视觉中国：持续布局3D产业，完善内容护城河

Investment Rating - The report maintains an "Accumulate - A" investment rating for the company [1][19]. Core Insights - The company has a diversified global content ecosystem and rich quality copyright content, positioning itself as a key hub for integrating data, copyright, and links across the industry [1]. - The company is exploring AI-related innovative business scenarios and commercial models based on its quality copyright content dataset [1]. - Revenue is projected to grow from 781 million yuan in 2023 to 1.176 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 13% [1]. - Net profit is expected to increase from 146 million yuan in 2023 to 236 million yuan in 2026, reflecting a significant recovery and growth trajectory [1]. - The company is strategically investing in the 3D content creator community and trading platform CG Model Network, which is expected to enhance its content moat and expand its market reach [10][17]. Financial Projections - The projected financials for the company are as follows: - Revenue (in million yuan): 698 (2022), 781 (2023), 921 (2024), 1,040 (2025), 1,176 (2026) [1]. - Net Profit (in million yuan): 99 (2022), 146 (2023), 160 (2024), 195 (2025), 236 (2026) [1]. - EPS (in yuan): 0.14 (2022), 0.21 (2023), 0.23 (2024), 0.28 (2025), 0.34 (2026) [1]. - P/E Ratio: 78.8 (2022), 53.7 (2023), 48.7 (2024), 40.1 (2025), 33.0 (2026) [1]. - The company is expected to maintain a gross margin around 50% and a net margin that improves from 18.6% in 2023 to 20.1% in 2026 [1].