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 ...

Core Viewpoint - The company reported a slight decline in 2024 performance, with a net loss, but the first quarter of 2025 showed signs of stabilization in revenue growth [1][2]. Financial Performance - In 2024, the company generated revenue of 1.44 billion yuan, a year-on-year decrease of 2.8%, and reported a net loss of 163 million yuan, shifting from profit to loss [1]. - For Q4 2024, revenue was 387 million yuan, remaining flat year-on-year, with a net loss of 158 million yuan [1]. - In Q1 2025, revenue reached 380 million yuan, a year-on-year increase of 6%, but the net loss was 32 million yuan, indicating a shift from profit to loss [1]. Product Line Performance - In 2024, the core video creative product line generated revenue of 961 million yuan, remaining stable year-on-year, while other product lines saw slight declines [2]. - The company maintained high investment in sales and R&D, with a sales expense ratio of 59%, up over 10 percentage points year-on-year, and an R&D expense ratio of 30.7%, up 3 percentage points [2]. - In Q1 2025, revenue growth stabilized for core products, with mobile revenue from the video creative product "Filmora" increasing by over 100% [2]. AI Revenue Growth - In 2024, revenue from native AI applications reached approximately 67 million yuan, showing a year-on-year growth of over 100% [3]. - In Q1 2025, revenue from native AI applications was 32 million yuan, nearly half of the total for 2024 [3]. - The company expects native AI revenue to continue growing, projecting over 120 million yuan in 2025 [3]. Profit Forecast and Valuation - The company has adjusted its 2025 revenue forecast down by 12% to 1.597 billion yuan and net profit forecast down by 81% to 31 million yuan [4]. - The 2026 revenue forecast is set at 1.796 billion yuan, with a net profit forecast of 83 million yuan [4]. - The company maintains an outperform rating with a target price of 75 yuan, reflecting a 37% upside potential based on a 9x P/S ratio for 2025 [4].