Wondershare(SZ:300624) Guohai Securities·2024-02-18 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [8][20]. Core Insights - The company has launched the first domestic audio-video multimedia model "Tianmu," which integrates video, audio, images, and language models, showcasing capabilities such as one-click video generation and AI art design [5][16]. - The release of OpenAI's Sora model marks a new era in text-to-video generation, significantly outperforming previous models and potentially becoming a milestone in achieving AGI [9][11]. - The company is positioned as a leading provider of digital creative software and services, with expectations for revenue growth driven by the transition to AI multimodal applications [20]. Financial Summary - Total market capitalization is approximately 11,594.69 million [10]. - Revenue projections for 2023-2025 are estimated at 1,484 million, 1,864 million, and 2,299 million respectively, with growth rates of 26% for both 2023 and 2024, and 23% for 2025 [21]. - Net profit forecasts for the same period are 99 million, 137 million, and 171 million, reflecting growth rates of 141%, 38%, and 25% respectively [21]. - The earnings per share (EPS) are projected to be 0.72, 1.00, and 1.24 yuan for 2023, 2024, and 2025 respectively [21]. Market Performance - The company's stock price is currently at 84.20 yuan, with a P/E ratio of 84.49 for 2024 and 67.71 for 2025 [20][21]. - The stock has shown a performance of -0.5% over the last month, while the market index (CSI 300) has increased by 2.4% [17].