Wondershare(SZ:300624) GOLDEN SUN SECURITIES·2024-10-30 03:14Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company experienced short-term pressure on its performance in Q3 2024, with revenue of 348 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -30 million yuan, marking a shift from profit to loss [1]. - The company is actively embracing generative AI, focusing on digital creative verticals, and aims to build comprehensive digital creative solutions for overseas markets, despite the long conversion cycle for multi-channel product promotion [1]. - The company has invested in marketing and upgraded its core product lines, with sales expenses increasing by 19.31% year-on-year to 222 million yuan, while R&D expenses decreased by 10.34% to 97 million yuan [2]. - The company has launched new versions of its products, enhancing AI capabilities and introducing features such as AI voice beautification and AI color matching [2]. - The company is developing multimedia large models and exploring commercialization of AIGC products through various monetization strategies [3]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 1.542 billion yuan, 1.733 billion yuan, and 2.023 billion yuan, respectively, with net profits of 39 million yuan, 91 million yuan, and 118 million yuan [3][5]. - The company's financial metrics indicate a revenue growth rate of 4.1% in 2024, followed by 12.4% in 2025 and 16.7% in 2026 [5]. - The latest diluted EPS is expected to be 0.20 yuan in 2024, increasing to 0.47 yuan in 2025 and 0.61 yuan in 2026 [5][11].