恺英网络（002517.SZ） 游戏Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 Q3 业绩超预期，产品储备丰富 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------- ...

感谢大家参加本次会议会议即将开始请稍候 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍候大家好欢迎参加凯因网络2024年三季度业绩说明会 目前所有参会者均处于静音状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布凯因网络未授权任何媒体转发此次会议相关内容未经允许和授权的转载转发均属侵权凯因网络将保留追究其法律责任的权利 各位投资者大家好 我是凯因网络副董事长总经理沈钧,今天非常高兴在这里与大家就凯因网络2020年第三季度业绩与大家进行充分交流。凯因网络一直秉持着以业务为核心,拓展我们的市场海内外业务的发展。 我们也希望通过我们的产品的输出以及业绩的持续增长为各位投资者带来丰富的回报也为游戏板块市场提供更多的发展机会那么接下去我把这个发言交给我们同事就我们凯因网络2020年第三季度报告呢与大家做简要的汇报好的好的 各位投资人,大家下午好,我是产业网络董事会秘书刘鹏林下 ...

公 司 研 究 传媒/游戏Ⅱ 恺英网络（002517.SZ） 2024 年 10 月 29 日 2024Q3 利润增速提升，继续关注后续产品线 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 13.47 | | 一年最高最低 ( 元 ) | 14.08/8.33 | | 总市值 ( 亿元 ) | 289.94 | | 流通市值 ( 亿元 ) | 257.85 | | 总股本 ( 亿股 ) | 21.53 | | 流通股本 ( 亿股 ) | 19.14 | | 近 3 个月换手率 (%) | 190.77 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024 ...

证券代码：002517 证券简称：恺英网络 7 月 21 日起，《仙剑奇侠传：新的开始》海外版于陆续上线 港澳台、新加坡、马来西亚等地区/国家，上线后持续三天霸榜台 湾 iOS 游戏免费榜第一，澳门 iOS 游戏免费榜第一、台湾 Google Play 游戏免费榜第一、香港 Google Play 游戏免费榜第二和香港 iOS 游戏免费榜 TOP7。台湾 iOS 游戏畅销榜最高第七，香港 iOS 游戏畅销榜最高第十；台湾 Google Play 游戏畅销榜最高第八， 香港 Google Play 游戏畅销榜最高第十。 恺英网络股份有限公司 投资者关系活动记录表 编号：2024-005 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 路演活动 | | | □现场参观 □其他 （投资者交流会） | | 参与单位名称 | 详见附件 | | 时 间 | 2024 年 10 月 29 日（星期二）16:00-17:00 | | 上市公司接待 | 副董事长、总经理 沈军 | | | 独立董事 傅蔚冈 | | 人员姓名 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 revenue and profit exceeded expectations, with revenue reaching 1.372 billion yuan, a year-on-year increase of 30.33%, and net profit attributable to the parent company reaching 471 million yuan, a year-on-year increase of 31.52% [2][3] - The company's revenue resilience is driven by its strong performance in the Legend and Miracle game categories, as well as its effective operation of retro-themed IPs and self-developed game communities [3] - The company is expanding its IP portfolio and exploring overseas markets, with new games such as "Black Cat Detective" and "Dragon Nest World" set to launch, which are expected to drive future growth [4] - Key new games, including "Reincarnated as a Slime" and "Douluo Dalu: Legend of the Evil," have entered testing phases, with strong performance expected upon their official release [5] Financial Performance Summary - Revenue for Q1-Q3 2024 reached 3.928 billion yuan, a year-on-year increase of 29.65%, with net profit attributable to the parent company reaching 1.280 billion yuan, a year-on-year increase of 18.27% [2] - The company's sales expense ratio in Q3 2024 was 30.79%, a year-on-year increase of 1.83 percentage points but a quarter-on-quarter decrease of 7.05 percentage points, contributing to higher-than-expected profit margins [3] - The company's management expense ratio in Q3 2024 was 3.34%, a year-on-year decrease of 2.68 percentage points, while the R&D expense ratio was 12.43%, a year-on-year increase of 0.52 percentage points [3] Future Outlook - The company's revenue is expected to grow to 5.337 billion yuan in 2024, 6.388 billion yuan in 2025, and 6.967 billion yuan in 2026, with net profit attributable to the parent company projected to reach 1.706 billion yuan, 2.057 billion yuan, and 2.326 billion yuan respectively [1] - The company's EPS is forecasted to be 0.79 yuan in 2024, 0.96 yuan in 2025, and 1.08 yuan in 2026, with corresponding P/E ratios of 17x, 14x, and 12x [5] - The company's IP strategy and new game pipeline are expected to drive sustained growth, with a focus on both domestic and overseas markets [4][5] Market Data - The company's current stock price is 13.29 yuan, with a market capitalization of 28.607 billion yuan [7] - The company's P/B ratio is 4.72x, and its P/E ratio based on the latest diluted EPS is 16.77x [1][7]

