事件: 2025 年4 月28 日，公司公告2024 年年报及2025 年一季报，2024年公司营收14.4 亿元，同比-2.78%；归 母净利润-1.63 亿元，同比-289.61%；扣非后归母净利润-1.61 亿元，同比-279.80%。 2025Q1，公司营收3.8 亿元，同比+6.06%；归母净利润-0.33 亿元，同比-227.93%；扣非后归母净利 润-0.38 亿元，同比-265.49%。 投资要点: 接入DeepSeek 等模型，2025Q1 部分产品移动端收入同比翻倍2025Q1，公司品牌力持续强化，社媒曝光 量超12 亿次创单季历史新高。公司持续推进以音视频为核心的算法技术研发，完成DeepSeekR1、阿里 通义万相、Pika 等外部大模型能力接入，为存量产品AI 功能的优化和AI 创新产品的交互构建技术基 础。 2024 年视频创意付费用户数同比20%+，AI 原生应用收入同比翻倍2024 年，公司视频创意/实用工具/文 档创意/绘图创意类工具收入9.61/2.34/1.17/1.21 亿元，同比+0.06%/-8.7%/-10.13%/-5.88%；其中： 1）视频创意产品：总付费用 ...

2025 年 05 月 04 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万兴科技 | -2.9% | -10.8% | -7.0% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 61.07 | | 当前价格（元） | 61.07 | | --- | --- | | 周价格区间（元） 52 | 37.92-94.80 | | 总市值（百万） | 11,807.05 | | 流通市值（百万） | 10,457.21 | | 总股本（万股） | 19,333.63 | | 流通股本（万股） | 17,123.32 | | 日均成交额（百万） | 869.09 | | 近一月换手（%） | 4.33 | 相关报告 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 收入同比增速连 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its investment in AI, leading to a significant rise in revenue from AI-native applications, with an expected income of approximately 67 million yuan in 2024, representing over 100% year-on-year growth [8] - Despite short-term pressure on profits due to increased R&D and sales expenses, the company is expected to see revenue growth driven by product capability enhancements and successful marketing efforts [8] - The company aims to optimize its product offerings and user experience, which is anticipated to lead to continued revenue growth in the coming quarters [8] Financial Summary - Total revenue for 2023 is projected at 1,481 million yuan, with a year-on-year growth of 25.49%, while 2024 revenue is expected to decline slightly to 1,440 million yuan, a decrease of 2.78% [1] - The net profit attributable to the parent company is forecasted to be 86.21 million yuan in 2023, but is expected to turn negative in 2024 at -163.46 million yuan, reflecting a significant year-on-year decline of 289.61% [1] - The earnings per share (EPS) for 2025 is estimated at 0.31 yuan, with projections for 2026 and 2027 at 0.56 yuan and 0.84 yuan respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 57.45 CNY and a fair value of 66.13 CNY [3]. Core Insights - The company is currently in a strategic investment phase focusing on multi-platform development and AI integration, awaiting a performance turning point [1][7]. - In 2024, the company reported a revenue of 1.44 billion CNY, a year-over-year decrease of 2.8%, and a net loss attributable to shareholders of 163 million CNY, marking a shift from profit to loss [8][9]. - The company is experiencing high costs and goodwill impairment, primarily due to increased operating costs, R&D, and sales expenses, alongside a significant rise in server costs related to AI functionality development [7][9]. - The AI commercialization process is showing initial success, with over 500 million AI server calls and a 100% year-over-year increase in AI native application revenue, reaching approximately 67 million CNY [10][11]. - Despite short-term pressures, the long-term outlook remains positive due to ongoing multi-platform advancements and AI product commercialization, with expectations of a performance turnaround as mobile product engagement and B2B market orders increase [11][27]. Financial Forecast - The company forecasts revenues of 1.60 billion CNY, 1.81 billion CNY, and 2.10 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 11.0%, 13.3%, and 16.1% [2][27]. - The net profit attributable to shareholders is expected to recover to 61 million CNY, 129 million CNY, and 206 million CNY over the same period, with growth rates of 137.2%, 111.9%, and 59.9% [2][27]. - The report highlights the company's strong position in the domestic digital creative sector and suggests a valuation of 8X PS for 2025, leading to a fair value estimate of 66.13 CNY per share [27].

