Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [12]. Core Views - The company has demonstrated strong performance in its financial results, with a 15.30% year-on-year increase in revenue to CNY 4.295 billion in 2023 and a 42.57% increase in net profit to CNY 1.462 billion. In Q1 2024, revenue grew by 36.93% year-on-year to CNY 1.308 billion, and net profit increased by 47.06% to CNY 426 million [2][4]. - The company has a rich pipeline of game products, with successful launches of titles like "Nasalik: King" and "Stone Age: Awakening," which have achieved significant user engagement and sales rankings. The company is also expanding its overseas market presence [3][4]. Financial Performance - In 2023, the company achieved a revenue of CNY 42.95 billion, a 15.30% increase year-on-year, and a net profit of CNY 14.62 billion, up 42.57% [2][5]. - For Q1 2024, the company reported revenue of CNY 13.08 billion, reflecting a 36.93% year-on-year growth, and a net profit of CNY 4.26 billion, which is a 47.06% increase [2]. - The company plans to distribute dividends of CNY 2.13 billion for 2023 and approximately CNY 2 billion in 2024 [2]. Profit Forecast - The company is expected to maintain stable growth in its core gaming business while actively exploring innovative categories and investing in VR technology. The projected net profits for 2024, 2025, and 2026 are CNY 18.35 billion, CNY 22.39 billion, and CNY 26.11 billion, respectively, with corresponding EPS of CNY 0.85, CNY 1.04, and CNY 1.21 [4][5].

[Table_Main] 证券研究报告 | 公司点评 恺英网络(002517.SZ) 2024年05月14日 恺英网络点评：业绩增长彰显公 买入（维持） 所属行业：传媒/游戏Ⅱ 司业务能力，分红回购有望持续 当前价格(元)：11.99 提升投资回报 证券分析师 马笑 投资要点 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 事件：公司披露2023年及 24年Q1业绩，23年公司实现收入 43.0亿元，同比  +15.3%；归母净利润14.6亿元，同比+42.6%；扣非归母净利润13.5亿元，同比 市场表现 +41.3%。24年Q1公司实现收入13.1亿元，同比+36.9%；归母净利润4.3亿元， 恺英网络 沪深300 同比+47.1%；扣非归母净利润4.2亿元，同比+48.4%。在业绩保持高增的态势上， 23% 公司2024年预计将会持续高分红增厚投资回报。 11% 0% 传奇奇迹游戏基本盘稳定，创新精品游戏拓展第二增长曲线。公司 2023 年收入 -11%  中，移动网络游戏收入为35.77亿，同比增长13.3%，网页游戏收入为0.55亿， -23% -34% 同比 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance growth demonstrates strong business capabilities, and continued dividends and share buybacks are expected to enhance investment returns [1] - The company achieved revenue of 4 30 billion yuan in 2023, a year-on-year increase of 15 3%, and net profit attributable to shareholders of 1 46 billion yuan, a year-on-year increase of 42 6% [3] - In Q1 2024, the company achieved revenue of 1 31 billion yuan, a year-on-year increase of 36 9%, and net profit attributable to shareholders of 430 million yuan, a year-on-year increase of 47 1% [3] - The company is expected to maintain high dividend payouts in 2024 to further enhance investment returns [3] Market Performance - The company's stock price showed an absolute increase of 4 94% and a relative increase of 0 33% in September 2023 [2] - In January 2024, the stock price showed an absolute increase of 1 30% but a relative decrease of 2 12% [2] Business Overview - The company's mobile game revenue in 2023 was 3 577 billion yuan, a year-on-year increase of 13 3%, while web game revenue was 55 million yuan, a year-on-year decrease of 37 3% [4] - Information service revenue in 2023 was 664 million yuan, a year-on-year increase of 43 3% [4] - The company has a rich pipeline of games for 2024, including self-developed titles such as "Douluo Dalu: Zhu Xie Chuan Shuo" and "Code: Tomb Raider" [4] - The company is also expanding into overseas markets, with "New Yitian Tulongji" topping the iOS free game charts in Hong Kong and Taiwan [4] Financial Projections - Revenue is projected to grow to 5 31 billion yuan in 2024, 6 39 billion yuan in 2025, and 7 42 billion yuan in 2026, with year-on-year growth rates of 23 7%, 20 4%, and 16 1% respectively [4] - Net profit attributable to shareholders is projected to be 1 87 billion yuan in 2024, 2 25 billion yuan in 2025, and 2 52 billion yuan in 2026, with year-on-year growth rates of 27 8%, 21 0%, and 12 1% respectively [4] Strategic Initiatives - The company is focusing on AI development, with its self-developed "Xingyi" large model already applied in R&D scenarios [4] - The company has established an AI application research center and is collaborating with Fudan University on AI-driven NPCs for games [4] - The company has been actively involved in ESG initiatives and has been included in the MSCI China Index [4] Financial Metrics - The company's gross margin in 2023 was 83 5%, and it is projected to be 78 1% in 2024, 76 2% in 2025, and 76 3% in 2026 [6] - The net profit margin in 2023 was 36 8%, and it is projected to be 35 5% in 2024, 35 5% in 2025, and 34 3% in 2026 [7] - The return on equity (ROE) in 2023 was 27 9%, and it is projected to be 24 1% in 2024, 22 5% in 2025, and 20 1% in 2026 [7]

