司总 评 | --- | --- | |-------------------------------------------|------------------| | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | | | 收盘价（元） | 2024-09-16 40.42 | | 总股本（百万股） | 193.34 | | 流通股本（百万股） | 171.23 | | 净资产（百万元） | 1344.11 | | 总资产（百万元） | 1658.12 | | 每股净资产(元 ) | 6.95 | | | | 理 投资要点 ＃summary＃ 事件：2024 年 H1 公司实现营业总收入 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%；扣非净利润 0.16 亿元，同比下降 54.77%。2024 年二季度，公司实现营业总收入 3.47 亿元，同比下降 4.41%；归母净利润亏损 0.01 亿元，去年同期 0.23 亿元；扣非净利润亏损 0.07 亿元，去年同期 0.17 亿元。 视频业务稳健，实用工具业务略降。2024H1 ...

万兴科技集团股份有限公司 关于变更保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 万兴科技集团股份有限公司（以下简称"公司"）于近日收到中国国际金融 股份有限公司（以下简称"中金公司"）出具的《关于更换万兴科技集团股份有 限公司持续督导保荐代表人的函》。 原保荐代表人郭奇林先生由于工作变动，不再负责公司 2021 年度向不特定 对象发行可转换公司债券项目的持续督导工作。为不影响公司持续督导工作的正 常进行，根据《证券发行上市保荐业务管理办法》等法规的规定，中金公司决定 委派沙浩先生接替郭奇林先生继续履行持续督导的相关职责和义务。截至 2023 年 12 月 31 日，公司 2021 年度向不特定对象发行可转换公司债券项目的持续督 导期已届满，但鉴于公司募集资金尚未使用完毕，中金公司仍需继续履行对公司 募集资金的存放和使用情况持续督导的职责。 证券代码：300624 证券简称：万兴科技 公告编号：2024-058 万兴科技集团股份有限公司 董事会 2024 年 9 月 11 日 证券代码：300624 证券简称：万兴科技 公告编号：2024-0 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [15]. Core Insights - The company reported a revenue of 705 million yuan in the first half of 2024, a year-on-year decrease of 1.8%, while the net profit attributable to the parent company was 24 million yuan, down 43.99% year-on-year [1]. - The company is increasing its investment in AI, with a stable gross margin of 93.76% in the first half of 2024, despite a 32.62% increase in operating costs due to higher server expenses related to AI investments [1]. - New product launches and enhancements are focused on improving user experience, with significant user growth reported for products like Filmora and Virbo [1]. - A share repurchase plan has been announced, with a buyback amount between 20 million and 40 million yuan, aimed at employee stock ownership plans or equity incentives [1]. - Financial forecasts for 2024-2026 have been adjusted, with expected revenues of 1.63 billion, 1.90 billion, and 2.21 billion yuan, and net profits of 103 million, 127 million, and 148 million yuan respectively [1][2]. Financial Summary - Total revenue for 2023 is projected at 1.48 billion yuan, with a growth rate of 25.5%. For 2024, the expected revenue is 1.63 billion yuan, reflecting a growth rate of 10.0% [2]. - The net profit attributable to the parent company is forecasted to be 86 million yuan for 2023, with a significant increase of 113.2%, and is expected to reach 103 million yuan in 2024, a growth of 19.7% [2]. - Earnings per share (EPS) are projected to be 0.45 yuan for 2023, increasing to 0.53 yuan in 2024 [2].

