万兴科技(300624)：原生AI收入高增 2025关注新产品新战略

Core Viewpoint - The company reported a slight decline in 2024 performance, with a net loss, but the first quarter of 2025 showed signs of stabilization in revenue growth [1][2]. Financial Performance - In 2024, the company generated revenue of 1.44 billion yuan, a year-on-year decrease of 2.8%, and reported a net loss of 163 million yuan, shifting from profit to loss [1]. - For Q4 2024, revenue was 387 million yuan, remaining flat year-on-year, with a net loss of 158 million yuan [1]. - In Q1 2025, revenue reached 380 million yuan, a year-on-year increase of 6%, but the net loss was 32 million yuan, indicating a shift from profit to loss [1]. Product Line Performance - In 2024, the core video creative product line generated revenue of 961 million yuan, remaining stable year-on-year, while other product lines saw slight declines [2]. - The company maintained high investment in sales and R&D, with a sales expense ratio of 59%, up over 10 percentage points year-on-year, and an R&D expense ratio of 30.7%, up 3 percentage points [2]. - In Q1 2025, revenue growth stabilized for core products, with mobile revenue from the video creative product "Filmora" increasing by over 100% [2]. AI Revenue Growth - In 2024, revenue from native AI applications reached approximately 67 million yuan, showing a year-on-year growth of over 100% [3]. - In Q1 2025, revenue from native AI applications was 32 million yuan, nearly half of the total for 2024 [3]. - The company expects native AI revenue to continue growing, projecting over 120 million yuan in 2025 [3]. Profit Forecast and Valuation - The company has adjusted its 2025 revenue forecast down by 12% to 1.597 billion yuan and net profit forecast down by 81% to 31 million yuan [4]. - The 2026 revenue forecast is set at 1.796 billion yuan, with a net profit forecast of 83 million yuan [4]. - The company maintains an outperform rating with a target price of 75 yuan, reflecting a 37% upside potential based on a 9x P/S ratio for 2025 [4].