浦银国际研究 财务模型更新 | 互联网行业 浦银国际 财务模型更新 网龙 （777.HK） 网龙（777.HK）：游戏保持相对稳定， 关注新游表现 利润率持续改善：公司 1H24 收入人民币 33.0 亿元，同比下降 10.3%； 其中，游戏及应用服务收入为 21.2 亿元，同比小幅下降 0.8%，主要 是海外游戏收入下滑；Mynd.ai 收入同比下降 23.5%至 11.8 亿元，主 要由于硬件需求回归常态化；毛利率同比改善 4.5pp 至 66.6%，主要 受益于高毛利的游戏收入占比提升；调整后净利润为 5.6 亿元，调整 后净利率为 16.9%。此外，公司宣布派发中期股息每股 0.4 港元。 游戏收入维持相对稳定，关注新游表现：1H24 公司游戏业务维持相 对稳定，收入同比下降 3%至 18.6 亿元；其中，国内游戏收入同比下 降 1.3%，端游保持增长，手游有所下滑；海外游戏收入同比下降 12.9%， 主要是《魔域》端游海外版受外挂影响及《征服》端游海外版受埃及 临时限电影响。这些问题正逐步改善，下半年海外收入有望恢复。国 内端游核心产品《简体魔域》保持良好用户粘性，MAU、DAU 等指标 均实现增长 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 14.00, indicating a potential upside of 32.8% from the current price of HKD 10.54 [1][3]. Core Views - The company is expected to see a recovery in game revenue in the second half of 2024, driven by new game launches, particularly a reboot of its flagship IP, "Magic Domain," in 2025. The first half of 2024 experienced a revenue decline due to product launch cycles and external factors, but profitability is expected to improve through cost reduction and efficiency measures [2][3]. - The adjusted net profit forecast for 2024 is set at RMB 1 billion, with a downward revision of the target price from HKD 15 to HKD 14 [2][3]. Financial Performance Summary - In the first half of 2024, total revenue decreased by 10% year-on-year to RMB 3.3 billion, with adjusted net profit at RMB 558 million, down 5% year-on-year. Game and Mynd.ai revenues fell by 1% and 23% respectively [2][6]. - The company’s game revenue is projected to recover in the second half of 2024, with anticipated positive growth driven by 2-3 new game releases [2][6]. - The financial forecasts for 2024E to 2026E show a decline in revenue estimates, with total revenue expected to be RMB 6.545 billion in 2024, down 13% from previous estimates [3][9]. Key Financial Metrics - The company reported a gross profit margin of 66.6% for 2024E, reflecting an increase from 61.9% in 2023 [3][9]. - The adjusted operating profit margin is projected to be 17.8% for 2024E, up from 16.7% in 2023 [3][9]. - The forecasted net profit for 2024 is RMB 1.007 billion, with a net profit margin of 15.9% [9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 NetDragon Websoft Holdings Limited 網龍網絡控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：777） 截至二零二四年六月三十日止六個月之 中期業績公佈 業務回顧及展望 網龍網絡控股有限公司（「本公司」）及其附屬公司（統稱為「本集團」）今年上半年的業 績展現較強的韌性，儘管有一些短期挑戰，我們仍繼續聚焦於打造能夠強化核心競 爭力並推動長期增長的產品。國內端遊收入同比增長2.1%至人民幣13.6億元，得益 於我們努力提升玩家參與度和留存率。我們相信，隨著玩家的消費習慣向高品質內 容、高知名度IP的遊戲遷移，我們所擁有的標誌性且不可複製的旗艦IP，以及圍繞 這些IP打造高品質遊戲的商業模式，將有助於我們實現差異化並推動可持續增長。 雖然我們的海外遊戲收入由於一些短期因素同比下降12.9%，導致整體遊戲收入有 所下滑，但我們有信心在下半年取得更好的表現。我們的增長策 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 NetDragon Websoft Holdings Limited 網龍網絡控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：777） 有關二零二三年報的補充公佈 茲提述網龍網絡控股有限公司（「本公司」）截至二零二三年十二月三十一日止年度 的年度報告（「二零二三年報」）。除另有界定者外，本公佈所用詞彙與二零二三年 報所賦予者具有相同涵義。 除二零二三年報所載「股份獎勵計劃」一節及綜合財務報表附註38項下所披露者 外，本公司謹此就網龍股份獎勵計劃提供更多補充資料，詳情如下： 截至二零二三年十二月三十一日止年度，網龍股份獎勵計劃項下的獎勵股份詳情 如下： 緊接於二零二三年七月二十七日及二零二三年十月二十七日向梁念堅先生授出獎 勵當日前，有關股份的收市價分別為14.128港元及13.74港元。 於二零二三年七月二十七日及二零二三年十月二十七日授出的獎勵股份的公平值 分別為3,696,000港元及1, ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者晚上好我是长江城的高超今天给各位领导汇报一下我们关于细分的互联网领域的一个持续的跟踪我们之前也提到过我们现在每周固定是打造三档栏目周二晚上是AI的黄金档 对于整个AI的这个技术变革以及应用端进行一个持续的跟踪周三是MR的超声波这个栏目的话主要是针对技术硬件跟软件端的一个布局进行演讲那周四晚上或者是周天晚上的这档栏目的话就是对整个传媒互联网细分的一些赛道包括我们前期对于这个电影票房对于广告的一个这个复苏对于游戏短剧等等不同的领域它的一个跟踪 那互联网的话也是近期大家看到这前一周跟这一周来看的话是整个互联网整个一级报业绩的一个密集的这个发布期所以这一期的话我们就是只对我们重点跟踪的篇内容赛道的一些互联网厂商他们的一级报进行一个简单的这个综述跟热点的一个提取整体来看的话我们是认为整体表现的话的亮点主要体现在三个方面 一个方面是来自于在相对而言比较高渗透率高基数的情况下整个运营 ...

