Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company reported a slight decline in overall performance for 2024, with total revenue of 3.6968 billion yuan, down 11.69% year-on-year, and a net profit attributable to shareholders of 944.92 million yuan, down 16.02% year-on-year. However, the company has implemented dividend and share buyback strategies to boost investor confidence [2][3]. - The company is focusing on long-term operations of core products, with a slight increase in revenue from its flagship game "Ask the Way" and a significant decline in revenue from "A Thought of Immortality." New game launches are expected to contribute positively to revenue in the coming year [2][3]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 877 million yuan, a slight decrease of 0.08% year-on-year, and a net profit of 287 million yuan, an increase of 8.13% year-on-year. The company maintained a high R&D investment rate of 20.50% [2][5]. - The company has a clear product launch schedule for 2025, with expected new releases that could drive revenue growth. The overseas gaming business has shown strong growth, with annual overseas revenue reaching 500 million yuan, up 83.92% year-on-year [2][3]. Earnings Forecast - The company is projected to achieve net profits of 1.1 billion yuan, 1.255 billion yuan, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan. The PE ratios are expected to be 14x, 13x, and 11x for the same years [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant improvement in Q4 performance, with a quarter-on-quarter revenue increase of 2.19% and a net profit increase of 105.78% [1] - The overseas business is experiencing rapid growth, with a revenue increase of 83.92% year-on-year [3] - The company has a rich pipeline of self-developed and third-party products, which is expected to drive future growth [4] Financial Overview - In 2024, the company achieved a total revenue of 3.696 billion, a year-on-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1] - The company forecasts revenues of 3.918 billion, 4.349 billion, and 4.660 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.0%, 11.0%, and 7.2% [4] - The projected net profit for 2025 is 1.002 billion, reflecting a year-on-year growth of 6.0% [4] Product Performance - The mobile game "Wandao" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC version experienced a slight revenue increase of 3.93% to 1.119 billion [2] - The overseas game "Wandao (US version)" has shown a year-on-year increase in both revenue and profit [3] - New games launched in 2024 include "Immortal Family" and "Zhou Qian Shi Fang," with the latter achieving slight profitability by the end of the year [2][3] Future Outlook - The company is expected to continue its overseas expansion with a strong product pipeline, including titles like "Zhang Jian Chuan Shuo" and "Jiu Mu Zhi Ye," which have already obtained licenses for release in 2025 [3][4] - The earnings per share (EPS) is projected to be 13.91, 16.22, and 17.49 for 2025, 2026, and 2027 respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a significant improvement in Q4 performance, with overseas business growing rapidly despite a year-over-year decline in overall revenue and net profit for 2024 [1][3]. - The launch of new games, particularly the successful "州千食舫," is expected to contribute positively to future profits, while the overseas business is projected to continue its high growth trajectory [2][4]. Financial Overview - In 2024, the company achieved revenue of 3.696 billion, a year-over-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1]. - Q4 2024 saw a revenue of 877 million, with a year-over-year decrease of 0.08% but a quarter-over-quarter increase of 2.19% [1]. - The overseas business generated revenue of 500 million in 2024, marking an impressive year-over-year growth of 83.92% [3]. Game Performance - The mobile game "问道手游" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC game "问道" experienced a slight revenue increase of 3.93% to 1.119 billion [2]. - The new game "州千食舫" has achieved slight profitability, while other titles like "不朽家族" and "封州幻想世界" are currently operating at a loss [2][3]. Future Projections - Revenue forecasts for 2025-2027 are 3.918 billion, 4.349 billion, and 4.660 billion respectively, with expected growth rates of 6.0%, 11.0%, and 7.2% [4][5]. - Net profit projections for the same period are 1.002 billion, 1.168 billion, and 1.260 billion, with growth rates of 6.0%, 16.6%, and 7.9% [4][5].

研发策略优化，资源向精品集中公司2024全年研发投入占比达19.96%，研发人员增至 920 人，同时优 化部分低效项目以提升资源集中度。通过"小步快跑"策略强化核心玩法验证，同时推进 AI 技术在策 划、测试环节的应用，降低试错成本。公司研发中台建设成效初显，技术中心、美术中心等支持部门的 专业化能力逐步转化为产品迭代效率。 投资建议：我们认为，在核心产品老化、行业竞争加剧背景下，公司短期业绩承压。但通过收缩代理业 务、聚焦自研精品、加速海外布局等举措，有望重构公司市场竞争力。我们预计公司 2025-2027 年归母 净利润分别为10.03/10.81/11.61亿元，对应PE为16x/15x/14x，维持"推荐"评级。 风险提示：市场竞争加剧的风险、行业政策趋严的风险、新品上线不及预期的风险、买量成本上升的风 险等。 事件 公司发布 2024 年度报告：2024 年全年公司实现营业收入 36.96 亿元，同比下降 11.69%；归母净 利润 9.45 亿元，同比下降 16.02%；扣非归母净利润 8.77 亿元，同比下降 21.61%。 核心产品流水下滑，年度业绩承压公司核心产品进入成熟期：尽管《问道》端 ...