2024 年业绩略低于预期，1Q25 业绩基本符合预期公司公布2024 年年报，全年收入14.4 亿元，同比下滑 2.8%；归母净利润亏损1.63 亿元，同比由盈转亏。单季度来看，公司4Q24 收入3.87 亿元，同比持平； 归母净利润亏损1.58 亿元，同比由盈转亏。2024 年由于公司部分新产品尚处推广期收入贡献有限，同 时部分子公司产品创新转型期利润有所下滑，相应计提商誉减值0.6 亿元，导致利润端亏损，整体业绩 低于我们的预期。 公司同时公告25 年一季报，1Q25 收入3.8 亿元，同比增长6%；归母净利润亏损0.32 亿元，同比由盈利 转亏。公司一季度收入端企稳，但费用端持续加大投入，造成一定亏损，整体业绩基本符合我们的预 期。 发展趋势 24 年业绩阶段性承压，季度维度趋势向好。分产品线来看，公司2024 年核心视频创意类产品收入9.61 亿元，同比持平；而绘图创意类产品、文档创意类产品、实用工具类产品收入略微下滑。同时公司24 年在销售端和研发端维持较高的投入力度，销售费用率达到59%，同比提升超过10ppts；研发费用率达 到30.7%，同比提升3ppts。而在1Q25，公司核心产品收入增速 ...

Core Viewpoint - The company reported a decline in revenue and a shift to net loss for 2024, while showing signs of revenue growth in the first quarter of 2025, indicating ongoing challenges in profitability despite some positive trends in revenue growth [1][2]. Revenue Performance - In 2024, the company achieved revenue of 1.44 billion yuan, a year-on-year decrease of 2.78% [1][2]. - The company recorded a revenue of 380 million yuan in the first quarter of 2025, representing a year-on-year growth of 6.06% [1][2]. - The fourth quarter of 2024 saw revenue of 387 million yuan, a slight increase of 0.43% compared to the previous year [2]. Profitability Analysis - The company reported a net profit attributable to shareholders of -163 million yuan in 2024, marking a transition from profit to loss [1][2]. - In the first quarter of 2025, the net profit attributable to shareholders was -33 million yuan, continuing the trend of losses [1][2]. Expense and Margin Trends - The company's expense ratio increased to 99.6% in 2024, up 12.3 percentage points from 2023, primarily due to a rise in sales expense ratio [3]. - The sales expense ratio rose to 58.9% in 2024, an increase of 10.1 percentage points, attributed to intensified market competition and rising traffic costs [3]. - The gross margin decreased by 1.6 percentage points to 93.2% in 2024, and further declined by 2.2 percentage points to 92.3% in the first quarter of 2025 [3]. Business Segment Performance - The video creative segment saw revenue of 961 million yuan in 2024, a slight increase of 0.06% year-on-year [2]. - The company’s mobile product, Filmora, underwent a comprehensive upgrade, resulting in a 90% increase in monthly active users and significant revenue growth [4]. - AI-driven applications generated 67 million yuan in revenue in 2024, with a growth rate exceeding 100% [4]. Future Outlook and Investment Recommendations - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 68 million yuan, 94 million yuan, and 137 million yuan respectively [5]. - The company is focusing on enhancing its core products and expanding AI applications, which are expected to drive future revenue growth [5].

