Wondershare(SZ:300624)2024-04-28 13:30Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a robust revenue growth of 25.49% in 2023, with total revenue reaching 1.481 billion yuan and a net profit attributable to shareholders of 86.21 million yuan, reflecting a significant increase of 113.20% year-on-year [1]. - The first quarter of 2024 showed a revenue of 358 million yuan, a year-on-year growth of 0.90%, and a net profit of 26 million yuan, up 22.99% year-on-year [1]. - The company is focusing on AI applications, with the launch of the "Tianmu Large Model" and "Wanjing Miaoying 2024," which are positioned as leading products in the multimedia AI space [1]. Financial Performance Summary - In 2023, the company reported a total revenue of 1.481 billion yuan, with a year-on-year growth of 25.49% and a net profit of 86.21 million yuan, marking a 113.20% increase [1]. - The gross profit margin for 2023 was 94.77%, with a decrease in expense ratios for sales, management, and R&D compared to the previous year [1]. - For 2024, the company forecasts revenues of 1.874 billion yuan, with a growth rate of 26.55%, and a net profit of 139.37 million yuan, reflecting a growth rate of 61.68% [8]. Product and Market Development - The company has embraced AIGC (AI Generated Content) and is actively developing new AI products while upgrading existing ones, leading to significant improvements in product performance [1]. - The revenue from video creative products reached 961 million yuan, a year-on-year increase of 28.91%, while practical tools and document creative products also saw substantial growth [1]. - The overseas revenue accounted for 91.19% of the total, indicating a strong international market presence [1].