VCG(000681) 国元证券·2024-09-03 00:12Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported stable revenue growth and a mid-term dividend plan, with H1 2024 revenue reaching 399 million yuan, a year-on-year increase of 7.56%, while net profit attributable to shareholders decreased by 44% to 51 million yuan [1] - The audio-visual business is rapidly growing, with audio-visual sales accounting for 31.99% of total revenue, an increase of 26.83 percentage points year-on-year [1] - The company is advancing its "AI + content + scenario" strategy, providing compliant data services to AI model companies and enhancing user interaction through AI search functions [1] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 399 million yuan, a year-on-year increase of 7.56% - The net profit attributable to shareholders was 51 million yuan, down 44% year-on-year, while the net profit after deducting non-recurring gains and losses was 49 million yuan, up 11.8% year-on-year [1][2] - The company plans to distribute a cash dividend of 0.08 yuan per 10 shares [1] Business Development - The company is focusing on expanding its audio-visual content, with over 46 million audio-visual content materials and a significant increase in sales from this segment [1] - Strategic investments were made in leading 3D content manufacturing companies to enhance the copyright content library [1] - The online trading platform's sales proportion increased from 15.66% to 29.21% year-on-year, significantly improving service capabilities for small and medium enterprises [1] Strategic Initiatives - The company has established an "AI + content + scenario" strategy, leveraging its extensive compliant content data to support AI model companies [1] - The launch of AI search functions on its platforms has improved user interaction [1] - The company is collaborating with AI model trainers to provide customized AIGC content services [1] Profit Forecast - The company is expected to achieve net profits of 147 million yuan, 176 million yuan, and 202 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.21 yuan, 0.25 yuan, and 0.29 yuan [1][2]