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：2024-005 | --- | --- | --- | |------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话:0755-88286488 传真:0755-88286499 邮编:518026 ————————————————————————————— ————————————————————————————— 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的法律意见 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 06G20240029-04 号 （四）公司于 2024 年 8 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）公布的 《关于召开 2024 年第三次临时股东大会的通知》（以下简称"《股东大会通知》"）； （五）公司本次股东大会现场参会股东、股东代理人到会登记记录及凭证资料、授 权委托书； （六）公司本次股东大会股东表决情况凭证资料； 北京德恒（深圳）律师事务所 关于万兴科技集团股份有限公司 2024 年第三次临 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-057 万兴科技集团股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无变更、否决提案的情形。 2、本次股东大会无涉及变更前次股东大会决议的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024 年 9 月 3 日（星期二）下午 15:00。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为：2024 年 9 月 3 日 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深交所互联网投票系统进行网络投票的具体时间为：2024 年 9 月 3 日 9:15 至 15:00 期间的任意时间。 2、现场会议召开地点：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。 3、会议召开方式：采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：董事长吴太兵先生。 6、本次股东大会会议的召集、召 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-056 万兴科技集团股份有限公司 关于回购公司股份的进展公告 公司后续将严格按照相关法律、法规规定及公司回购股份方案，在回购期限 内根据市场情况择机做出回购决策并予以实施股份回购，并根据相关法律、法规 的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 万兴科技集团股份有限公司 董事会 2024 年 9 月 2 日 万兴科技集团股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日召开 第四届董事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，使 用自有资金以集中竞价方式回购公司部分 A 股股份，用于员工持股计划或股权 激励计划；回购股份的资金总额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购股份的价格不超过人民币 71.78 元/股（含），回购期限 自公司董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 8 月 16 日在巨潮资讯网上披露的《关于回购公司股份方案的公告暨回购 报告书》（公告编号：2024-054）。 根据《上市公司股份回购规 ...

万兴科技集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |---------------------------|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's government and enterprise business performed well, with a 46% YoY growth in revenue from this segment in H1 2024 [5] - The company is focusing on both technological development and commercialization, with over 100 AI algorithms developed or integrated in H1 2024 [6] - The company is well-positioned to benefit from the AIGC trend and the natural affinity of Gen Z for AIGC, with the launch of its multimedia large model "Tianmu" and several AIGC creative products [9] - The company's short-term performance is under pressure, but its B2B business is expected to become a new growth driver [10] Financial Performance - In H1 2024, the company achieved total operating revenue of 705 million yuan, a YoY decrease of 1.80%, and net profit attributable to the parent company of 24.49 million yuan, a YoY decrease of 43.99% [5] - In Q2 2024, the company achieved operating revenue of 347 million yuan, a YoY decrease of 4.43%, and a net loss attributable to the parent company of 1.159 million yuan [5] - The company's overseas revenue reached 641 million yuan, accounting for over 90% of total revenue, with core video creative business contributing 461 million yuan, accounting for over 65% of revenue [5] - The company's revenue is expected to grow to 1.682 billion yuan in 2024, 1.937 billion yuan in 2025, and 2.261 billion yuan in 2026 [7] Product Development - The company has been strengthening its product base, with the release of new versions of its flagship products such as Filmora V13.5 and PDFelement V11, which include enhanced AI capabilities [8] - The company has also launched new AI-powered products such as Selfie U and Media.io Studio, targeting the growing demand for AIGC tools [8] Market Opportunities - The company is well-positioned to capitalize on the AIGC trend, with the global AI market expected to grow at a CAGR of 36.6% from 2024 to 2030, and 90% of digital content expected to be AI-generated by 2030 [9] - The company's focus on Gen Z, who are naturally inclined towards content creation and AIGC, presents a significant growth opportunity [9] Valuation - The report values the company at a dynamic PS of 8-9x for 2024, with a reasonable value range of 69.61-78.31 yuan [10]

Investment Rating - The report maintains a "Buy" rating for Wanxing Technology (300624 SZ) [1] Core Views - Wanxing Technology's H1 2024 performance was under pressure due to increased AI investments, leading to a decline in gross margin and higher R&D expenses [3] - The company continues to enhance its AI capabilities, with over 100 AI algorithms developed or integrated, resulting in over 100 million calls [4] - Wanxing Technology is actively exploring AI commercialization scenarios and monetization models, which could expand its product revenue potential [5] - The company announced a share repurchase plan to boost employee confidence, with a maximum repurchase price of 71 78 yuan per share [5] - Revenue and profit forecasts for 2024-2026 have been slightly adjusted downward, with expected revenue growth rates of 10 05%, 20 68%, and 20 98% respectively [5] Financial Performance - H1 2024 revenue was 705 million yuan, a YoY decrease of 1 80%, with net profit attributable to the parent company at 24 million yuan, a YoY decrease of 43 99% [3] - Q2 2024 revenue was 347 million yuan, a YoY decrease of 