Wondershare(300624) 财信证券·2024-05-07 08:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [9][10]. Core Views - The company achieved steady growth in its annual performance, with a revenue of 1.481 billion yuan, representing a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 86 million yuan, up 108.96% year-on-year [19]. - The gross margin for the year was 94.77%, slightly down by 0.70 percentage points, attributed to a significant increase in AI server costs. The net profit margin improved by 1.86 percentage points to 7.31% [19]. - The company has increased its R&D investment, with the expense ratios for sales, management, and R&D being 48.81%, 11.16%, and 27.18%, respectively, showing a decrease in all three categories year-on-year [19]. Financial Forecasts - The company is projected to achieve revenues of 1.806 billion yuan, 2.197 billion yuan, and 2.665 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.94%, 21.67%, and 21.31% [10][11]. - The net profit attributable to shareholders is expected to reach 119 million yuan, 150 million yuan, and 187 million yuan for the same years, with growth rates of 38.34%, 25.39%, and 25.01% [10][11]. - Earnings per share (EPS) are forecasted to be 0.87 yuan, 1.09 yuan, and 1.36 yuan for 2024, 2025, and 2026, respectively [10][11]. Recent Performance - In the first quarter of 2023, the company reported a revenue of 358 million yuan, a slight increase of 0.90% year-on-year, and a net profit of approximately 25.65 million yuan, up 22.99% year-on-year [5]. - The company has launched the "Wondershare Tianmu" multimedia model, integrating nearly a hundred audio and video capabilities, with plans to continuously incorporate AIGC capabilities into its product line [20].