Q4 利润超预期，费用管控成效显著。公司2024 年度收入为36.96 亿元，同比下滑11.7%；归母净利润 9.45 亿元，同比下滑16.0%；扣非归母净利润8.77 亿元，同比下滑21.6%；对应24Q4 单季度，公司营收 8.77 亿元，同比下滑0.1%；归母净利2.87 亿元，同比增长8.1%；扣非归母净利2.64亿元，同比下滑 10.6%，剔除汇兑和投资等经调整后归母净利2.89 亿元，同比下滑20.3%，环比增长86.7%。Q4 尚未摊 销的充值及道具余额为4.78亿元，环比增加400 万元。 我们认为公司Q4 利润超预期主要得益于费用管控和非经常性收益的贡献。具体来看：1）费用端显著优 化，销售/管理/研发费用合计环比减少1.1 亿元；2）汇兑收益增厚利润，归母口径汇兑损益环比增加 4301 万元；3）税项冲销带来额外贡献，所得税费用环比减少4950 万元。 核心产品Q4 相对企稳。2024 年全年《问道》端游收入11.19 亿元，同比增长3.93%；《问道》手游营收 20.73 亿元，同比下滑11.39%；《一念逍遥（大陆版）》营收5.96 亿元，同比下滑42.49%。24Q4《问 道》端游月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has implemented a high dividend payout to shareholders, with a proposed cash dividend of 35 RMB per 10 shares, totaling 718 million RMB, which represents 75.94% of the net profit attributable to shareholders, resulting in a dividend yield of 4.56% [8] - The revenue decline in 2024 is primarily due to the decrease in revenue from existing games, with "Wandao Mobile" and "Yinian Xiaoyao" experiencing year-on-year declines of 11.39% and 42.49% respectively, although this was partially offset by a 3.93% increase in revenue from "Wandao" PC game and an 83.92% increase in overseas revenue [8] - The company is expected to benefit from the launch of new games, including "Wanjian Changsheng," which has already been released and achieved a peak ranking of 14 in the iOS game sales chart, along with other upcoming titles planned for 2025 [8] Financial Summary - Total revenue for 2023 is projected at 4,185 million RMB, with a year-on-year decline of 19.02%, while the net profit attributable to shareholders is expected to be 1,125.12 million RMB, down 22.98% year-on-year [1] - For 2024, total revenue is forecasted to be 3,696 million RMB, a decrease of 11.69%, with net profit expected to be 944.92 million RMB, down 16.02% [1] - Earnings per share (EPS) for 2024 is projected at 13.12 RMB, with a price-to-earnings (P/E) ratio of 16.79 based on the current share price [1] - The company anticipates EPS of 13.62 RMB for 2025, 15.05 RMB for 2026, and 16.82 RMB for 2027, with corresponding P/E ratios of 16, 15, and 13 respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 3.696 billion RMB in 2024, a year-on-year decrease of 11.69%, with a net profit attributable to shareholders of 944.92 million RMB, down 16.02% year-on-year [1] - The fourth quarter saw a slight revenue increase to 877 million RMB, with a year-on-year growth of 0.08% and a quarter-on-quarter growth of 2.19% [1] - The company announced a cash dividend of 35 RMB per 10 shares, with an expected total cash dividend of 718 million RMB for 2024, representing 76% of the net profit for the year [1] Revenue and Profitability - The company’s revenue from the game "Wandao" reached 1.119 billion RMB in 2024, an increase of 3.93% year-on-year, while "Wandao Mobile" revenue was 2.073 billion RMB, down 11.4% year-on-year [2] - The overseas revenue increased by 83.92% to 500 million RMB due to the launch of new products [2] - The gross margin for 2024 slightly decreased by 0.67 percentage points to 87.86%, remaining stable overall [4] Expense Management - The report indicates a decrease in the issuance expense ratio in Q4, contributing to improved profitability [4] - The R&D expense ratio increased due to a rise in personnel, reflecting the company's commitment to enhancing product development [4] Future Outlook - The company is expected to launch new products, including "Wanjian Changsheng," which has already shown promising rankings in the App Store [3] - The revenue forecast for 2025 is set at 4.509 billion RMB, with a projected net profit of 1.176 billion RMB, indicating a recovery trend [5] - The target price for the company is set at 294.84 RMB, based on an 18X PE ratio for 2025 [5]

