Group 1 - The core viewpoint of the article highlights the impressive debut of the professional video editing software, Wondershare Filmora, on the Hongmeng platform, showcasing over 20 features and emphasizing its "Touch to Edit" capability for an efficient editing experience [1] - The founder of Wondershare, Wu Taibing, expressed the company's ambition to empower creators globally with simplified and intelligent creative software, positioning Chinese creative software as a new source of inspiration for global creators [9] - Wondershare has developed a robust product matrix with advanced technology and innovative marketing strategies, which has contributed to its steady progress in the digital creative software sector [12] Group 2 - The company has successfully established a strong presence in the Japanese market, ranking among the top three video editing software providers, with over 5,600 partners and more than 30 agents across Japan [11] - After over 20 years of development, Wondershare has launched dozens of digital creative software products, holding 457 software copyrights and 152 patents, supported by a research and development team of over 800 people [12] - The company attributes its growth to the favorable innovation environment in Shenzhen, which provides timely policies and support for private and tech enterprises, enhancing its ability to innovate and reduce operational costs [13]

Core Viewpoint - The company's overall performance in 2024 meets market expectations, with a positive long-term growth potential due to continuous product line enhancement and localized service advantages [1] Investment Highlights - The investment recommendation is to maintain a "buy" rating, with the target price raised to 52.42 yuan (+8.99 yuan). The company is expected to enhance product competitiveness and market share through continuous product line improvement and layout in the信创 market, further consolidating and expanding domestic and international markets. EPS forecasts for 2025-2027 are 1.15 (+0.27), 1.36 (+0.21), and 1.58 yuan respectively. A PE of 45.5 times is assigned for 2025, leading to the target price adjustment [2] - In 2024, the company achieved an operating income of 289 million yuan, a year-on-year increase of 3.93%. The CAD software business's domestic market revenue slightly declined due to cyclical fluctuations in downstream industries and a slowdown in demand from small and medium-sized clients. However, the CAD cloud business and internet advertising promotion business saw significant growth, driven by the promotion of the CAD viewing product, becoming the main growth drivers for the company's performance. The net profit attributable to shareholders in 2024 was 62.99 million yuan, a year-on-year increase of 16.37%, mainly due to increased interest income and a decrease in financial expenses by 10.2 million yuan [2] Product Development and Market Strategy - The company is continuously enhancing its product line to solidify its core business competitiveness. In the CAD software sector, the company completed the full acquisition of Hungarian CadLine and released multiple upgraded versions, accelerating localized R&D and building a self-controlled domestic 3DBIM software system. In the CAD cloud business, the company launched the cloud product Haocad CAD 365 for B-end application scenarios, promoting product upgrades to cloud-based cross-terminal solutions and actively exploring the construction of a domestic CAD cloud platform, gradually forming a differentiated competitive advantage [3] - The acceleration of domestic substitution and emphasis on global layout in software exports provide the company with a competitive edge. Recent national policies focus on core technology breakthroughs in software, and under the encouragement of policies for Chinese companies to go global, domestic industrial software is experiencing new development opportunities. The company has actively promoted信创 business, with over 70% of downstream clients being state-owned enterprises across various industries, while also expanding its global presence in the Asia-Europe market, demonstrating resilience against U.S. tariff policies. The company aims to leverage superior product quality, relative price advantages over international competitors, and lightweight product features to gain a more favorable position in global competition [3]