Investment Rating - Buy (Maintained) [1] Core Views - The company's 2023 performance showed significant growth with revenue reaching 4.295 billion yuan, a year-on-year increase of 15.30%, and net profit attributable to the parent company of 1.462 billion yuan, a year-on-year increase of 42.57% [2] - The company's 2024Q1 performance continued to accelerate with revenue of 1.308 billion yuan, a year-on-year increase of 36.93%, and net profit attributable to the parent company of 426 million yuan, a year-on-year increase of 47.06% [2] - The company has a rich product matrix for 2024, which is expected to open a new product cycle [7][8][9] Business Performance - In 2023, the company's mobile game/information service/web game revenues were 3.577 billion yuan, 664 million yuan, and 55 million yuan, with year-on-year growth rates of 13.28%, 43.28%, and -37.31%, respectively [4] - The company's gross margin in 2023 was 83.47%, an increase of 8.45 percentage points year-on-year [4] - In 2024Q1, the company's gross margin was 82.05%, a decrease of 1.76 percentage points year-on-year [4] Product Pipeline - The company has a rich reserve of self-developed products in the Legend and Miracle categories, including "King of Legend 2," "Dragon Rising Legend," and "Liangshan Legend" [7] - The company has a diverse portfolio of innovative products, including IP-adapted mobile games such as "That Time I Got Reincarnated as a Slime," "Douluo Dalu," and "The Legend of the Condor Heroes" [8] - The company is actively expanding into the small game and overseas markets, with products like "Monster Alliance" and "The Legend of Sword and Fairy: A New Beginning" performing well in the WeChat mini-game charts [10] Technological Innovation - The company has developed the "Xingyi" large model, which integrates deeply into the R&D pipeline, significantly improving efficiency [11] - The company is exploring AIGC and XR technologies, with its first VR game, "Mecha Party," already launched on overseas mainstream platforms [11] Financial Forecast - The company is expected to achieve revenues of 5.281 billion yuan, 6.351 billion yuan, and 6.740 billion yuan in 2024, 2025, and 2026, respectively [12] - Net profit attributable to the parent company is expected to be 1.875 billion yuan, 2.191 billion yuan, and 2.355 billion yuan in 2024, 2025, and 2026, respectively [12] Shareholder Confidence - The company's controlling shareholder and chairman, Jin Feng, has invested over 1.5 billion yuan in share purchases, demonstrating long-term confidence in the company's development [6]

[Table_StockInfo] 买入 2024年 05月 08日 （维持） 证券研究报告•2023年年报及24年一季报点评 当前价： 11.42元 恺英网络（002517） 传媒 目标价： ——元（6个月） 业绩表现亮眼，关注后续新游上线进展 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报及2024年一季报，23年公司实现收入43亿元， [分Ta析bl师e_：Au刘th言or ] 同比+15.3%，归母净利润14.6亿元，同比+42.6%；扣非归母净利润13.5亿元， 执业证号：S1250515070002 同比+41.3%；单季度来看，单 Q4实现营收 12.7亿元，同比+40.6%，归母净 电话：023-67791663 利润 3.8亿元，同比+240.8%。24Q1公司实现营收13.1亿元，同比+36.9%。 邮箱：liuyan@swsc.com.cn 归母净利润4.3亿元，同比+47.1%，扣非归母净利润4.2亿元，同比+48.4%， 分析师：苟宇睿 业绩整体高于此前预期，继续保持良好发展势头。 执业证号：S1250524030001  三大板块 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.70 [2][6]. Core Insights - The company achieved a record high quarterly revenue, with significant growth in both revenue and net profit for 2023 and Q1 2024. The total revenue for 2023 was 42.95 billion, a year-on-year increase of 15.3%, and the net profit attributable to shareholders was 14.62 billion, up 42.57% [1][3]. - The information services segment showed remarkable growth, with revenue increasing by 43.3% year-on-year to 6.64 billion in 2023. This segment is expected to continue its strong performance in 2024 [3]. - The overall gross margin for the company improved significantly to 83.5% in 2023, compared to 75.02% in 2022, indicating enhanced profitability [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 42.95 billion, with a net profit of 14.62 billion, and a cash flow from operating activities of 17.06 billion. For Q1 2024, revenue was 13.08 billion, with a net profit of 4.26 billion [1][2]. - The company forecasts revenues of 56.23 billion and 64.66 billion for 2024 and 2025, respectively, with net profits of 18.25 billion and 21.62 billion, reflecting growth rates of 31% and 15% [4][5]. Business Segments - The mobile gaming segment generated 35.77 billion in revenue for 2023, a growth of 13.3%, while the information services segment saw a substantial increase, indicating a shift in revenue sources [3]. - The company has a robust pipeline with 13 new projects in various stages of development, which is expected to drive future growth [3]. Valuation Metrics - The current market capitalization is approximately 25.18 billion, with a P/E ratio of 17 for 2024 and 14 for 2025, suggesting the stock is attractively valued [2][4].

