Wondershare(SZ:300624) Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported a decline in revenue and a shift to net loss for 2024, while showing signs of revenue growth in the first quarter of 2025, indicating ongoing challenges in profitability despite some positive trends in revenue growth [1][2]. Revenue Performance - In 2024, the company achieved revenue of 1.44 billion yuan, a year-on-year decrease of 2.78% [1][2]. - The company recorded a revenue of 380 million yuan in the first quarter of 2025, representing a year-on-year growth of 6.06% [1][2]. - The fourth quarter of 2024 saw revenue of 387 million yuan, a slight increase of 0.43% compared to the previous year [2]. Profitability Analysis - The company reported a net profit attributable to shareholders of -163 million yuan in 2024, marking a transition from profit to loss [1][2]. - In the first quarter of 2025, the net profit attributable to shareholders was -33 million yuan, continuing the trend of losses [1][2]. Expense and Margin Trends - The company's expense ratio increased to 99.6% in 2024, up 12.3 percentage points from 2023, primarily due to a rise in sales expense ratio [3]. - The sales expense ratio rose to 58.9% in 2024, an increase of 10.1 percentage points, attributed to intensified market competition and rising traffic costs [3]. - The gross margin decreased by 1.6 percentage points to 93.2% in 2024, and further declined by 2.2 percentage points to 92.3% in the first quarter of 2025 [3]. Business Segment Performance - The video creative segment saw revenue of 961 million yuan in 2024, a slight increase of 0.06% year-on-year [2]. - The company’s mobile product, Filmora, underwent a comprehensive upgrade, resulting in a 90% increase in monthly active users and significant revenue growth [4]. - AI-driven applications generated 67 million yuan in revenue in 2024, with a growth rate exceeding 100% [4]. Future Outlook and Investment Recommendations - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 68 million yuan, 94 million yuan, and 137 million yuan respectively [5]. - The company is focusing on enhancing its core products and expanding AI applications, which are expected to drive future revenue growth [5].