Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.696 billion RMB in 2023, representing a year-on-year increase of 29.3%, and an adjusted net profit of 368 million RMB, up 233.2%, aligning with the upper limit of previous performance forecasts [2][3] - The growth in revenue is primarily driven by the imaging and design product business, which generated 1.33 billion RMB in revenue, a year-on-year increase of 52.8%, supported by an increase in the paid subscription rate [3] - The company has a monthly active user (MAU) base of approximately 250 million, with 9.11 million paid subscribers, reflecting a year-on-year growth of 62.3% and a subscription penetration rate of 3.7%, up 1.4 percentage points [3] - The company is enhancing its productivity ecosystem and accelerating overseas expansion through localized strategies, with its productivity products achieving a MAU of 17.66 million, a 74.3% increase year-on-year [3] - The gross margin reached 61.4% in 2023, an increase of 4.5 percentage points, attributed to the higher proportion of high-margin imaging and design products [3] Financial Forecasts - The company forecasts total revenue of 3.636 billion RMB for 2024, with a year-on-year growth of 35%, and an adjusted net profit of 587 million RMB, representing a 59% increase [2][4] - The adjusted net profit estimates for 2024-2026 have been revised to 5.9 billion RMB and 9.3 billion RMB, respectively, with a projected net profit of 12.1 billion RMB in 2026 [4] - The price-to-earnings (PE) ratios for 2024-2026 are projected to be 22x, 14x, and 11x, respectively [4]
2023年报点评：利润落在预告上限，AI加速付费率提升