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]

[Table_Title] 万兴科技（300624.SZ） 24H1 业绩有所承压，AI 商业价值化探索进行时 [Table_Summary] 核心观点： 24H1 营收同比略减，AI 商业化探索进行时。24H1，公司营收 7.1 亿 元，同减 1.8%。一方面，23H1 公司营收和利润的高基数是 24H1 营 收和利润同比减少的重要原因。另一方面，公司 AI 加持业务和产品的 商业化变现路径仍在探索，营收端体现尚不明显。我们认为，随着 AI 技术在各场景的深化和细化，公司有望推出更具创意的 AI 应用，差异 化的功能有利于其商业化落地进程。 毛利率有所下降，受 AI 算力相关投入增加影响。24H1，公司毛利率为 93.8%，同减 1.6pct，营业成本 4398 万元，同增 32.6%，主因系公司 加大 AI 投入带动算力相关费用快速增长。2024 年 1 月，公司推出"天 幕"大模型。我们认为，尽管公司对于 AI 业务的投入短期影响毛利率， 但其对 AI 大模型的定位以赋能为主，后续算力资源投入将维持在合理 范围，对于毛利率的影响有限。 AI 技术赋能各项业务和产品，商业化落地持续探索。当前，公司不仅 利 ...

Group 1: Performance Overview - In the first half of 2024, the company achieved a revenue of 705 million yuan, with a year-on-year growth of 32.9% in net profit attributable to shareholders, amounting to 24.49 million yuan [2] - The non-recurring net profit for the same period was 15.65 million yuan [2] - The company has invested significantly in R&D to enhance product quality and competitiveness, focusing on AI audio and video algorithm technology development [2] Group 2: Technological Development - The company has developed over 100 AI algorithms, which have been integrated into existing products like Filmora and future growth products [2] - Emphasis on user-driven development of foundational, enhanced, and generative algorithms, resulting in high-quality algorithms for video, image, and audio content production [2] - The company maintains an open approach to technology, incorporating external high-quality models alongside its own developments [2] Group 3: Future Outlook - The company is optimistic about the future of the AI video industry, despite current technological challenges and high costs [4] - Plans to leverage continuous innovation and a user-centric approach to achieve significant growth in the AI era [4] - The company aims to enhance its product offerings and operational models to adapt to the evolving market landscape [4] Group 4: Competitive Strategy - The company acknowledges increased competition in the AI video technology space, which has made high-value traffic acquisition more challenging [4] - Strategies to address competition include improving product quality, enhancing innovation capabilities, and localizing marketing teams in key regions [4] - The company plans to invest 20-40 million yuan in share buybacks to incentivize employees and align their interests with long-term company goals [5] Group 5: AIGC Commercialization - The company is exploring various monetization strategies for AIGC (AI-Generated Content) and has begun generating revenue from these efforts [6] - Key to scaling revenue growth will be acquiring a larger user base and balancing the effectiveness and cost of large models [6] - The company intends to adopt a dual strategy of expanding user scenarios while developing its own large models and integrating third-party models [6] Group 6: Government and Enterprise Business - The company's B2B segment has seen a robust growth of 36% in 2023, with a further increase to 46% in the first half of this year [6] - Focus on enhancing service quality and optimizing processes to improve customer satisfaction and expand the enterprise client base [6] - Future plans include collaborating with well-known enterprises to boost brand recognition and drive steady growth in the government and enterprise sector [6]

