 29 日 万兴科 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][23]. Core Insights - The company achieved a revenue of 1.48 billion yuan in 2023, representing a year-on-year growth of 25.5%, and a net profit attributable to shareholders of 86.21 million yuan, which is a 113.2% increase year-on-year [3][22]. - In Q1 2024, the company reported a revenue of 358 million yuan, showing a slight year-on-year growth of 0.9%, with a net profit of 25.65 million yuan, up 22.99% year-on-year [3]. - The launch of the "Tianmu" AI model is expected to enhance product capabilities and drive business growth, with the model having received regulatory approval for public testing [4][11]. Financial Performance - The company’s total revenue is projected to grow from 1.48 billion yuan in 2023 to 1.79 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 20.56% [22]. - The net profit is expected to increase from 86.21 million yuan in 2023 to 106.62 million yuan in 2024, reflecting a growth rate of 23.68% [22]. - The company’s R&D expenses were 403 million yuan in 2023, with a year-on-year increase of 15.7%, and are projected to be 518 million yuan in 2024 [11]. Product Development and Market Position - The company is focusing on AI technology development, with significant investments in AI audio and video technology, including the development of various AI capabilities for video, images, audio, and language [11]. - New product launches in 2023, such as the digital human short video marketing tool and AIGC image generation tool, have contributed to revenue growth across different product lines [23]. - The video creative product line generated 961 million yuan in revenue in 2023, with a 5 percentage point increase in subscription renewal rates [23]. Valuation Metrics - The current market capitalization corresponds to a price-to-sales (P/S) ratio of 7 times for 2024 [23]. - The earnings per share (EPS) is projected to increase from 0.63 yuan in 2023 to 0.77 yuan in 2024 [22]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 145.38 in 2023 to 117.54 in 2024, indicating improving valuation metrics [22].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a robust revenue growth of 25.49% in 2023, with total revenue reaching 1.481 billion yuan and a net profit attributable to shareholders of 86.21 million yuan, reflecting a significant increase of 113.20% year-on-year [1]. - The first quarter of 2024 showed a revenue of 358 million yuan, a year-on-year growth of 0.90%, and a net profit of 26 million yuan, up 22.99% year-on-year [1]. - The company is focusing on AI applications, with the launch of the "Tianmu Large Model" and "Wanjing Miaoying 2024," which are positioned as leading products in the multimedia AI space [1]. Financial Performance Summary - In 2023, the company reported a total revenue of 1.481 billion yuan, with a year-on-year growth of 25.49% and a net profit of 86.21 million yuan, marking a 113.20% increase [1]. - The gross profit margin for 2023 was 94.77%, with a decrease in expense ratios for sales, management, and R&D compared to the previous year [1]. - For 2024, the company forecasts revenues of 1.874 billion yuan, with a growth rate of 26.55%, and a net profit of 139.37 million yuan, reflecting a growth rate of 61.68% [8]. Product and Market Development - The company has embraced AIGC (AI Generated Content) and is actively developing new AI products while upgrading existing ones, leading to significant improvements in product performance [1]. - The revenue from video creative products reached 961 million yuan, a year-on-year increase of 28.91%, while practical tools and document creative products also saw substantial growth [1]. - The overseas revenue accounted for 91.19% of the total, indicating a strong international market presence [1].