传媒行业专题报告：视觉AI应用持续迭代，静待绽放市场潜力

Investment Rating - The industry rating is "Outperform the Market" [2][23]. Core Insights - The report highlights the continuous iteration of visual AI applications and the potential market opportunities as AI technology evolves, particularly in the context of large models and their multi-modal capabilities [1][2]. - Domestic companies are well-positioned to leverage AI applications, with significant advancements in technology and a growing user base, indicating a promising commercial landscape [1][2]. Summary by Sections 1. AI Large Model Multi-Modal Capabilities - The performance of underlying large models is crucial for AI application capabilities, categorized into foundational models (L0) and industry-specific models (L1) [5]. - Major overseas tech companies, including OpenAI, Google, and MetaAI, have made significant advancements in their models, enhancing performance, reducing costs, and improving response times [8][9]. 2. Domestic Companies' Progress - Kuaishou's Keling AI has undergone multiple upgrades, now offering comprehensive API services for video and image generation, with over 2.7 million videos and 53 million images generated since its launch [10]. - ByteDance's Doubao AI has achieved significant breakthroughs in video modeling, with capabilities in semantic understanding and multi-angle consistency, leading to a tenfold increase in daily token usage since its launch [11][13]. - Companies like Light Media and Huace Film & TV are actively exploring AI technologies, integrating them into various production processes, and showing strong revenue growth [15][16]. 3. Key Listed Companies Overview - Light Media reported a revenue of 1.334 billion yuan in H1 2024, a year-on-year increase of 120.43%, with a strong focus on AI in animation production [15]. - Huace Film & TV's self-developed "Youfeng" model has been recognized as a significant advancement in AI applications within the film industry, enhancing script evaluation and production efficiency [16]. - Jiecheng Co. has launched its AI creative engine ChatPV, which integrates with Huawei's cloud services, aiming to reshape video production processes [17]. - Meitu's revenue reached 1.621 billion yuan in H1 2024, driven by the growth of its AI-driven subscription services [19].