4 43%, with a net loss of 1 million yuan [3] - Gross margin decreased by 1 62 percentage points due to increased server and AI software costs [3] - R&D expense ratio increased by 2 83 percentage points YoY [3] AI Development - Wanxing Technology is advancing its self-developed multimedia model, integrating it with various products and accessing high-quality algorithms [4] - The company has developed or integrated over 100 AI algorithms, achieving over 100 million calls [4] - AI features such as AI background removal, noise reduction, and text generation are being monetized through AI add-on packages [5] Share Repurchase - The company plans to repurchase 2000-4000 million yuan worth of shares at a maximum price of 71 78 yuan per share, representing 0 14%-0 29% of total shares [5] - The repurchased shares will be used for employee stock ownership or equity incentive plans [5] Financial Forecasts - 2024-2026 revenue is forecasted at 16 30, 19 67, and 23 79 billion yuan, with YoY growth rates of 10 05%, 20 68%, and 20 98% respectively [5] - Net profit attributable to the parent company is expected to be 93, 119, and 160 million yuan, with YoY growth rates of 8 13%, 28 18%, and 33 66% respectively [5] - EPS is projected at 0 48, 0 62, and 0 83 yuan, with corresponding P/E ratios of 87, 68, and 51 times [5] Valuation Metrics - Current P/E ratio is 87 15, with a P/B ratio of 5 78 [5] - The company's P/S ratio is expected to decrease from 5 0 in 2024 to 3 4 in 2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 41.38 CNY [1]. Core Views - The company is experiencing short-term pressure on performance, with a focus on rapid iteration of AI capabilities [2][3]. - Despite a decline in revenue and net profit in the first half of 2024, the company maintains high R&D investment to enhance product capabilities [3][4]. - The company is exploring various AI monetization models through product iterations and new features [3][4]. - The long-term growth potential remains strong due to the quality of the AI sector and improving product capabilities [5]. Financial Performance Summary - For 2022, the company reported a revenue of 1,180 million CNY, with a projected revenue of 1,481 million CNY for 2023, reflecting a year-over-year growth rate of 25% [1]. - The net profit for 2022 was 40 million CNY, with a forecasted net profit of 86 million CNY for 2023, indicating a significant growth of 113% [1]. - The earnings per share (EPS) for 2023 is estimated at 0.63 CNY, with a projected increase to 0.80 CNY by 2026 [1]. - The company’s gross margin for the first half of 2024 was 93.76%, down from 95.38% in the same period of 2023, primarily due to increased AI server investments [3]. Product Development and Market Strategy - The company has launched multiple features in its video creative business, including AI-driven functionalities, to explore paid models [3]. - Collaborations with major tech firms like Huawei Cloud and Nvidia have been established to enhance product capabilities and expand the ecosystem [4]. - The company is actively participating in industry forums to strengthen its market position and explore new opportunities in AI [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1,585 million CNY, 1,835 million CNY, and 2,112 million CNY respectively, with growth rates of 7%, 16%, and 15% [1][5]. - Net profit forecasts for the same years are 81 million CNY, 94 million CNY, and 111 million CNY, with a slight decline in 2024 followed by recovery [1][5].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 万兴科技(300624)公司点评报告 2024 年 08 月 21 日 [Table_Title] 利润短期有所承压，坚定 AI 技术投入 ——万兴科技(300624.SZ)2024 年半年度报告点评 [Table_Summary] 事件： 公司于 2024 年 8 月 15 日收盘后发布《2024 年半年度报告》。 点评： 营业收入基本持平，加大投入致利润短期承压 2024 年上半年，公司实现营业收入 7.05 亿元，同比下降 1.80%；实现归母 净利润 2449.08 万元，同比下降 43.99%；实现扣非归母净利润 1565.23 万 元，同比下降 54.58%；主营业务毛利率为 93.88%，同比下滑 1.51pct，主 要系公司加大 AI 投入带动服务器费用增长，营业成本较上期有所增长。分 产品来看，视频创意类产品实现收入 4.61 亿元，同比增长 1.01%，毛利率 为 93.73%；实用工具类产品实现收入 1.20 亿元，同比下降 5.02%，毛利 率为 95.73%。 持续增强多模态 AI 能力，落地赋能产品应用 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its long-term growth potential despite short-term performance challenges [2][4]. Core Insights - The company reported a revenue of 705 million yuan for the first half of 2024, a decrease of 1.80% year-on-year, and a net profit of 24.49 million yuan, down 43.99% year-on-year, reflecting temporary performance pressure [1][2]. - The company is heavily investing in AI technology, completing over 100 AI algorithms during the reporting period, which supports product capability expansion and quality improvement [2]. - A share repurchase plan was announced, with a commitment to buy back shares worth between 20 million and 40 million yuan, demonstrating confidence in the company's future prospects [2]. Financial Summary - Revenue for 2024 is projected to reach 1.668 billion yuan, with a year-on-year growth rate of 12.7% [3]. - The net profit for 2024 is expected to be 95 million yuan, reflecting a growth rate of 10.2% [3]. - The company’s earnings per share (EPS) is forecasted to be 0.49 yuan for 2024, with a projected increase to 0.82 yuan by 2026 [3][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 94.2 in 2023 to 51.2 by 2026, indicating improving valuation metrics [3][9].