Group 1: Financial Performance - In 2024, the company achieved revenue of 1.44 billion yuan, a year-on-year decrease of 2.8%, with a net loss attributable to shareholders of 160 million yuan; in Q1 2025, revenue reached 380 million yuan, a year-on-year increase of 6.1%, with a net loss of 30 million yuan [1] - The gross margin in Q1 2025 was 92.3%, a year-on-year decline of 2.2 percentage points, primarily due to increased operating costs from AI server expenses [1] - The sales, management, and R&D expense ratios increased year-on-year by 15.1 percentage points, 0.7 percentage points, and decreased by 1.1 percentage points respectively, with the rise in sales expense ratio attributed to intensified market competition and increased costs for new products and channels [1] Group 2: AI Empowerment and Product Development - The company has seen functional innovations across its business products with AI integration, particularly in mobile strategies, leading to significant growth in active users [2] - In 2024, the video creative business generated revenue of 961 million yuan, with the core product Filmora releasing its V14 version featuring over ten innovative functions [2] - The practical tools business generated revenue of 234 million yuan, with the MobileTrans product seeing over 40% year-on-year revenue growth through deep integration with AI [2] Group 3: Operational Efficiency and Cost Reduction - AI tools have been introduced to enhance operational efficiency, significantly reducing R&D costs and assisting over 400 personnel in code generation, with AI-generated code accounting for 35% of total output [3] - The efficiency of material generation driven by AI has improved, with over 14 million AI materials exported throughout the year, representing a year-on-year increase of over 700% [3] Group 4: Profit Forecast and Valuation - The company is expected to continue enhancing product capabilities and marketing channels while actively engaging in AIGC, with projected revenues of 1.647 billion, 1.975 billion, and 2.421 billion yuan for 2025-2027, and net profits of 62 million, 94 million, and 132 million yuan respectively [4] - The expected EPS for the same period is 0.32, 0.49, and 0.69 yuan, maintaining a "buy" rating [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 1.44 billion, with AI native application revenue approximately CNY 67 million, marking a year-on-year growth of over 100% [3][11] - In Q1 2025, the company reported a revenue of CNY 380 million, representing a year-on-year increase of 6.06% [3][10] Research and Development - In 2024, the company invested CNY 442 million in R&D, with a R&D expense ratio of 30.73%, highlighting its commitment to innovation [4] - The company developed a multimedia model "Tianmu" covering video, audio, image, and language models, and enhanced its AI capabilities across various products [4] Product Innovation - The video creative product Filmora upgraded to version 14, introducing over ten innovative features, resulting in a 68% increase in Trustpilot ratings [5] - The mobile version of Filmora saw a 90% increase in monthly active users in 2024, with a significant rise in revenue share [5][14] - AI marketing short video tool Virbo's revenue grew approximately 200% year-on-year, while the AI image product SelfyzAI's revenue increased about 400% [6] Team Development - By the end of 2024, the company employed 1,704 people, an increase of 8.26% year-on-year, with R&D personnel accounting for approximately 54% [7] - The company promotes a "big platform, medium product, small team" management strategy to foster innovation and entrepreneurship among employees [7] Ecosystem Collaboration - The company actively participates in AI hardware and software ecosystem collaborations, achieving a 34% year-on-year growth in government and enterprise revenue in 2024 [8] - The company received the "Outstanding Contribution Member Unit" award from the Xinchuang Working Committee in 2024, enhancing its brand recognition [8] Future Outlook - The company is optimistic about the development of multimodal AI applications and aims to integrate AI capabilities deeply into traditional workflows [9] - The company plans to continue expanding its user base and enhancing the perceived value of AI through real experiences [9][12] Marketing and Commercialization - The company increased marketing expenses significantly in 2024 to enhance brand awareness and product visibility, with a 9% decrease in sales expenses in Q1 2025 compared to Q4 2024 [10] - AI native application revenue is expected to continue growing, with the company focusing on enhancing user experience and commercializing AI features [11][12] External Model Integration - The company maintains an open attitude towards external large models while focusing on self-developed algorithms for vertical user scenarios [17][18] - The integration of external models is expected to accelerate the iteration and commercialization of AI functions [18]