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：2024-005 | --- | --- | --- | |------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话:0755-88286488 传真:0755-88286499 邮编:518026 ————————————————————————————— ————————————————————————————— 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的法律意见 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 06G20240029-04 号 （四）公司于 2024 年 8 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）公布的 《关于召开 2024 年第三次临时股东大会的通知》（以下简称"《股东大会通知》"）； （五）公司本次股东大会现场参会股东、股东代理人到会登记记录及凭证资料、授 权委托书； （六）公司本次股东大会股东表决情况凭证资料； 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-057 万兴科技集团股份有限公司 2024年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无变更、否决提案的情形。 2、本次股东大会无涉及变更前次股东大会决议的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024 年 9 月 3 日（星期二）下午 15:00。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为：2024 年 9 月 3 日 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深交所互联网投票系统进行网络投票的具体时间为：2024 年 9 月 3 日 9:15 至 15:00 期间的任意时间。 2、现场会议召开地点：深圳市南山区海天二路软件产业基地 5 栋 D 座 10 楼会议室。 3、会议召开方式：采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：董事长吴太兵先生。 6、本次股东大会会议的召集、召 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-056 万兴科技集团股份有限公司 关于回购公司股份的进展公告 公司后续将严格按照相关法律、法规规定及公司回购股份方案，在回购期限 内根据市场情况择机做出回购决策并予以实施股份回购，并根据相关法律、法规 的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 万兴科技集团股份有限公司 董事会 2024 年 9 月 2 日 万兴科技集团股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日召开 第四届董事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，使 用自有资金以集中竞价方式回购公司部分 A 股股份，用于员工持股计划或股权 激励计划；回购股份的资金总额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购股份的价格不超过人民币 71.78 元/股（含），回购期限 自公司董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 8 月 16 日在巨潮资讯网上披露的《关于回购公司股份方案的公告暨回购 报告书》（公告编号：2024-054）。 根据《上市公司股份回购规 ...

万兴科技集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |---------------------------|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

Investment Rating - The report maintains a "Buy" rating for Wanxing Technology (300624 SZ) [1] Core Views - Wanxing Technology's H1 2024 performance was under pressure due to increased AI investments, leading to a decline in gross margin and higher R&D expenses [3] - The company continues to enhance its AI capabilities, with over 100 AI algorithms developed or integrated, resulting in over 100 million calls [4] - Wanxing Technology is actively exploring AI commercialization scenarios and monetization models, which could expand its product revenue potential [5] - The company announced a share repurchase plan to boost employee confidence, with a maximum repurchase price of 71 78 yuan per share [5] - Revenue and profit forecasts for 2024-2026 have been slightly adjusted downward, with expected revenue growth rates of 10 05%, 20 68%, and 20 98% respectively [5] Financial Performance - H1 2024 revenue was 705 million yuan, a YoY decrease of 1 80%, with net profit attributable to the parent company at 24 million yuan, a YoY decrease of 43 99% [3] - Q2 2024 revenue was 347 million yuan, a YoY decrease of 4 43%, with a net loss of 1 million yuan [3] - Gross margin decreased by 1 62 percentage points due to increased server and AI software costs [3] - R&D expense ratio increased by 2 83 percentage points YoY [3] AI Development - Wanxing Technology is advancing its self-developed multimedia model, integrating it with various products and accessing high-quality algorithms [4] - The company has developed or integrated over 100 AI algorithms, achieving over 100 million calls [4] - AI features such as AI background removal, noise reduction, and text generation are being monetized through AI add-on packages [5] Share Repurchase - The company plans to repurchase 2000-4000 million yuan worth of shares at a maximum price of 71 78 yuan per share, representing 0 14%-0 29% of total shares [5] - The repurchased shares will be used for employee stock ownership or equity incentive plans [5] Financial Forecasts - 2024-2026 revenue is forecasted at 16 30, 19 67, and 23 79 billion yuan, with YoY growth rates of 10 05%, 20 68%, and 20 98% respectively [5] - Net profit attributable to the parent company is expected to be 93, 119, and 160 million yuan, with YoY growth rates of 8 13%, 28 18%, and 33 66% respectively [5] - EPS is projected at 0 48, 0 62, and 0 83 yuan, with corresponding P/E ratios of 87, 68, and 51 times [5] Valuation Metrics - Current P/E ratio is 87 15, with a P/B ratio of 5 78 [5] - The company's P/S ratio is expected to decrease from 5 0 in 2024 to 3 4 in 2026 [5]