Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][23]. Core Insights - The company achieved a revenue of 1.48 billion yuan in 2023, representing a year-on-year growth of 25.5%, and a net profit attributable to shareholders of 86.21 million yuan, which is a 113.2% increase year-on-year [3][22]. - In Q1 2024, the company reported a revenue of 358 million yuan, showing a slight year-on-year growth of 0.9%, with a net profit of 25.65 million yuan, up 22.99% year-on-year [3]. - The launch of the "Tianmu" AI model is expected to enhance product capabilities and drive business growth, with the model having received regulatory approval for public testing [4][11]. Financial Performance - The company’s total revenue is projected to grow from 1.48 billion yuan in 2023 to 1.79 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 20.56% [22]. - The net profit is expected to increase from 86.21 million yuan in 2023 to 106.62 million yuan in 2024, reflecting a growth rate of 23.68% [22]. - The company’s R&D expenses were 403 million yuan in 2023, with a year-on-year increase of 15.7%, and are projected to be 518 million yuan in 2024 [11]. Product Development and Market Position - The company is focusing on AI technology development, with significant investments in AI audio and video technology, including the development of various AI capabilities for video, images, audio, and language [11]. - New product launches in 2023, such as the digital human short video marketing tool and AIGC image generation tool, have contributed to revenue growth across different product lines [23]. - The video creative product line generated 961 million yuan in revenue in 2023, with a 5 percentage point increase in subscription renewal rates [23]. Valuation Metrics - The current market capitalization corresponds to a price-to-sales (P/S) ratio of 7 times for 2024 [23]. - The earnings per share (EPS) is projected to increase from 0.63 yuan in 2023 to 0.77 yuan in 2024 [22]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 145.38 in 2023 to 117.54 in 2024, indicating improving valuation metrics [22].
2023年报及2024一季报点评:业绩稳健增长,关注AI进展