Wondershare(300624) 国金证券·2025-04-28 03:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company's FY24 revenue was 1.44 billion RMB, a year-over-year decrease of 2.78%, while Q4 2024 revenue showed a slight increase of 0.43% year-over-year [2]. - The company reported a net loss of 163 million RMB for FY24, primarily due to a goodwill impairment of 59.06 million RMB [2]. - The gross margin for FY24 was 93.22%, reflecting a decrease of 1.58 percentage points year-over-year, attributed to rising costs of AI servers [2]. - The company has seen a gradual recovery in revenue since Q3 2024, with Q1 2025 revenue increasing by 6.06% year-over-year [2]. Revenue Breakdown - Video creative products generated 961 million RMB in revenue, a slight increase of 0.06% year-over-year, accounting for 66.76% of total revenue [3]. - Practical tools revenue decreased by 8.70% year-over-year to 234 million RMB, while document creative products and drawing creative products also saw declines of 10.13% and 5.88%, respectively [3]. - International revenue accounted for 90.51% of total revenue, totaling 1.30 billion RMB, with a year-over-year decrease of 3.51% [3]. Expense Analysis - R&D, sales, and management expense ratios for FY24 were 30.72%, 58.94%, and 11.40%, respectively, with significant increases in sales expenses [4]. - In Q1 2025, the R&D expense ratio decreased to 27.79%, while the sales expense ratio increased to 62.78% [4]. - The company reported AI-related revenue of 67 million RMB in FY24, doubling year-over-year, and has integrated AI tools to enhance productivity [4]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are set at 1.68 billion RMB, 1.97 billion RMB, and 2.36 billion RMB, respectively, with net profit estimates of 1 million RMB, 175 million RMB, and 218 million RMB [5]. - The current stock price corresponds to a price-to-sales (P/S) ratio of approximately 6.3, 5.4, and 4.5 for the years 2025 to 2027 [5].