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 18.60 CNY, reflecting a 20x PE valuation for 2025 [6][7]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 39.28 billion CNY, a year-on-year increase of 29.65%, and a net profit of 12.80 billion CNY, up 18.27% year-on-year [2][3]. - The company is focusing on expanding its overseas market presence and maximizing the value of its existing IPs, with several new games launched and others in the pipeline [4][5]. - The financial forecasts predict continued growth in net profit, estimating 17.08 billion CNY for 2024, 19.98 billion CNY for 2025, and 23.14 billion CNY for 2026 [6][10]. Revenue and Profit Performance - For Q1-Q3 2024, the company achieved quarterly revenues of 13.08 billion CNY, 12.48 billion CNY, and 13.72 billion CNY, with Q3 showing a year-on-year revenue growth of 30.33% [3]. - The gross profit margin for the first three quarters was 82.21%, remaining stable, while the net profit margin improved to 34.0% in 2023 [3][11]. Product Pipeline and Market Strategy - The company has a robust pipeline with seven new games receiving approval for release between August and October 2024, indicating strong potential for revenue growth from new product launches [5][6]. - The company is actively exploring cross-industry collaborations to enhance its product offerings and IP monetization strategies [4]. Financial Projections - The report projects earnings per share (EPS) to increase from 0.79 CNY in 2024 to 1.07 CNY by 2026, reflecting the anticipated growth in net profit [6][10]. - The company’s market capitalization is approximately 28.61 billion CNY, with a circulating market value of about 25.44 billion CNY [7].

证券研究报告 | 季报点评 gszqdatemark 2024 10 29 年 月 日 恺英网络（002517.SZ） 国内海外上线多款新游，优质 IP 产品储备丰富 业绩概览：公司发布 2024 年三季报。2024Q1-Q3，公司实现营业收入 39.28 亿元，同比增长 29.65%；实现归母净利润 12.80 亿元，同比增长 18.27%； 实现扣非归母净利润 12.81 亿元，同比增长 23.43%。2024Q3，公司实现 营业收入 13.72 亿元，YoY+30.33%，QoQ+10.00%；实现归母净利润 4.71 亿元，YoY+31.52%，QoQ+22.97%；实现扣非归母净利润 4.80 亿元， YoY+32.53%，QoQ+27.43%。 国内海外上线多款新游，《仙剑奇侠传：新的开始》海外表现亮眼。2024 年 8 月，公司发行的正版 IP 授权策略手游《关于我转生变成史莱姆这档 事：新世界》开启公测；2024 年 10 月，公司旗下 LaTale 正版授权手游 《彩虹橙》公测。在海外市场，公司发行运营的回合制 RPG 游戏《仙剑奇 侠传：新的开始》海外版于 2024 年 7 月在中国港澳台 ...

Investment Rating - The report maintains a "Buy" rating for Kingnet Network (002517 SZ) [2] Core Views - Kingnet Network's Q3 2024 revenue reached RMB 1 372 billion, a YoY increase of 30 33%, with net profit attributable to shareholders of RMB 471 million, up 31 52% YoY [2] - The company's Q3 performance exceeded expectations, driven by stable growth in its Legend games and contributions from new games launched in Q3 [3] - The company has a rich pipeline of games, including LaTale's official mobile game "Rainbow Orange" and multiple Legend games, which are expected to support future growth [3] Financial Performance Revenue and Profit - Q3 2024 revenue increased by 30 33% YoY and 10 00% QoQ, reaching a 5-year high for a single quarter [3] - Net profit attributable to shareholders in Q3 2024 was RMB 471 million, up 31 52% YoY and 22 97% QoQ [3] - Non-GAAP net profit attributable to shareholders was RMB 480 million, up 32 53% YoY and 27 43% QoQ [3] Profitability - Net profit margin and non-GAAP net profit margin were 34 31% and 35 00% respectively, with a QoQ increase of 3 62 and 4 78 percentage points [3] - Gross margin in Q3 2024 was 82 59%, slightly down by 1 07 percentage points YoY but up by 0 61 percentage points QoQ [3] - Sales expenses decreased by 7 05 percentage points QoQ, contributing to the improvement in net profit margin [3] Game Pipeline and Strategy - The company launched "Rainbow Orange" on October 20, 2024, and has a strong pipeline of Legend games and non-Legend games such as "Tomb Raider: Departure" and "Douluo Dalu: Legend of the Evil" [3] - Kingnet Network has made progress in overseas markets and mini-games, accumulating more experience for future product launches [3] Financial Forecasts - The report forecasts net profit attributable to shareholders for 2024-2026 to be RMB 1 70 billion, RMB 2 095 billion, and RMB 2 383 billion, with YoY growth rates of 16 30%, 23 21%, and 13 77% respectively [3] - The corresponding P/E ratios for 2024-2026 are 16 83X, 13 66X, and 12 00X [3] Historical Performance - In 2023, the company's revenue was RMB 4 295 billion, up 15 30% YoY, with net profit attributable to shareholders of RMB 1 462 billion, up 42 58% YoY [5] - The company's ROE (return on equity) was 27 87% in 2023, and is expected to remain above 26% in the next three years [5] Market Sentiment - The company has received a "Buy" rating from multiple analysts, with 128 "Buy" ratings in the past six months [7] - The average market rating score for Kingnet Network is 1 00, indicating a strong "Buy" consensus [7]

