Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved rapid revenue growth in 2023, with total revenue reaching 1.481 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 86.21 million yuan, up 113.20% year-on-year [2][4]. - The company continues to invest heavily in R&D, with R&D expenses amounting to 403 million yuan in 2023, a 15.73% increase from the previous year [2][4]. - The company launched several AI-generated content (AIGC) features across its product lines, enhancing user experience and expanding its market reach [3][4]. Financial Performance - In 2023, the company reported a gross margin of 94.64% for video creative products, 94.31% for drawing creative products, and 93.82% for document creative products [2]. - The first quarter of 2024 saw a revenue of 358 million yuan, a 0.90% year-on-year increase, with a non-GAAP net profit of 22.77 million yuan, up 26.59% year-on-year [2][4]. - Revenue projections for 2024-2026 are estimated at 1.813 billion, 2.187 billion, and 2.606 billion yuan, respectively, with net profits expected to reach 114.33 million, 151.18 million, and 198.88 million yuan [4][6]. Product Development - The company has introduced various AIGC functionalities, including video face-swapping, image tracking, AI music generation, and AI voice enhancement [3][4]. - The document creative line has launched an intelligent document processing robot, "Lumi," which offers features such as dialogue discussion, document summarization, and content rewriting [3][4]. - The practical tools line has enhanced its data recovery software with AI capabilities, including intelligent analysis and AI restoration features [3].

Investment Rating - The report maintains an "Outperform" rating for the company [9][51]. Core Insights - The company's annual report for 2023 and Q1 2024 indicates that revenue and profit figures are in line with expectations, with a notable increase in net profit [4][36]. - The company achieved a revenue of 1.481 billion yuan in 2023, representing a year-on-year growth of 25.49%, and a net profit of 86 million yuan, up 113.20% year-on-year [12][8]. - The first quarter of 2024 saw a revenue of 358 million yuan, a slight increase of 0.90% year-on-year, and a net profit of 26 million yuan, growing by 22.99% [36][8]. Financial Performance Summary - The company reported a gross margin of 94.77% in 2023, with a slight decrease compared to the previous year [15]. - Operating cash flow for 2023 was 234 million yuan, reflecting a significant year-on-year increase of 117.51% [15]. - The company has adjusted its revenue forecasts for 2024-2025 to 1.774 billion and 2.097 billion yuan, respectively, down from previous estimates [9]. Product and Market Development - The company has enhanced its core cloud product subscription renewal rate, which increased by 5 percentage points to 65% in 2023 [14]. - The introduction of AI features across various product lines has led to a 29% increase in video creative software revenue and a 31% increase in drawing creative line revenue [14][32]. - The company has launched over 10 AI application products and established strategic partnerships with major tech firms, including Microsoft and Huawei Cloud [18]. Future Outlook - The company is expected to continue its cloud transformation strategy, which may impact short-term revenue but is anticipated to enhance long-term growth [9]. - New revenue and profit forecasts for 2026 are set at 2.403 billion yuan and 210 million yuan, respectively [9].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][16]. Core Insights - The company's performance in 2023 and Q1 2024 met expectations, with a significant focus on digital creativity and embracing AIGC (Artificial Intelligence Generated Content) [16]. - In 2023, the company achieved a revenue of 1.481 billion yuan, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 86 million yuan, a year-on-year increase of 113.20% [16]. - The main revenue driver was the video creativity segment, which generated 961 million yuan, a year-on-year increase of 28.91%, accounting for 64.87% of total revenue [16]. - The company has launched several new AI-driven products and features, enhancing its product offerings in the digital creativity space [16]. Financial Summary - **Revenue Growth**: The company expects revenues to grow from 1.775 billion yuan in 2024E to 2.467 billion yuan in 2026E, with year-on-year growth rates of 19.9%, 18.3%, and 17.5% respectively [6][16]. - **Net Profit**: The forecasted net profit for 2024E is 111 million yuan, increasing to 182 million yuan by 2026E, with growth rates of 28.7%, 28.4%, and 27.9% respectively [6][16]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 0.81 yuan in 2024E to 1.32 yuan in 2026E [6][16]. - **Valuation Ratios**: The P/E ratio is expected to decrease from 112.9 in 2024E to 68.8 in 2026E, while the P/B ratio is projected to decline from 8.8 to 7.3 over the same period [6][16]. Business Performance - The company has shown improvements in cost control, with reductions in sales, management, and R&D expense ratios compared to the previous year [16]. - The subscription renewal rate for video creativity products increased by 5 percentage points, and active users in the drawing creativity segment grew by approximately 30% year-on-year [16]. - The company is actively developing large models for various AI capabilities, including video, audio, and language, and has launched several innovative digital creative products [16].

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].

这次这个礼拜天这个也是我们这个我们刚刚发布的2023年度的采访和2024年QE的这个采访那接下来我主要从这个因为所有的信息在谈话里面都有所以我下面主要从几个方面跟大家介绍一下补充一些信息第一个是业绩方面2023年我这个对外性来讲是特别 不同群倡议随着IRGC的火爆我们应该来讲也是积极地响应全面拥抱IRGC第一时间推出了一系列原产品的智能化升级和高等更新积极探讨研发创新新产品整个2023年公司实际上营业收入14.81亿同比增长25.19%归属于上市公司股东的净利润 8620.57万元同比增长了113.2%扩飞经济润8968.31万元同比增长了817.45%进入到2024年以Solar为代表的视频大模型应该展现了非常惊艳的效果这个实在欣慰的是公司也是从去年开始研发影视频多媒体大模型 我们的天幕经过一段时间的苦心钻研应该也出现了成果我们在明天会有一个公测的一个活动邀请一部分行业内专家用户进行体验文章视频等各项原子能力会有明显提升我们今年一季度公司研发部门更多精力投注在AI算法天幕大模型等创新型音视频研发上 特别是音频视频的模型类多项技术的能力处于基础研发和优化调整阶段到目前来讲我们还没有全面在所有产品中落地在去年Q ...