VCG(000681) Guoxin Securities·2024-09-01 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][5] Core Views - The company has shown an upward trend in non-net profit, with a 7.56% increase in revenue to 399 million yuan and a 44.04% decrease in net profit to 51 million yuan year-on-year for the first half of 2024. The adjusted net profit, excluding certain factors, increased by 11.79% to 49 million yuan [1][4] - The company is focusing on enhancing its content service capabilities and maintaining high customer retention, with significant growth in audio-visual and 3D content resources [1][4] - The strategic initiative "AI + Content + Scenarios" is being actively pursued, leveraging AI technology to enhance product experience and service capabilities [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 399 million yuan and a net profit of 51 million yuan, with respective year-on-year changes of 7.56% and -44.04%. The fully diluted EPS was 0.07 yuan. The adjusted net profit, excluding investment income effects, was 49 million yuan, reflecting an 11.79% increase [1][4] - For Q2 2024, the company reported a revenue of 224 million yuan and a net profit of 38 million yuan, with year-on-year changes of -6.1% and 2.2%, respectively [1][4] Business Strategy - The company is expanding its content offerings beyond images to include audio-visual and 3D resources, with over 46 million audio-visual materials and a revenue share from this segment increasing from 5.16% to 31.99% year-on-year [1][4] - The company has established strategic partnerships with major platforms such as Alibaba, Tencent, and Huawei, enhancing its B2B2C model through AI technology [1][4] Future Outlook - The company maintains its profit forecast, expecting net profits of 176 million yuan, 203 million yuan, and 221 million yuan for 2024, 2025, and 2026, respectively, with corresponding diluted EPS of 0.25 yuan, 0.29 yuan, and 0.32 yuan [1][5][7] - The current stock price corresponds to a PE ratio of 43, 38, and 35 for the years 2024, 2025, and 2026, indicating potential for resource value reassessment and business model innovation in the AIGC era [1][5][7]