股 票 研 究 [Table_industryInfo] 传播文化业/社会服务 [ Table_Main[恺ITnaf 英bol]e 网_Ti络tle]( 002517) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩超预期，在手产品储备丰富 目标价格： 27.73 上次预测： 27.73 公 ——恺英网络2023 年报及2024 年一季报点评 当前价格： 11.79 司 陈筱(分析师) 杨昊(分析师) 2024.05.05 更 021-38675863 021-38032025 [交Ta易bl数e_M据a rket] 新 chenxiao@gtjas.com yanghao029514@gtjas.com 证书编号 S0880515040003 S0880524020001 52周内股价区间（元） 9.51-18.56 报 总市值（百万元） 25,378 告 本报告导读： 总股本/流通A股（百万股） 2,153/1,907 流通 B股/H股（百万股） 0/0 公司2023年及2024年一季度业绩增长强劲，随着各 IP产品开发推进及小游戏产品 流通股比例 89% 上线，后续增长有望持续。 ...

[Table_Title] 证券研究报告 恺英网络（002517.SZ）：业绩强劲增长，自 公司研究 研游戏与 AI 技术布局引领新篇章 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年05月05日 恺英网络（002517.SZ） [T事ab件le：_公Su司mm发ar布y] 2023年年度报告和2024年一季度报告。2023年营收42.95 投资评级 买入 亿元，同比增长15.30%，归母净利润14.62亿元，同比增长42.57%，扣 上次评级 买入 非归母净利润13.51亿元，同比增长41.26%。2024Q1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47.06%；归母扣非 [T冯ab翠le婷_Au传th媒or互]联网及海外 净利润4.24亿元，同比增长48.35%。 首席分析师 点评： 执业编号：S1500522010001 公司业绩表现亮眼，一季度增长势头强劲。2023 年公司实现营业收入 42.95亿元，同比增长15.3%，归母净利润14.62亿元，同比增长42.57%； 邮箱：fengcuiting@cindasc. ...

恺英网络20240430_智能速览 2024年05月03日 07:51 关键词 游戏研发 营业收入 规模净利润 新上线产品 AIGC技术 德邦证券 传媒首席 业绩 产品储备 盗墓笔记 斗罗 大陆 招人 增长 期待值 员工人数 研发人员 自主IP 核心优势 行业竞争 行业规范 全文摘要 时，也正努力调整业务结构，探索新的增长点，以应对行业变革和市场竞争。 章节速览 ● 00:00 公司业绩及未来规划概述 本年度内，公司实现了显著的业绩增长，营业总收入达到542.95亿元，同比增长15.3%，规模净利润 达14.62亿元，同比增长42.57%。截至年末，公司总资产和规模净利润分别增长了14.35%和17.28%。同 时，第一季度的数据同样表现出色，公司展现出稳定的增长态势。另外，公司持续推进三大主营业 务——研发、发行、投资，致力于构建多元化的产品组合和稳健的财务状况。在全球化布局上，公司加 大了对外合作力度，并取得了一定的成绩。未来，公司将继续优化治理结构，强化核心管理团队，深入 推进数字化转型，进一步巩固和扩大市场份额。 ● 12:04 海通传媒分析师陈星回顾并展望公司业绩及未来产品研发 海通传媒分析师陈星在 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8][10] Core Views - The company reported a revenue of 4.3 billion RMB in 2023, a year-on-year increase of 15.3%, with a net profit of 1.46 billion RMB, up 42.6% year-on-year [2] - The first quarter of 2024 showed a revenue of 1.3 billion RMB, representing a 36.9% year-on-year growth, and a net profit of 430 million RMB, up 47.1% year-on-year [2] - The increase in revenue is attributed to the stable operation of long-term products and the successful launch of new games [2] - The company has a strong focus on new game launches and category expansion, with several games in the pipeline [2] Summary by Sections Financial Performance - 2023 revenue reached 4.3 billion RMB, with a 15.3% growth, driven by mobile games and information services [2][5] - The net profit margin increased to 34.0%, up 6.5 percentage points year-on-year, due to changes in revenue structure and reduced minority shareholder losses [2][5] - For 2024-2026, the projected net profits are 1.79 billion RMB, 2.07 billion RMB, and 2.30 billion RMB, respectively, with corresponding P/E ratios of 14.1, 12.2, and 11.0 [2][5] Game Development and Strategy - The company has signed a strategic cooperation agreement in October 2023 for the "Legend" IP, indicating a commitment to long-term game development [2] - Upcoming game titles include "Douluo Dalu: Zhu Xie Chuan Shuo" and "Tomb Raider: Start," which are expected to contribute to revenue growth [2] - The company is also exploring AI and MR fields, with a self-developed large model already in practical use [2] Market Position and Outlook - The company has a solid market position with a focus on expanding its game portfolio and enhancing user engagement [2] - The report emphasizes the importance of new game launches and the potential for revenue growth in the coming years [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.00 CNY per share, compared to the last