Wondershare(SZ:300624) Haitong Securities·2024-05-31 05:01Investment Rating - The investment rating for the company is "Outperform the Market" [1]. Core Views - The company is positioned as a leading digital creative enabler in the AIGC software sector, aiming to become a globally influential software company with a mission to enhance creativity worldwide [1][10]. - The company has launched various digital creative software products and is actively developing its AIGC capabilities, including the "Tianmu" multimedia model, which is expected to significantly enhance user experience in video creation [3][23]. - The company has reported strong financial growth, with a revenue increase of 25.5% year-on-year in 2023, and a net profit growth of 113.2% [23][26]. Financial Summary - Revenue for 2023 was 1,481 million yuan, with projections of 1,788 million yuan for 2024, 2,117 million yuan for 2025, and 2,473 million yuan for 2026 [11][29]. - Net profit for 2023 was 86 million yuan, expected to grow to 111 million yuan in 2024, 145 million yuan in 2025, and 181 million yuan in 2026 [11][29]. - The gross margin is projected to remain high, around 94.8% in 2023, slightly decreasing to 94.3% by 2026 [11][29]. Business Segmentation - The company’s revenue from video creative products is expected to grow at a rate of 25% in 2024, 22% in 2025, and 20% in 2026 [26][28]. - The practical tools segment is projected to grow steadily at 8% annually from 2024 to 2026 [26][28]. - The document creative segment is expected to see growth rates of 15% in 2024, 12% in 2025, and 10% in 2026 [26][28]. - The drawing creative segment is anticipated to grow at rates of 20% in 2024, 15% in 2025, and 12% in 2026 [26][28]. Strategic Initiatives - The company is actively pursuing partnerships with major tech firms like Microsoft and Huawei to enhance its AI capabilities and expand its product offerings [25]. - The company has launched several innovative products leveraging AI technology, including tools for video editing, music generation, and virtual companionship [12][23]. - The company is focusing on building a robust ecosystem by collaborating with leading AI firms and research institutions to enhance its technological capabilities [25].