2024Q4 业绩环比改善，关注新产品周期表现，维持"买入"评级公司2024 年实现营业收入36.96 亿元 （同比-11.69%），归母净利润9.45 亿元（同比-16.02%），扣非后归母净利润8.77 亿元（同 比-21.61%）。2024Q4 实现营业收入8.77 亿元（同比-0.08%，环比+2.19%），归母净利润2.87 亿元（同 比+8.13%，环比+105.78%），扣非归母净利润2.64 亿元（同比-10.63%，环比+74.90%）。公司2024 年 业绩下滑主要系《问道手游》《一念逍遥（大陆版）》《奥比岛：梦想国度》《飞吧龙骑士（大陆 版）》等游戏营业收入同比减少以及新上线游戏尚处于回收期所致。2024Q4 公司业绩环比有所改善， 此外2024 年全年分红达10 元/股，基于3 月27 日收盘价，股息率约4.7%。我们维持2025-2026 并新增 2027 年盈利预测，预计公司2025-2027 年归母净利润分别为11.55/13.09/14.33 亿元，对应EPS 分别为 16.03/18.17/19.89 元，当前股价对应PE 分别为13.7/12.1/11.0 倍，我们看好公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.696 billion yuan in 2024, a year-on-year decrease of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year. However, Q4 2024 showed a sequential improvement in performance, with revenue of 877 million yuan, a slight year-on-year decrease of 0.08% but a quarter-on-quarter increase of 2.19% [5][6] - The decline in performance in 2024 was primarily due to reduced revenue from existing games and the new games being in the recovery phase. The company expects new product cycles to drive a recovery in performance [5][6] - The company plans to maintain its dividend at 10 yuan per share, resulting in a dividend yield of approximately 4.7% based on the closing price on March 27 [5] Financial Summary and Valuation Indicators - The company forecasts net profits for 2025, 2026, and 2027 to be 1.155 billion yuan, 1.309 billion yuan, and 1.433 billion yuan respectively, with corresponding EPS of 16.03 yuan, 18.17 yuan, and 19.89 yuan. The current stock price corresponds to P/E ratios of 13.7, 12.1, and 11.0 times for the respective years [5][8] - The company's revenue is expected to recover in 2025 with a projected increase of 14.8% year-on-year, followed by growth rates of 10.6% and 6.9% in 2026 and 2027 respectively [8][10] - The gross margin is projected to remain stable around 87.5% to 88.0% over the forecast period, while the net profit margin is expected to improve gradually from 25.6% in 2024 to 28.6% in 2027 [8][10] Game Performance and Growth Drivers - Key games such as "Wandao" and "Yinian Xiaoyao" have shown varying performance, with "Wandao" maintaining stable revenue while "Yinian Xiaoyao" experienced a significant decline. However, overseas revenue has seen substantial growth, reaching 500 million yuan in 2024, up 83.92% year-on-year [6][7] - The launch of new games like "Wanjian Changsheng" in January 2025 has already attracted over 1 million registered users, indicating potential for future revenue growth [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 3.696 billion yuan in 2024, a year-on-year decrease of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year. The fourth quarter of 2024 showed a slight improvement with a revenue of 877 million yuan, a year-on-year decrease of 0.08% but a quarter-on-quarter increase of 2.19% [5][6] - The decline in performance is attributed to reduced revenues from existing games and the new games being in the recovery phase. However, the fourth quarter of 2024 saw a significant quarter-on-quarter profit increase of 105.78% [5][6] - The company plans to launch several new games, which are expected to offset the decline in revenue from older titles and drive growth [7] Financial Summary and Valuation Metrics - The company forecasts net profits of 1.155 billion yuan, 1.309 billion yuan, and 1.433 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 16.03 yuan, 18.17 yuan, and 19.89 yuan [5][10] - The current price-to-earnings (P/E) ratios are projected to be 13.7, 12.1, and 11.0 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [5][10] - The company’s overseas revenue reached 500 million yuan in 2024, reflecting a year-on-year growth of 83.92%, contributing positively to overall performance [6][10]