closing price of 11.74 CNY [1]. Core Views - The company achieved a revenue of 4.295 billion CNY in 2023, representing a year-on-year growth of 15.30%. The net profit attributable to shareholders was 1.462 billion CNY, up 42.57% year-on-year. In Q1 2024, the company reported a revenue of 1.308 billion CNY, a 36.93% increase year-on-year, with a net profit of 426 million CNY, reflecting a 47.06% growth [2]. - The company's performance is driven by stable operations of existing games and the successful launch of new titles. Notable games include "Stone Age: Awakening" and "The Legend of Sword and Fairy: A New Beginning," which have performed well in sales rankings [2][3]. - The company has a rich pipeline of games, with several titles expected to launch in 2024, including "Douluo Dalu: The Legend of the Soul" and "That Time I Got Reincarnated as a Slime: New World," which have already received approval [2][3]. Financial Summary - The company is projected to achieve revenues of 5.215 billion CNY, 6.155 billion CNY, and 7.146 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.40%, 18.03%, and 16.10%. The net profit attributable to shareholders is expected to be 1.831 billion CNY, 2.078 billion CNY, and 2.347 billion CNY for the same years, with growth rates of 25.25%, 13.53%, and 12.94% [4][5]. - The company has implemented a stable dividend distribution plan, with a total dividend amount of approximately 213 million CNY for 2023 and an expected 200 million CNY for 2024, indicating a commitment to returning value to shareholders [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company has shown impressive revenue and profit growth in 2023 and Q1 2024, with a revenue of 4.295 billion yuan in 2023, representing a year-on-year increase of 15.3%, and a net profit of 1.462 billion yuan, up 42.6% year-on-year. In Q1 2024, revenue reached 1.308 billion yuan, a 36.93% increase year-on-year, and net profit was 426 million yuan, growing 47.06% year-on-year [5][6]. - The company has completed its share repurchase plan, and executives have shown confidence in the company's future by increasing their holdings [6]. - The main business continues to perform well, with a strong pipeline of new products expected to drive growth in 2024 [6][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.295 billion yuan and a net profit of 1.462 billion yuan, with significant growth rates of 15.3% and 42.6% respectively. For Q1 2024, revenue was 1.308 billion yuan, up 36.93%, and net profit was 426 million yuan, up 47.06% [5][7]. - The company has a robust dividend policy, having implemented a mid-term dividend of 213 million yuan in 2023 and plans to distribute 1 yuan per 10 shares in 2024 [5][6]. Business Developments - The company has successfully launched several new games, including "The Legend of Sword and Fairy: A New Beginning" and "Stone Age: Awakening," which have performed well. Upcoming titles include "Tomb Raider: Journey" and "Douluo Continent: Legend of the Evil," which are expected to contribute to revenue growth in 2024 [6][10]. - The acquisition of a 29% minority stake in Zhejiang Shenghe is anticipated to enhance the company's overall performance [6]. Earnings Forecast and Valuation - The company is projected to achieve earnings per share (EPS) of 0.90 yuan, 1.07 yuan, and 1.28 yuan for 2024, 2025, and 2026 respectively. The estimated price-to-earnings (P/E) ratio for 2024 is set between 19 and 21 times, indicating a reasonable value range of 17.10 to 18.90 yuan per share [6][10].

