主业稳健，AI 赋能+出海增量可期 ——值得买 24 年年报及 25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据最新财报，我们预测公司 25-27 年归母净利润 1.3/1.5/1.8 亿元（原预测 25-26 年 归母净利润 1.4/1.7 亿元，根据最新财报下调收入预测和毛利率，AIGC 业务赋能下 调费用率），参考可比公司给予 25 年 60xPE（调整后均值），对应目标价 38.40 元/ 股，维持"买入"评级。 风险提示 行业竞争加剧，流量增长放缓，AIGC 进展不及预期对公司估值有所影响。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,452 | 1,518 | 1,704 | 1,925 | 2,322 | | 同比增长 (%) | 18.2% | 4.5% | 12.3% | 13.0% | 20.6% | | 营业利润(百万元) | 83 | 83 | 159 | 183 | 228 | | 同比增长 (%) | - ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY per share, based on a 60x PE ratio for 2025 [2][4]. Core Insights - The company's main business remains stable, with potential growth driven by AI empowerment and overseas expansion. The financial performance shows a gradual recovery, with a focus on AIGC applications [1][7]. - The company achieved a revenue of 1.52 billion CNY in 2024, reflecting a year-on-year growth of 4.55%, and a net profit of 75 million CNY, up 0.62% year-on-year [7]. - The "What Worth Buying" app's monthly active users (MAU) reached 3967.8 million in 2024, a 1.0% increase year-on-year, with significant growth in AIGC content generation [7]. Financial Summary - Revenue projections for 2025-2027 are 1.704 billion CNY, 1.925 billion CNY, and 2.322 billion CNY, respectively, with year-on-year growth rates of 12.3%, 13.0%, and 20.6% [3][10]. - The company's net profit is forecasted to be 127 million CNY in 2025, 145 million CNY in 2026, and 181 million CNY in 2027, with growth rates of 68.4%, 14.7%, and 24.8% respectively [3][10]. - The gross margin is expected to be around 46.9% in 2025, with a net margin of 7.4% [3][10]. Business Development - The company is expanding its new business segments, with operational service revenue projected to reach 327 million CNY in 2024, a 17.29% increase year-on-year [7]. - The overseas revenue for 2024 is expected to be 4.807 million CNY, showing a year-on-year growth of 19.9% [7].

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 1.55 billion yuan, a year-on-year increase of 15.18% [3] - The net profit attributable to shareholders was 75.24 million yuan, with a slight increase of 0.62% [3] - The net profit after deducting non-recurring gains and losses was 71.82 million yuan, reflecting a growth of 13.93% [3] - In Q4 2024, the net profit attributable to shareholders reached 71.44 million yuan, a significant increase of 17.7% compared to the previous quarters [3] Group 2: AI Strategy and Investment - The company launched its "Comprehensive AI" strategy in May 2024, with a total R&D investment of 182 million yuan, up 10.52% from the previous year [3] - AI investments accounted for 11.96% of total operating revenue [3] - The company aims to enhance its market competitiveness through the integration of AI technology into its business and management processes [3][20] Group 3: Product Development and Innovations - The "What’s Worth Buying GEN2" version is set to launch in May 2025, focusing on improving user-generated content quality [6][11] - The company is developing an independent Agent product to assist users in making purchases and tracking orders [8] - The AI tool "Magic Lamp Material Assistant" has been introduced to automate the generation of marketing materials, improving efficiency and reducing costs [21] Group 4: Market Expansion and Internationalization - The company plans to expand its international presence, targeting five countries by the end of 2025, primarily in Asia [13][22] - The first international site in Thailand has been established, with further partnerships in Indonesia planned [13][22] Group 5: Financial Efficiency and Cost Management - The sales expense ratio decreased in 2024 and Q1 2025 due to improved operational efficiency from AI applications [14] - The increase in contract liabilities in Q1 2025 was primarily due to a rise in advance payments from clients [15] - The company anticipates continued cost savings through AI-driven workflow improvements [16]