Wondershare(SZ:300624) Guoyuan Securities·2024-05-09 11:00Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved rapid revenue growth in 2023, with total revenue reaching 1.481 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 86.21 million yuan, up 113.20% year-on-year [2][4]. - The company continues to invest heavily in R&D, with R&D expenses amounting to 403 million yuan in 2023, a 15.73% increase from the previous year [2][4]. - The company launched several AI-generated content (AIGC) features across its product lines, enhancing user experience and expanding its market reach [3][4]. Financial Performance - In 2023, the company reported a gross margin of 94.64% for video creative products, 94.31% for drawing creative products, and 93.82% for document creative products [2]. - The first quarter of 2024 saw a revenue of 358 million yuan, a 0.90% year-on-year increase, with a non-GAAP net profit of 22.77 million yuan, up 26.59% year-on-year [2][4]. - Revenue projections for 2024-2026 are estimated at 1.813 billion, 2.187 billion, and 2.606 billion yuan, respectively, with net profits expected to reach 114.33 million, 151.18 million, and 198.88 million yuan [4][6]. Product Development - The company has introduced various AIGC functionalities, including video face-swapping, image tracking, AI music generation, and AI voice enhancement [3][4]. - The document creative line has launched an intelligent document processing robot, "Lumi," which offers features such as dialogue discussion, document summarization, and content rewriting [3][4]. - The practical tools line has enhanced its data recovery software with AI capabilities, including intelligent analysis and AI restoration features [3].