Investment Rating - Maintained "Overweight" rating [1] Core Views - The company's performance is under short-term pressure due to prolonged product promotion cycles and rising traffic costs, but it continues to actively embrace generative AI and focuses on digital creative vertical scenarios, aiming to provide a full-chain digital creative product solution for global markets [3] - Multiple products have undergone major version updates, with potential for accelerated growth in the future [4] Financial Performance - Revenue for the first three quarters of 2024 was RMB 1.053 billion, a year-on-year decrease of 3.91% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was -RMB 5 million, a year-on-year decrease of 108.48% [2] - In Q3 2024, revenue was RMB 348 million, a year-on-year decrease of 7.93%, and net profit attributable to the parent company was -RMB 30 million, a year-on-year decrease of 242% [2] Product Updates - Filmora V14 was launched overseas on September 28, 2024, with comprehensive upgrades to its AI capabilities [4] - EdrawMind V12 was launched in August 2024, with increased paid users and renewal sales, and its HarmonyOS version entered the HarmonyOS App Store for public testing [4] - PDFelement V11 was released with intelligent, integrated, and professional upgrades [4] - SelfyzAI, an AI-powered image product, saw continuous growth in user numbers and revenue [4] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 1.522 billion, RMB 1.762 billion, and RMB 2.099 billion, respectively [6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 62 million, RMB 83 million, and RMB 110 million, respectively [6] - The current stock price corresponds to a PE ratio of 193X, 146X, and 109X for 2024-2026 [6] Market Performance - The stock price as of October 28, 2024, was RMB 64.96, with a 52-week range of RMB 37.92-124.04 [3] - The total market capitalization was RMB 12.559 billion, with a circulating market capitalization of RMB 11.123 billion [3] Cost Structure - Gross margin for the first three quarters of 2024 was 93.72%, a year-on-year decrease of 1.47 percentage points, mainly due to increased computing costs for AI functionalities [3] - Sales/management/R&D expense ratios for the first three quarters of 2024 were 55.72%, 11.37%, and 29.07%, respectively, with sales expenses increasing due to global brand-building efforts and R&D expenses rising due to increased AI investments [3]

证券研究报告·公司点评报告·软件开发 万兴科技（300624） 2024 年三季报点评：加大投入致业绩承压， 期待 AI 商业化落地 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1180 | 1481 | 1530 | 1725 | 1905 | | 同比（ % ） | 14.67 | 25.49 | 3.33 | 12.76 | 10.43 | | 归母净利润（百万元） | 40.43 | 86.21 | 39.01 | 77.09 | 85.37 | | 同比（ % ） | 44.78 | 113.20 | (54.75) | 97.62 | 10.75 | | EPS- 最新摊薄（元 / 股） | 0.21 | 0 ...

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 62.28 | | 一年内最高/最低（元） | 124.04/37.92 | | 市净率 | 9.4 | | 息率（分红/股价） | 0.18 | | 流通 A 股市值（百万元） | 10,664 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 6.59 | | 资产负债率 % | 16.30 | | 总股本/流通 A 股（百万） | 193/171 | ...

证券代码：300624 证券简称：万兴科技 万兴科技集团股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |--------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

领军者，AI 赋能未来可期 2024-02-07 万兴科技（ [Table_StockNameRptType] 300624） 公司点评 前三季度成本上升、AI 投入加大致业绩承压 | --- | --- | |-------------------------------------|--------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-25 | | [Table_BaseData] 收盘价（元） | 61.99 | | 近 12 个月最高 / 最低（元） | 124.04/37.92 | | 总股本（百万股） | 193 | | 流通股本（百万股） | 171 | | 流通股比例（ % ） | 88.57 | | 总市值（亿元） | 120 | | 流通市值（亿元） | 106 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -18% 6% 30% 54% 10/23 1/24 4/24 7/24 10/24 万兴科技 沪深300 [Table_Author] 分析师：金荣 执业证书号：S0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a slowdown in revenue growth and profit pressure, with a 7.9% year-over-year decline in revenue for Q3 2024, totaling 348 million RMB, and a 3.9% decline for the first three quarters of 2024, totaling 1.053 billion RMB [2] - The net profit attributable to shareholders turned from profit to loss, with a net loss of 29.988 million RMB in Q3 2024 and a total net loss of 54.973 million RMB for the first three quarters [2] - The company is focusing on enhancing its algorithm capabilities and product innovation, with new product launches such as Edraw.AI and SelfyzAI, while also increasing its intangible assets by 54.02 million RMB due to new computing power purchases [2] Summary by Sections Revenue and Profit - Q3 2024 revenue was 348 million RMB, down 7.9% year-over-year; total revenue for the first three quarters was 1.053 billion RMB, down 3.9% year-over-year [2] - Q3 2024 net profit attributable to shareholders was -29.988 million RMB, and for the first three quarters, it was -54.973 million RMB [2] - The comprehensive gross margin for the first three quarters of 2024 was 93.7%, a decrease of 1.5 percentage points year-over-year [2] Expenses - R&D expense ratio for the first three quarters of 2024 was 29.1%, up 1.6 percentage points year-over-year; sales expense ratio was 55.7%, up 5.9 percentage points; management expense ratio was 11.4%, down 0.2 percentage points [2] - The total number of employees in the first half of 2024 was 1,562, a decrease of 12 from the previous year [2] Product Development - The company launched new products including Edraw.AI and SelfyzAI, and saw a 49.5% year-over-year increase in contract liabilities, totaling approximately 37.825 million RMB [2] Profit Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are 1.482 billion RMB, 1.669 billion RMB, and 1.851 billion RMB respectively, with net profits of 8 million RMB, 23 million RMB, and 29 million RMB respectively [2] - The current stock price corresponds to a price-to-sales (P/S) valuation of 8.1, 7.2, and 6.5 times for 2024, 2025, and 2026 respectively [2]