] y r t s u d n I _ e l b a T [ [ 恺Ta 英bl 网e_ 络T （itl 0e 0] 2 517）2023年报&2024年一季报点评 公 司 业绩持续高增，产品储备丰富 研 挖掘价值 投资成长 究 [Table_Rank] / 增持 （维持） 互 联 2024 年 05 月 09 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报及2024年一季报。2023年公司实现营业收入42.95 证券分析师：陈子怡 证书编号：S1160522070002 亿元（yoy+15.30%），实现归母净利润14.62亿元（yoy+42.57%），实 证券分析师：潘琪 现扣非归母净利润 13.51 亿元（yoy+41.26%）；2024 年一季度公司实 现营业收入 13.08 亿元（yoy+36.93%），实现归母净利润 4.26 亿元 证书编号：S1160524040001 （yoy+47.06%），实现扣非归母净利润4.24亿元 ...

传媒 分析师：乔琪 登记编码：S0730520090001 业绩快速增长，产品及 IP 储备丰富 q iaoqi@ccnew.com 021-50586985 ——恺英网络(002517)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-05-06) 发布日期：2024年05月07日 收盘价(元) 11.98 2023年公司营业收入42.95亿元，同比增加15.30%，归母净利润14.62亿元，同 一年内最高/最低(元) 18.56/9.51 比增加42.58%，扣非后归母净利润13.51亿元，同比增加41.27%。拟每10股派 沪深300指数 3,657.88 发现金红利1元，合计分红约2.13亿元，2024年内计划分红2亿元。 市净率(倍) 4.54 2024Q1营业收入13.07亿元，同比增加36.93%，归母净利润4.26亿元，同比增 流通市值(亿元) 228.51 加47.06%，扣非后归母净利润4.24亿元，同比增加48.35%。 基础数据(2024-03-31) 投资要点： 每股净资产(元) 2.64 每股经营现金流(元) 0.16  复古怀旧及创新品类共同推动业绩增长。受益 ...

证券研究报告 公 2024年05月07日 司 报 告 恺英网络(002517) │ 行 业： 传媒/游戏Ⅱ 公 投资评级： 司 当前价格： 12.06元 年 业绩保持较高增速，多款新游静待释放 目标价格： 报 点 事件： 评 基本数据 1）公司发布 2023 年报：营收 42.95 亿元，同比增长 15.3%；归母净利润 总股本/流通股本(百万股) 2,152.52/1,907.47 14.62亿元，同比增长42.6%。其中23Q4营收12.66亿元，同比增长40.6%； 流通A股市值(百万元) 23,004.03 归母净利润 3.79 亿元，同比增长 240.8%。2）公司发布 2024 年一季报： 每股净资产(元) 2.64 营收13.08亿元，同比增长36.93%；归母净利润4.26亿元，同比增长47.1%。 资产负债率(%) 21.28 ➢ 业绩保持较高增速，多款新游贡献增量 一年内最高/最低(元) 19.29/9.16 公司2023年、2024Q1营收、利润均保持较高增速。主要系：1）老游戏稳 健运营，多款新游表现亮眼：其中《原始传奇》《热血合击》《天使之战》 股价相对走势 《永恒联盟》等产品长线稳 ...

[Table_Page] 年报点评|游戏Ⅱ 证券研究报告 [恺Table_英Title] 网络（002517.SZ） [公Tab司le_I评nves级t] 买入 当前价格 11.79元 重点游戏上线带动收入增长，新游储备丰富 合理价值 15.64元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-05 ⚫ 恺英网络发布 2023 年年报及 2024 年一季报，2023 年公司实现营业 [相Tab对le_P市icQ场uote表] 现 收入42.95亿元，同比增长15.30%；归母净利润14.62亿元，同比增 长42.57%；扣非净利润13.5亿元，同比增长41.26%。经营性现金流 2% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -8% 净额 17.06 亿元，同比增长 15.07%。公司 24Q1 实现营业收入 13.1 -19% 亿元，同比增长36.93%；归母净利润4.26亿元，同比增长47.06%； -29% 扣非净利润4.24亿元，同比增长48.35%。 -40% ⚫ 重点游戏上线带动收入增长，新游储备丰富。公司重 ...