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研報掘金丨國信證券:崑崙萬維經營業績有望逐步改善,維持“優於大市”評級
格隆匯 05-21 15:33
國信證券研報指出,崑崙萬維(300418.SZ)24年及25年Q1營收持續增長,投資收益及研發投入壓制利潤表現。截止2025年3月底,AI音樂年化流水收入ARR達到約1200萬美元(月流水收入約100萬美元),短劇平台Dramawave年化流水收入ARR達到約1.2億美元(月流水收入約1000萬美元),從技術到產品,商業化初顯成效。海外市場保持高增速。2024年公司海外業務收入規模至51.5億元,同比增長21.9%,佔總收入比重達91.0%;其中海外信息分發與元宇宙平台Opera繼續保持高速增長。從大模型到AI應用,公司全面佈局,有望成為AIGC 時代大模型+應用生態的平台型公司;商業化持續落地之下經營業績有望逐步改善,繼續維持“優於大市”評級。
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