dershare AIGC软件A股上市公司 股票代码: 300624.SZ 万兴科技集团股份有限公司 2024年第三季度报告 图 an I 10 级 EB BUILD 四 = BB gy 让世界更有创意 2024年10月 万兴科技集团股份有限公司 2024 年第三季度报告 证券代码：300624 证券简称：万兴科技 公告编号：2024-066 万兴科技集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 2 万兴科技集团股份有限公司 2024 年第三季度报告 会计差错更正 会计政策变更的原因及会计差错更正的情况 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 ...

万兴科技集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 证券代码：300624 证券简称：万兴科技 公告编号：2024-065 万兴科技集团股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 了第四届董事会第十七次会议和第四届监事会第十四次会议、2024 年 5 月 21 日 召开了 2023 年度股东大会，审议通过了《关于公司及子公司 2024 年度向银行等 金融机构申请综合授信暨有关担保的议案》，同意公司为全资子公司万兴科技（湖 南）有限公司（以下简称"湖南万兴"）提供担保，担保总额度预计不超过人民 币 4 亿元（含本数），担保额度期限自公司 2023 年度股东大会审议通过之日起 十二个月内有效。具体内容详见公司于 2024 年 4 月 27 日、2024 年 5 月 21 日刊 登于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 二、担保进展情况 近日，公司与中国建设银行股份有限公司长沙芙蓉支行（以下简称"建设银 行"）签署了《最高额保 ...

北京国枫律师事务所 关于万兴科技集团股份有限公司 调整 2024 年员工持股计划相关事项的 法律意见书 国枫律证字[2024]AN125-2 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话(Tel)：010－66090088/88004488 传真(Fax)：010－66090016 | 庭 以上 - 2000 - 100 - 100 - 100 - 100 - 100 - 100 - 200 - 200 - 200 - 20 | | --- | | 关于员工持股计划调整的审批程序 | | ı Í 关于员工持股计划调整的内容 | | 三、关于员工持股计划调整的信息披露 | | 四、结论意见 | 释 义 法律意见书 国枫律证字[2024]AN125-2 号 致：万兴科技集团股份有限公司 根据本所与公司签署的律师服务协议，本所接受公司的委托，担任公司本次 员工持股计划的专项法律顾问，并就公司本次员工持股计划调整的事宜出具本法 律意见书。 本所依据《公司法》《证券法》《指导意见》《监管指引 2 号》等有关法律、 法规、规 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-068 万兴科技集团股份有限公司 第四届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 万兴科技集团股份有限公司（以下简称"公司"）第四届监事会第十七次 会议（以下简称"监事会"）于 2024 年 10 月 19 日以通讯、邮件等方式向全体监 事发出会议通知，于 2024 年 10 月 21 日以通讯等方式向全体监事发出补充会议 通知，并于 2024 年 10 月 24 日在深圳市南山区海天二路软件产业基地 5 栋 D 座 10 楼会议室以现场方式召开。本次会议由公司监事会主席翟桂芬女士主持，应 出席会议监事 3 人，实际出席监事 3 人。 本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件及《万兴科技集团股份有限公司章程》（以下简称"《公司章程》"） 的规定。 经全体监事审议并表决，一致形成决议如下： 1、审议通过《关于公司〈2024 年第三季度报告〉的议案》 经对董事会编制的公司《2024 年第三季度报告》认真审核， ...