海外收入占比九成以上。 订阅续费率持续提升，超过 80%。 AIGC 后续怎么提升效益，摊薄成本？ 本质是用 ai 做内容生成，万兴的产品和金山等文档处理产品不一样，万兴主要是视频，相 对于文本领域的技术，视频技术成熟度没那么高，还在摸索商业模式。拓宽用户量和场景 持续升级大模型，持续建立第三方大模型的链接。今年下半年会更加务实。 股权激励+回购？ 下半年业绩会比较乐观。 全球、市场需求没什么太大变化，但是海外来自于国内的竞争对手在增加。我们在推动海 外营销的本土化。 今年加大了云端和移动端产品的投入，加大社交媒体上面的营销投入。 产品月活数据？ 喵影月活千万级别，每年付费百万级别。今年移动端同比增长 20%。移动端、桌面端的活 跃度价值量是不一样的。 移动端和云端今年增长是很快的，我们预期下半年会很好。 视频 ai 竞争格局？我们竞争优势 创意软件很难做到一家独大，素材不一样操作流程不一样产出不一样，adobe 产品碎片化， 每款产品体量都不是很大，想靠一款产品拿到很大份额是很难的。玩家有两类：一类就是 给自己赋能的，比如 tiktok 自己研发的工具，他们会很纠结。另一类就是万兴的独立第三 方。 广告宣传 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4] Core Views - The company reported a revenue of 705 million yuan in the first half of 2024, a decrease of 1.80% year-on-year, with a net profit attributable to shareholders of 24 million yuan, down 43.99% [1] - The revenue structure shows a slight increase in video creative business, while other segments experienced declines [1] - The company is facing pressure on performance due to significant growth in AI-related costs, leading to a decrease in gross margin [1] - Continuous innovation and upgrades in AIGC (AI Generated Content) are enhancing product competitiveness [1] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 705 million yuan, with a net profit of 24 million yuan and a net cash flow from operating activities of 10 million yuan [1] - The revenue from video creative business was 461 million yuan, up 1.01%, while practical tools and drawing creative businesses saw declines of 5.02% and 10% respectively [1] - The overseas market contributed 641 million yuan, accounting for 91% of total revenue, while domestic revenue was 64 million yuan, down 8.57% [1] - The overall gross margin was 93.88%, a decrease of 1.51% year-on-year, with operating costs rising by 32.62% [1] - The company plans to achieve revenues of 1.54 billion yuan, 1.65 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 3.83%, 7.03%, and 9.79% [4]

来源：公司年报、国金证券研究所 打磨内功升级算法能力，静待挖掘 Al 业绩简评 24 年 8 月 15 日，公司发布 2024 年中报。公司 1H24 实现营 业收入 7.1 亿元，yoy-1.8%；2Q24 实现营业收入 3.5 亿元， yoy-4.4%。公司 1H24 实现归母净利 2449 万元，yoy-44.0%； 2Q24 实现归母净利-116 万元，同比转盈为亏。1H24 实现归 母扣非 1,565 万元，yoy-54.8%。24Q1 实现归母扣非-712 万元，同比转盈为亏。 经营分析 收入拆分-海外地区贡献收入最大份额。1）视频创意类：实 现收入 4.61 亿元，yoy+1.01%，占比 65.4%；毛利率 93.73%， yoy-1.56pct。2）实用工具类：实现收入1.20亿元，yoy-5.02%， 占比 17.0%；毛利率 95.73%，yoy-0.78pct。 费用端-继续坚定研发投入，三费保持稳定。1H24 研发费用 率 29.6%，yoy+26.8pcts，公司拥有 851 人专门从事相应产 品的研发工作，占公司员工总数的 54%；销售费用率 51.7%， yoy+50.2pct ...

万兴科技集团股份有限公司 经理工作细则 第一章 总 则 第一条 为提高万兴科技集团股份有限公司（以下简称"公司"）管理效率和 科学管理水平，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等有关法律法规、规范性文件以 及《万兴科技集团股份有限公司章程》（以下简称《公司章程》）的相关规定， 制定本细则。 第二条 公司的经理及其他高级管理人员履行职权除应遵守本细则的规定 外，还应符合相关法律法规、规范性文件和《公司章程》的规定。 第二章 高级管理人员的职权范围 第一节 高级管理人员的任职资格与职责 第三条 公司高级管理人员应当具备履行职责相应所需要的财务、管理、法 律专业知识，具有良好的职业道德和个人品德。有下列情形之一的人员，不得担 任公司的高级管理人员： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓刑的， 自缓刑考验期满之日起未逾二年； （三）担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业 的破产负有个人 ...