证券研究报告 | 年报点评报告 2024年05月02日 恺英网络（002517.SZ） 2023 及 2024Q1 业绩表现亮眼，AI 模型“形意”投入应用 业绩概览：2023年公司实现营收42.95亿元，同比增长15.30%；实现归母净利 买入（维持） 润 14.62 亿元，同比增长 42.57%；实现扣非归母净利润 13.51 亿元，同比增长 股票信息 41.26%。2024Q1，公司实现营收13.08亿元，同比增长36.93%；实现归母净利 润4.26亿元，同比增长47.06%；实现扣非归母净利润4.24元，同比增长48.35%。 行业 游戏 公司2023年利润分配预案拟向全体股东每10股派1元（含税），预计此次派现 前次评级 买入 金额2.13亿元。 4月30日收盘价(元) 11.79 研发业务：长线产品壁垒深厚，新产品表现优异。2023年，公司旗下《原始传奇》 总市值(百万元) 25,378.18 《敢达争锋对决》《热血合击》《永恒联盟》等长线产品稳定运营，《石器时代： 总股本(百万股) 2,152.52 觉醒》等新上线产品的表现出色。当前公司已在复古情怀类游戏领域建立起独家 其中自由流通股(%) ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%, with a net profit attributable to shareholders of 1.462 billion yuan, up 42.57% year-on-year, indicating that performance fell within the forecast range [2][3] - The strong growth in revenue and profit is driven by both new and existing games, with successful titles such as "Original Legend" and "Sword of Legends" contributing significantly [3] - The company has a robust pipeline of new games and is actively expanding its global presence, achieving notable success in overseas markets [3] - The company is enhancing its research and operational capabilities, with a focus on integrating AI into its development processes [3] Financial Performance and Forecast - The company achieved a total revenue of 4.295 billion yuan in 2023, with projections for 2024, 2025, and 2026 at 5.408 billion yuan, 6.027 billion yuan, and 6.576 billion yuan respectively, reflecting a growth rate of 25.91%, 11.43%, and 9.12% [2][4] - The net profit attributable to shareholders is forecasted to be 1.814 billion yuan in 2024, 2.082 billion yuan in 2025, and 2.324 billion yuan in 2026, with corresponding growth rates of 24.10%, 14.78%, and 11.63% [2][4] - The earnings per share (EPS) are projected to be 0.84 yuan for 2024, 0.97 yuan for 2025, and 1.08 yuan for 2026, with current price-to-earnings (P/E) ratios of 14, 12, and 11 respectively [4][8] Market Data - The closing price of the company's stock is 11.79 yuan, with a market capitalization of approximately 25.378 billion yuan [5] - The price-to-book (P/B) ratio stands at 4.47 [5] Operational Insights - The company reported a gross margin of 83.47% in 2023, with expectations to maintain a high level of profitability due to increased self-developed game revenue and reduced sharing costs [3][4] - The company has a strong focus on marketing and promotion for new game launches, which has led to an increase in sales expenses [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%, with a net profit attributable to shareholders of 1.462 billion yuan, up 42.57% year-on-year, indicating that performance met expectations [2][3] - The strong growth in revenue and profit is driven by both new and existing games, with successful titles such as "Original Legend" and "New Legend of the Condor Heroes" contributing significantly [3] - The company has a robust pipeline of upcoming games, which is expected to sustain steady growth in performance [3] - The company is enhancing its research and operational capabilities, with a focus on AI applications to improve efficiency [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 3,726, with projections for 2023A at 4,295, 2024E at 5,408, 2025E at 6,027, and 2026E at 6,576, reflecting a growth rate of 56.84%, 15.30%, 25.91%, 11.43%, and 9.12% respectively [2][4] - Net profit attributable to shareholders (in million yuan) for 2022A was 1,025, with projections for 2023A at 1,462, 2024E at 1,814, 2025E at 2,082, and 2026E at 2,324, showing growth rates of 77.77%, 42.57%, 24.10%, 14.78%, and 11.63% respectively [2][4] - The latest diluted EPS is projected to be 0.68 for 2024E, 0.84 for 2025E, and 0.97 for 2026E, with corresponding P/E ratios of 14, 12, and 11 [4] Market Data - The closing price of the stock is 11.79 yuan, with a market capitalization of 25.378 billion yuan [5] - The company has a price-to-book ratio of 4.47 [5] Cash Flow Summary - Operating cash flow for 2023A is projected at 1.706 billion yuan, with expectations of 2.207 billion yuan for 2024E and 2.319 billion yuan for 2025E [9] - The net increase in cash for 2023A is 269 million yuan, with projections of 1.507 billion yuan for 2024E [9]

事件  4月 30 日，公司发布23年报及24 年一季报，23 年收入 43.0 亿元/同增15.3%，归母净利14.6 亿/同增 42.6%，扣非归母13.5 亿/同增 41.3%；23年度拟现金分红0.1 元/股。1Q24 收入 13 亿/ 同增36.9%，净利4.3亿/同增47.1%，扣非归母4.2亿/同增48.4%。 点评  23年符合业绩预告，盈利水平提高。1）收入：23 年同增15.3%， 主要系移动游戏（35.8 亿/同增13.3%）及信息服务业务（6.6 亿/ 同增 43.3%），受益于《原始传奇》《敢达争锋对决》《天使之战》 等长线产品的稳定运营及《新倚天屠龙记》《仙剑奇侠传：新的开 始》《石器时代：觉醒》等新上线产品出色表现。2）盈利：归母 净利率同比+6.5pct 至 34.0%，扣非净利率同比+5.8pct至31.4%， 预计主要系收入结构变化使毛利率同比+8.5pct，及收购浙江盛和 29%股权，少数股东损益占收入比同比-6.3pct；销售/管理/研发 费率同比+5.8/+2.3/-1.5pct，销售、管理费率增幅较大分别主要 系市场推广费增加；员工持股计划及股票期权计划费用摊销 ...