Financial Performance - In 2023, NetDragon's gaming business revenue rebounded strongly, achieving RMB 3.8 billion, a year-on-year increase of 9.6% compared to a decline of 5.8% in 2022[4]. - Total revenue for 2023 was RMB 7.101 billion, a decrease of 9.7% year-on-year[17]. - Revenue from gaming and application services was RMB 4.189 billion, accounting for 59.0% of total revenue, with a year-on-year growth of 6.6%[17]. - Revenue from Mynd.ai was RMB 2.910 billion, representing a 25.7% decrease year-on-year[17]. - Gross profit for 2023 was RMB 4.398 billion, reflecting a 1.9% increase year-on-year[17]. - Operating profit decreased by 28.6% year-on-year to RMB 821 million[17]. - Profit attributable to the company's owners was RMB 550 million, down 34.1% year-on-year[17]. - Basic earnings per share for 2023 was RMB 103.00, compared to RMB 154.15 in 2022[15]. - Cash flow from operating activities increased by 4.2% year-on-year to RMB 1.1 billion[17]. - Non-GAAP operating profit was RMB 1.1 billion, a decrease of 12.7% year-on-year[17]. Gaming Business Highlights - NetDragon's gaming revenue has increased 3.9 times over the past decade, with nine out of ten years showing revenue growth[4]. - NetDragon's core gaming IPs have shown strong performance, contributing to the overall growth of the gaming business[3]. - Domestic and overseas game revenues grew by 10.5% and 4.5% respectively, with overseas revenue accounting for 15% of total game revenue despite a 5.7% decline in overall overseas revenue for Chinese game developers[21]. - The flagship IP "Magic Domain" achieved a revenue increase of 12.4% to RMB 3.4 billion, with the flagship PC game generating RMB 2.9 billion, a 14% year-on-year growth[21]. - The mobile version of "Magic Domain" saw a 50.4% increase in monthly active users, contributing to 36.2% of PC game active users[22]. - The "Honor of Kings" IP experienced a revenue growth of 5.8% in 2023, supported by a strong player base of over 300 million[22]. - The company plans to launch a new game, "Code-Alpha," in 2024, leveraging the success of the "Conquest" game[22]. Education Business Developments - The company successfully completed the spin-off of its overseas education business, Mynd.ai, which is now listed in the United States, enhancing its competitiveness in the hardware sector[5]. - The company aims to redefine the education industry landscape through its leadership position in the classroom hardware and software market[6]. - NetDragon's education business hardware sales have returned to pre-pandemic levels, indicating recovery in the sector[5]. - Mynd.ai's revenue for 2023 was RMB 2.9 billion, down from RMB 3.9 billion in 2022, reflecting a return to normalcy post-COVID-19[24]. - The gross margin for Mynd.ai increased to 25%, up 1.3 percentage points from 2022, due to lower raw material and shipping costs[24]. Strategic Initiatives and Future Plans - The company plans to continue creating long-term value for shareholders in 2024, building on its growth strategies[7]. - The company aims to expand its market presence in Japan, the Middle East, and Indonesia in 2024, focusing on new game development projects[23]. - Mynd.ai plans to enhance its software business and develop subscription-based SaaS revenue opportunities