Wondershare(SZ:300624) Guohai Securities·2025-05-04 15:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Insights - The company's revenue growth rate has improved for two consecutive quarters, with the initial commercial value of AI becoming evident [1]. - In Q1 2025, the company reported a revenue of 380 million yuan, a year-on-year increase of 6.06%, while the net profit attributable to the parent company was -33 million yuan, a year-on-year decrease of 227.93% [4][11]. - The company is actively integrating AI technologies into its products, leading to significant revenue growth in mobile applications and enhancing user engagement [5][6]. Financial Performance - In 2024, the company achieved a revenue of 1.44 billion yuan, a year-on-year decrease of 2.78%, and a net profit of -163 million yuan, a year-on-year decrease of 289.61% [4][11]. - The forecasted revenues for 2025, 2026, and 2027 are 1.643 billion yuan, 1.901 billion yuan, and 2.244 billion yuan, respectively, with expected growth rates of 14%, 16%, and 18% [10][11]. - The projected net profit for 2025 is 56 million yuan, with a significant turnaround expected from the previous year's losses [11]. Product Development and Market Position - The company has enhanced its product offerings by integrating advanced AI capabilities, resulting in a doubling of mobile revenue for certain products in Q1 2025 [5][6]. - The video creation product, Filmora, has seen a significant increase in active users and revenue, with a year-on-year growth of over 100% [5][7]. - The company is focusing on AI-native applications, with a reported revenue growth of over 100% in this segment [8]. Cost Structure and Investment - The company's sales expenses have increased significantly due to intensified market competition and rising traffic costs, with sales expense ratios rising to 62.78% in Q1 2025 [9]. - The company is expected to maintain a high investment in R&D, with a projected R&D expense ratio of 27.79% in Q1 2025 [9].