The official release of AIGC's one-click film engine, ChatPV, is expected to fully release the value of the company's video copyright library
On March 15, the company held a press conference to officially launch ChatPV, an AI intelligent creation engine. We believe that as a leading domestic film and television copyright operator, the copyright value of the company is expected to be further unleashed. The commercialization of its AIGC intelligent creation engine, ChatPV, as a video AI generation tool that is rapidly being implemented in the industry, has taken initial shape. The company's main business performance is currently highly correlated with the film market. Combined with the actual box office in 23 and the relative decline in 24/25 expectations, we adjusted the company's net profit for 23-25 to 5.88/7.14/818 million yuan (previous value 6.94/8.27/931 million yuan), corresponding to EPS of 0.22/0.27/0.31 yuan. Comparable to the company's 24-year Wind consensus PE average of about 33X, giving the company 24-year PE33X, target price of 8.91 yuan (previous value 6.51 yuan). “Buy” rating.
ChatPV has various functions and a wide range of application scenarios
The company and Huawei Pangu Big Model released the AIGC video creation engine ChatPV, which is expected to help transform the content production industry. According to Interactive Easy, ChatPV is based on multi-modal large model capabilities and can automatically process large amounts of images and video materials. Through a deep understanding of content such as video clips, images, audio, etc., and based on prompts entered by users, the content material can be automatically generated as video scripts, advertising slogans, splitting scripts, etc., and then the relevant materials are automatically extracted to generate a complete video. ChatPV supports various application scenarios such as automatic film creation, long video shortening, automatic dubbing, and automatic captioning. It can generate high-quality videos with one click according to creators' requirements. It can be widely used in various scenarios such as news reports, short video production, second generation of movies and TV dramas, and VLOG video generation, which not only improves video creation efficiency, but also lowers the creative threshold.
It has the largest film and television copyright library in China, and is expected to cooperate with multi-modal models to release the value of the copyright library. HuaTV Network, a wholly-owned subsidiary, has accumulated more than 50,000 hours of copyright content for film, television, animation, and programs, and digitally distributed it to radio, television, new Internet media, operators and other channels. Its procurement of film and television copyrights covers more than 50% of domestic theatrical movies, 40% TV gold-grade TV series, and 40% TV simultaneous animation markets. On the one hand, the release of ChatPV helps enhance the multi-channel and multi-modal operating value of the company's massive copyright; on the other hand, the company's video copyright reserves lead the market, and it is expected that in the future, in-depth cooperation with domestic multi-modal large models, including for multi-modal large model training, etc., will release the value of the video copyright library.
Outlook: Using ChatPV as an opening, in-depth layout of the AIGC field
We believe that ChatPV is an iconic node achievement and milestone achievement for the company to fully embrace AI and explore the application of AI technology in the field of video creation. The company will make full use of the AI technology circuit. While improving ChatPV performance, providing users with a high-quality product experience, and helping users create content faster and better, using AI to explore in depth the field of audio and video technology applications, combined with the company's nearly 20 years of industrial technology accumulation and massive film and television copyright accumulation, the company can achieve the company's in-depth layout in the field of new AI technology and new content.
Risk warning: AI technology risks, the film and television industry's recovery falls short of expectations.