2023年业绩符合预期，天幕大模型赋能AI创作

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.481 billion yuan in 2023, representing a year-on-year growth of 25.49% [1] - The net profit attributable to the parent company reached 86 million yuan, with a significant year-on-year increase of 113.20% [1] - The company is actively expanding its technology partnerships to enhance its AI ecosystem, including collaborations with Microsoft and Huawei [1][2] Revenue Summary - In 2023, the company achieved a revenue of 1.481 billion yuan, with a breakdown showing video creative business as the largest revenue source at 961 million yuan, growing by 28.91% year-on-year [1] - The practical tools segment generated 256 million yuan, up 10.07%, while document and drawing creative businesses saw growth rates exceeding 30% [1] - International revenue accounted for 91.19% of total revenue, amounting to 1.35 billion yuan, with a year-on-year growth of 28.1% [1] Profit Summary - The company reported a net profit of 86 million yuan in 2023, with a year-on-year increase of 113.20% [1] - For Q1 2024, the net profit attributable to the parent company was 26 million yuan, reflecting a year-on-year growth of 22.99% [1] Margin and Cost Summary - The gross margin for 2023 was 94.77%, a slight decrease of 0.7 percentage points year-on-year [1] - The selling expense ratio was 48.81%, down 0.34 percentage points, while the management expense ratio decreased to 11.16% [1] Cash Flow Summary - The net cash flow from operating activities for 2023 was 234 million yuan, marking a year-on-year increase of 117.51% [1] Financial Forecast - The company is projected to achieve revenues of 1.825 billion yuan in 2024, 2.216 billion yuan in 2025, and 2.660 billion yuan in 2026, with respective growth rates of 23%, 21%, and 20% [10] - The net profit attributable to the parent company is expected to reach 129 million yuan in 2024, 172 million yuan in 2025, and 215 million yuan in 2026, with growth rates of 50%, 33%, and 25% respectively [10]