in 2024[25]. - The company is committed to enhancing its software quality management system, led by its senior vice president, Mr. Lin, who has a strong background in software quality assurance[50]. Corporate Governance and Management - The company has a strong management team with over 30 years of experience in the IT and telecommunications industry, led by Vice Chairman Dr. Liang Nianjian[43]. - The company has received multiple awards for its contributions to the economy and youth development in Fujian Province[44]. - The board of directors includes four executive directors and four non-executive directors, with a focus on strategic oversight and performance monitoring[119]. - The company has adopted corporate governance practices in line with the listing rules, ensuring effective risk management[118]. - The company has implemented a board diversity policy since 2013 and continues to monitor and maintain it[151]. Employee and Workplace Culture - The company emphasizes a learning culture, encouraging lifelong learning and conducting comprehensive training for employees[40]. - The company provides a friendly and enjoyable work environment with comprehensive facilities, including sports courts and a swimming pool[41]. - The company has established employee inclusion groups to enhance communication and cooperation among diverse groups, focusing on gender, race, LGBTQ+, and disability[193]. - The company conducts annual health check-ups for employees and provides comfortable spaces for pregnant and breastfeeding employees[193]. Sustainability and ESG Commitment - In December 2023, NetDragon received an upgrade in its ESG rating to BBB from MSCI, reflecting its commitment to sustainable development[7]. - The company is committed to balancing economic growth, social progress, and environmental protection as part of its sustainable development governance[148]. - The company has established a comprehensive cybersecurity management framework, ensuring strict compliance with local laws and regulations related to information security[165]. - The company has implemented advanced monitoring systems to detect and respond to suspicious network activities promptly[178]. Risk Management and Compliance - The company is committed to complying with various legal and regulatory requirements to protect employee rights and ensure data security[54]. - The company acknowledges the risks associated with new technologies and games that could render current offerings less appealing, impacting profitability and growth prospects[52]. - The group may face significant adverse tax consequences if the Chinese tax authorities determine that the contractual arrangements are not established on an arm's length basis[93]. - The company has established a dedicated internal audit department to oversee employee feedback and suggestions, ensuring a transparent communication environment[198].

Table_BaseInfo 2024 年 4 月 9 日 公司动态分析 网龙（777.HK） 证券研究报告 软件互联网 整体业绩保持稳定，教育业务未来可期 投资评级： Xx 买入 xx 事件：2023年公司收入71亿元，同比下降10%；归母净利润5.5亿元，同比 下降34%。游戏业务全年收入42亿元，同比提高7%，教育业务（MYND.AI）收 目标价格： 16.0 港元 入29亿元，同比下降26%。我们认为公司游戏业务2024年将保持增长态势， 现价(2024-4-9)： 11.06港元 而教育业务最差的时间已经过去，市场逐渐恢复常态，2023年或是业绩低点， 值得关注。 报告摘要 总市值(亿港元) 58.8 整体收入下滑，游戏基本盘保持稳健 公司2023年整体收入同比下降10%至71 流通市值(亿港元) 58.8 亿元，其中游戏业务同比增长7%至42亿元。游戏业务在本年度保持增长，国 总股本(亿股) 5.3 流通股本(亿股) 5.3 内及海外业务收入分别同比增长11%和5%（海外游戏收入占比15%）。得益于 12个月低/高(港元) 10.5/15 公司正确的游戏运营策略 - 通过高频更新提升游戏可玩性、满 ...

