ArcSoft(SH:688088) Guotai Junan Securities·2024-05-30 05:01Investment Rating - The report maintains an "Accumulate" rating for the company [8][22] - The target price is set at 38.10 CNY, unchanged from the previous forecast [8][22] Core Insights - The PSAI video generation function has been successfully launched, and the smart commercial photography business shows significant potential [22] - The company has completed the core algorithm filing for smart commercial photography, with the AIGC video generation function officially launched on May 23, 2024 [22] - The smart commercial photography market is expected to grow significantly, with a potential market space of 6 billion CNY in the clothing sector alone [22] - The company plans to continue expanding its user base by launching a personal app aimed at C-end users, which is currently in prototype development [22] Summary by Sections Company Overview - The company, ArcMuse, has accelerated the market promotion of its PSAI video generation function after completing the necessary filings [7][22] - The smart commercial photography platform aims to reduce video shooting time and costs for brand enterprises and e-commerce merchants [22] Business Development - The mobile business is developing steadily, and the intelligent driving business is expanding internationally [10][22] - The company has become a mainstream visual algorithm supplier for domestic automotive OEMs and has received EU certification for its products [10][22] Market Potential - The report highlights the significant market potential for smart commercial photography, particularly in the clothing sector, which constitutes a large portion of online retail [22] - The PSAI platform has been integrated into various e-commerce platforms, indicating a rapid acceleration in promotion [22]