2023年年报及2024年一季报点评报告：持续深化AI与产品融合，激发业绩增长新动能

Investment Rating - The report maintains an "Accumulate" rating for the company [6][11][38] Core Views - The company is positioned as a leading provider of digital creative software products and services in China, benefiting from the evolution of AI multimodal technology and the launch of the "Tianmu" large model [11][38] - The company is actively embracing the AIGC technology upgrade trend, leveraging specific scenarios and a broad user base to implement numerous innovative features and products [42] - The company has made significant investments in AI audio and video technology research and development, with R&D expenses reaching 403 million yuan in 2023, a year-on-year increase of 15.73% [7][11] Financial Performance Summary - In 2023, the company achieved revenue of 1.481 billion yuan, a year-on-year growth of 25.49%, and a net profit attributable to shareholders of 86 million yuan, a year-on-year increase of 113.20% [6][11] - For 2024, the company is projected to generate revenue of 1.783 billion yuan, with a net profit of 107 million yuan, reflecting growth rates of 20% and 24% respectively [3][11] - The gross profit margin for 2023 was 94.77%, showing a slight decline of 0.7 percentage points year-on-year [6][11] Product and Market Development - The company has launched the "Tianmu" video multimedia large model, which is based on audio and video generative AI technology, and has iterated nearly a hundred audio and video capabilities [38] - The video creative segment generated revenue of 961 million yuan, a year-on-year increase of 28.91%, with an overall subscription renewal rate improving by 5 percentage points [7][11] - The document creative segment saw revenue of 130 million yuan, up 30.92% year-on-year, with a 20% increase in paid users [9][11] Strategic Collaborations - The company is actively engaging in external collaborations to explore new opportunities in AI development, partnering with leading firms such as OpenAI, Baidu, and major domestic and international technology companies [10][11]