浦银国际研究 财务模型更新 | 互联网行业 网龙（777.HK）：核心游戏 IP 维持 杨子超，CFA 浦 稳定，挖掘教育软件变现机会 互联网分析师 银 charles_yang@spdbi.com 国 (852) 2808 6409 收入略低于预期。公司2023 年收入人民币71亿元，同比下降 10%， 际 赵丹 低于市场预期3.1%；其中，游戏及应用服务收入同比增长 6.6%至42 首席互联网分析师 亿元，游戏收入保持强劲；Mynd.ai 收入同比下降 25.7%至 29 亿元， dan_zhao@spdbi.com 主要受疫情后经营环境回归常态化影响；毛利率同比改善 7.0pp 至 (852) 2808 6436 财 务 61.9%，主要受益于高毛利的游戏收入占比提升；调整后净利润为9.6 2024年4月2日 模 亿元，调整后净利率为 13.5%。此外，公司宣布派发末期股息每股 0.4 型 港元，全年总股息达到每股 1.8 港元，股息率16.4%。 评级 更 新 游戏业务维持稳定，游戏储备丰富。2023 年公司游戏业务保持强劲， 目标价（港元） 15 游戏收入同比增长 9.6%至 38 亿元；其中，国内 ...

传媒 | 证券研究报告 — 调整盈利预测 2024年4月1日 00777.HK 网龙 买入 海外教育平板保持领先地位，游戏业务增长稳健 原评级：买入 市场价格:港币 10.96 网龙发布2023年业绩，全年营业收入71.0亿元，同比-9.7%；经营利润8.2亿元， 板块评级:强于大市 同比-28.6%；归母净利润5.5亿元，同比-34.1%；non-IFRS归母净利润9.6亿元， 同比-24.9%。魔域IP生命力强盛，教育平板开启SaaS变现，维持买入评级。 股价表现 支撑评级的要点 18% 11%  游戏收入实现高个位数增长，魔域IP生命力强盛。2023年公司游戏及应 用服务收入 41.9亿元，同比+6.6%，占收入比例 59%；经营利润 14.0亿 4% 元，同比+12.9%。其中，游戏收入38亿元，同比+9.6%；国内/海外游戏 (3%) 收入分别同比+10.5%/+4.5%；端游/手游收入分别同比+11.1%/2.0%至 (11%) 32/5.9亿元。《魔域》IP收入同比+12.4%至34亿元，通过高频推出新玩 (18%) 法、新内容以及提升玩家体验，2023 年魔域 IP 用户平均游戏时长同比 r ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 1 NetDragon Websoft Holdings Limited 網龍網絡控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：777） 截至二零二三年十二月三十一日止年度 末期業績公佈 業務回顧及展望 二零二三年, 網龍網絡控股有限公司（「本公司」）及其附屬公司（統稱為「本集團」） 在推動可持續增長的重要戰略舉措上做出了正確的投資並高度聚焦於執行力，取 得了出色的成績。我們的遊戲業務收入強勢反彈，全年實現收入人民幣38億元， 同比增長9.6%（二零二二年同比下降5.8%）。令我們深感自豪的是，我們的遊戲業 務在過去十年中，有九年都實現了收入增長，只有二零二二年在疫情導致國內經 濟增速放緩的情況下出現下滑。我們的遊戲收入在這十年間增長了3.9倍，幾乎全 部來自於我們的內生增長，這是由我們專注於為玩家提供高品質遊戲所驅動。二 零二三年，我們所有的核心遊戲IP都取得了強勁的表現，我們致力於推動 ...