Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 41.38 CNY [1]. Core Views - The company is experiencing short-term pressure on performance, with a focus on rapid iteration of AI capabilities [2][3]. - Despite a decline in revenue and net profit in the first half of 2024, the company maintains high R&D investment to enhance product capabilities [3][4]. - The company is exploring various AI monetization models through product iterations and new features [3][4]. - The long-term growth potential remains strong due to the quality of the AI sector and improving product capabilities [5]. Financial Performance Summary - For 2022, the company reported a revenue of 1,180 million CNY, with a projected revenue of 1,481 million CNY for 2023, reflecting a year-over-year growth rate of 25% [1]. - The net profit for 2022 was 40 million CNY, with a forecasted net profit of 86 million CNY for 2023, indicating a significant growth of 113% [1]. - The earnings per share (EPS) for 2023 is estimated at 0.63 CNY, with a projected increase to 0.80 CNY by 2026 [1]. - The company’s gross margin for the first half of 2024 was 93.76%, down from 95.38% in the same period of 2023, primarily due to increased AI server investments [3]. Product Development and Market Strategy - The company has launched multiple features in its video creative business, including AI-driven functionalities, to explore paid models [3]. - Collaborations with major tech firms like Huawei Cloud and Nvidia have been established to enhance product capabilities and expand the ecosystem [4]. - The company is actively participating in industry forums to strengthen its market position and explore new opportunities in AI [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1,585 million CNY, 1,835 million CNY, and 2,112 million CNY respectively, with growth rates of 7%, 16%, and 15% [1][5]. - Net profit forecasts for the same years are 81 million CNY, 94 million CNY, and 111 million CNY, with a slight decline in 2024 followed by recovery [1][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Viewpoints - The company experienced a slight decline in revenue and a significant drop in net profit due to increased investments in AI technology, which has led to higher server costs [2]. - The company is enhancing its multi-modal AI capabilities, which are being integrated into various product applications, thereby improving user experience and expanding product functionalities [3]. - The government and enterprise business segment has shown significant growth, with a 46% year-on-year increase in revenue, reflecting improved service quality and customer satisfaction [4]. - The company is positioned as a leading digital creative enabler, with substantial growth potential in the AIGC (AI-Generated Content) sector [5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 705 million yuan, a year-on-year decrease of 1.80%, and a net profit of 24.49 million yuan, down 43.99% [2]. - The gross margin for the main business was 93.88%, a decline of 1.51 percentage points compared to the previous year [2]. - The company’s R&D investment reached 209 million yuan, an increase of 8.55% year-on-year, with R&D personnel accounting for approximately 54% of the total workforce [3]. - Revenue projections for 2024-2026 have been adjusted to 1.627 billion, 1.857 billion, and 2.090 billion yuan, respectively, with net profit forecasts of 95.16 million, 122.21 million, and 165.53 million yuan [5][7]. Market Position and Strategy - The company is actively exploring B-end business opportunities and has established strategic partnerships with major enterprises, enhancing its market recognition and potential [4]. - The company has successfully integrated over 100 AI algorithms into its products, significantly improving the quality and capabilities of its offerings [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its long-term growth potential despite short-term performance challenges [2][4]. Core Insights - The company reported a revenue of 705 million yuan for the first half of 2024, a decrease of 1.80% year-on-year, and a net profit of 24.49 million yuan, down 43.99% year-on-year, reflecting temporary performance pressure [1][2]. - The company is heavily investing in AI technology, completing over 100 AI algorithms during the reporting period, which supports product capability expansion and quality improvement [2]. - A share repurchase plan was announced, with a commitment to buy back shares worth between 20 million and 40 million yuan, demonstrating confidence in the company's future prospects [2]. Financial Summary - Revenue for 2024 is projected to reach 1.668 billion yuan, with a year-on-year growth rate of 12.7% [3]. - The net profit for 2024 is expected to be 95 million yuan, reflecting a growth rate of 10.2% [3]. - The company’s earnings per share (EPS) is forecasted to be 0.49 yuan for 2024, with a projected increase to 0.82 yuan by 2026 [3][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 94.2 in 2023 to 51.2 by 2026, indicating improving valuation metrics [3][9].

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]

证券代码：300624 证券简称：万兴科技 公告编号：2024-055 万兴科技集团股份有限公司 关于回购股份事项前十大股东及前十大无限售条件股东 持股情况的公告 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 三、备查文件 1、中国证券登记结算有限责任公司深圳分公司下发的股东名册。 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》。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则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 易日（即 2024 年 8 月 15 日）登记在册的前十名股东和前十名无限售条件股东的 名称及持股数量、比例情况公告如下： 持有人名称 持有数量（股） 占总股本比例 （%） 吴太兵 29,462,422.00 15.24 宿迁兴亿网络科技有限公司 22,600,500. ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 705 million yuan for the first half of 2024, a year-on-year decrease of 1.8% [1] - The net profit attributable to the parent company was 24.49 million yuan, down 44.0% year-on-year, while the net profit excluding non-recurring items was 15.65 million yuan, a decrease of 54.6% [1] - The decline in profit is attributed to increased AI investments leading to a decrease in gross margin and an increase in expense ratios [1] - The company continues to invest in AI, which is expected to enhance long-term growth potential despite short-term profit fluctuations [2] Summary by Sections Financial Performance - In Q2, the company achieved a revenue of 347 million yuan, a year-on-year decrease of 4.4%, with a net profit attributable to the parent company of -1.16 million yuan, a decline of 105.1% year-on-year [1] - The gross margin for the first half of the year was 93.8%, down 1.6 percentage points year-on-year, primarily due to increased server costs from AI investments [1] - The company’s cash flow from operating activities decreased by 86.8% year-on-year, mainly due to increased cash payments to employees and higher daily cash expenses [1] Product and Regional Performance - Revenue from video creative products was 460 million yuan, a year-on-year increase of 1.0%, making it the company's main business pillar [1] - Revenue from practical tool products was 120 million yuan, a year-on-year decrease of 5.0% [1] - International revenue for the first half was 640 million yuan, a year-on-year decrease of 1.1%, accounting for 90.9% of total revenue [1] Future Projections - The company is expected to achieve revenues of 1.62 billion yuan, 1.92 billion yuan, and 2.33 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10%, 18%, and 21% [2] - The projected net profit attributable to the parent company for the same years is 90 million yuan, 130 million yuan, and 160 million yuan, with year-on-year growth rates of 9%, 37%, and 25% [2]