Wondershare(SZ:300624) Capital Securities·2024-02-01 16:00Investment Rating - The report assigns a "Buy" rating to the company [1][13][17]. Core Views - The company has launched the "Tianmu" multimedia large model, enhancing its content generation capabilities, which includes video, audio, image, and text models, and is expected to complement its existing creative software products [1]. - The company is focused on deepening its digital creative software business, aiming to enrich its product matrix and provide users with a more engaging creative experience, with a user base exceeding 1.5 billion across over 200 countries [12][22]. - The company is expected to achieve significant revenue growth, with projected revenues of 1.573 billion, 1.973 billion, and 2.470 billion yuan for 2023, 2024, and 2025 respectively, alongside net profits of 88 million, 140 million, and 202 million yuan for the same years [13][14]. Summary by Sections Company Overview - The company specializes in digital creative software, offering products in video, drawing, documentation, and practical tools, with a global user base of over 1.5 billion [12][22]. Financial Projections - The company anticipates revenues of 1.573 billion yuan in 2023, 1.973 billion yuan in 2024, and 2.470 billion yuan in 2025, with corresponding net profits of 88 million, 140 million, and 202 million yuan [13][14]. - The expected growth rates for revenue and net profit are 14.7%, 33.3%, and 25.4% for revenue, and 48.2%, 113.9%, and 58.4% for net profit from 2023 to 2025 [14]. Product Development - The company has integrated AI functionalities into its creative design software, launching several AI-driven products, including marketing tools and image generation applications, which have enhanced product competitiveness and expanded its user base [22].