Wondershare(300624) 华创证券·2024-09-11 04:14Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [15]. Core Insights - The company reported a revenue of 705 million yuan in the first half of 2024, a year-on-year decrease of 1.8%, while the net profit attributable to the parent company was 24 million yuan, down 43.99% year-on-year [1]. - The company is increasing its investment in AI, with a stable gross margin of 93.76% in the first half of 2024, despite a 32.62% increase in operating costs due to higher server expenses related to AI investments [1]. - New product launches and enhancements are focused on improving user experience, with significant user growth reported for products like Filmora and Virbo [1]. - A share repurchase plan has been announced, with a buyback amount between 20 million and 40 million yuan, aimed at employee stock ownership plans or equity incentives [1]. - Financial forecasts for 2024-2026 have been adjusted, with expected revenues of 1.63 billion, 1.90 billion, and 2.21 billion yuan, and net profits of 103 million, 127 million, and 148 million yuan respectively [1][2]. Financial Summary - Total revenue for 2023 is projected at 1.48 billion yuan, with a growth rate of 25.5%. For 2024, the expected revenue is 1.63 billion yuan, reflecting a growth rate of 10.0% [2]. - The net profit attributable to the parent company is forecasted to be 86 million yuan for 2023, with a significant increase of 113.2%, and is expected to reach 103 million yuan in 2024, a growth of 19.7% [2]. - Earnings per share (EPS) are projected to be 0.45 yuan for 2023, increasing to 0.53 yuan in 2024 [2].