Wondershare(SZ:300624) Huachuang Securities·2025-09-24 08:20Investment 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 [2][18]. Core Insights - The company reported a total operating revenue of 760 million yuan for the first half of 2025, representing a year-on-year growth of 7.77%. However, the total profit reached -51 million yuan, a decrease of 255.13% year-on-year, with a net profit attributable to the parent company of -53 million yuan, down 315.63% year-on-year [2][4]. - The implementation of AI technology has shown significant results, with the company's AI server call volume doubling to over 500 million times compared to the previous version, and the performance of the AI model improving by approximately 90% [8]. - The company has established a solid global presence, with overseas revenue growing by 11.06% to 712 million yuan, accounting for over 93% of total revenue [8]. - The company is focusing on deepening technical cooperation and expanding its ecosystem, including partnerships with major tech firms and optimizing its subscription service model to enhance user retention [8]. Financial Summary - The company is projected to achieve total operating revenues of 1.666 billion yuan, 1.963 billion yuan, and 2.338 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 8 million yuan, 88 million yuan, and 108 million yuan [4][9]. - The earnings per share (EPS) are expected to be 0.04 yuan, 0.45 yuan, and 0.56 yuan for the years 2025, 2026, and 2027, respectively [4][9]. - The company's total market value is reported at 13.584 billion yuan, with a circulating market value of 12.031 billion yuan [5].