ArcSoft(688088) 民生证券·2025-04-23 11:59Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The company is positioned as a global enabler of imaging and visual technology, benefiting from the recovery in emerging markets, which is expected to provide stable revenue growth in mobile intelligence and intelligent driving sectors, while also tapping into the blue ocean market of smart commercial photography [3][4] - The company reported a revenue of 815 million yuan for 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to the parent company of 177 million yuan, up 99.67% [1][4] - For the first quarter of 2025, the company achieved a revenue of 209 million yuan, a year-on-year increase of 13.77%, with a net profit of 50 million yuan, reflecting a growth of 45.36% [1] Summary by Relevant Sections Mobile Intelligence - In 2024, the revenue from mobile intelligent terminal visual solutions reached 675 million yuan, marking a year-on-year growth of 16.17%. The Turbo Fusion technology has penetrated flagship to mainstream models, establishing a foundation for large-scale video solutions [2] - The company has developed multiple high-definition image processing algorithms tailored for AI glasses, successfully aiding the launch of the first domestic AI glasses by Thunderbird V3 [2] Intelligent Driving - The intelligent driving and other IoT visual solutions generated revenue of 127 million yuan in 2024, a significant year-on-year increase of 71.20%. The company is expanding its model coverage and market share [2] Smart Commercial Photography - The ArcMuse model has been upgraded, with the image generation model system increasing from billions to hundreds of billions of parameters. The PSAI service has entered multiple platforms, serving hundreds of thousands of merchants [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 1,011 million yuan, 1,274 million yuan, and 1,618 million yuan, respectively, with corresponding net profits of 234 million yuan, 314 million yuan, and 443 million yuan [4][9]