Revenue and Profit Growth - Revenue for the third quarter reached 1.372 billion yuan, a year-on-year increase of 30.33%[3] - Net profit attributable to shareholders of the listed company was 470.92 million yuan, up 31.52% compared to the same period last year[3] - Revenue for the first three quarters of 2024 reached 3,927,588,266.40 yuan, a 29.6% increase compared to the same period last year[15] - Net profit for the first three quarters of 2024 was 1,280,286,442.72 yuan, a 6.3% increase year-over-year[15] - Basic earnings per share for the first three quarters of 2024 were 0.6 yuan, a 17.6% increase compared to the same period last year[16] Assets and Equity - Total assets as of the end of the reporting period were 7.515 billion yuan, an increase of 13.68% compared to the end of the previous year[3] - The company's total equity attributable to shareholders increased by 15.50% to 6.057 billion yuan compared to the end of the previous year[3] - Total equity as of the end of Q3 2024 was 6,055,872,985.41 yuan, a 15.6% increase compared to the end of 2023[14] Expenses and Costs - Prepaid expenses increased by 79.19% to 451.63 million yuan, mainly due to increased prepaid sharing fees and advertising expenses[6] - Sales expenses surged by 78.18% to 1.38 billion yuan, driven by increased market promotion costs[7] - Operating costs rose by 43.34% to 698.61 million yuan, mainly due to increased external sharing fees[7] - R&D expenses for the first three quarters of 2024 were 398,946,435.89 yuan, a 20.2% increase compared to the same period last year[15] - Sales expenses for the first three quarters of 2024 were 1,379,571,960.61 yuan, a 78.2% increase year-over-year[15] Cash Flow - Investment activities resulted in a net cash outflow of 668.77 million yuan, a 103.45% increase compared to the same period last year[8] - Sales of goods and services received cash of 4,263,645,460.51 yuan, a 37.6% increase compared to the previous period's 3,097,635,174.20 yuan[17] - Total cash inflow from operating activities was 4,373,879,311.84 yuan, up 35.7% from 3,224,351,280.36 yuan in the previous period[17] - Cash outflow from operating activities increased to 3,141,088,990.95 yuan, a 59.5% rise from 1,969,295,153.06 yuan[17] - Net cash flow from operating activities was 1,232,790,320.89 yuan, slightly down by 1.8% from 1,255,056,127.30 yuan[17] - Cash outflow from investing activities surged to 732,698,590.61 yuan, a 120.6% increase from 332,115,185.24 yuan[18] - Net cash flow from investing activities was -668,769,310.27 yuan, a 103.5% decrease from -328,715,948.95 yuan[18] - Cash outflow from financing activities was 438,051,486.44 yuan, a 48.7% decrease from 853,739,674.89 yuan[18] - Net cash flow from financing activities improved to -383,941,291.42 yuan, a 54.9% improvement from -852,499,674.89 yuan[18] - Net increase in cash and cash equivalents was 177,779,075.69 yuan, up 119.3% from 81,048,518.01 yuan[18] - Ending cash and cash equivalents balance stood at 2,979,216,815.12 yuan, a 14.0% increase from 2,613,832,938.08 yuan[18] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 69,458[9] - Jin Feng holds 14.77% of the shares, totaling 318,026,449 shares[9] - Shaoxing Ansheng Enterprise Management Partnership holds 5.23% of the shares, totaling 112,477,078 shares[9] - Jin Danliang holds 4.44% of the shares, totaling 95,675,787 shares[9] - China Minsheng Bank Co., Ltd. - Huaxia CSI Animation and Gaming ETF holds 2.82% of the shares, totaling 60,641,890 shares[9] - Hong Kong Securities Clearing Company Ltd. holds 2.36% of the shares, totaling 50,712,166 shares[9] - Agricultural Bank of China - CSI 500 ETF holds 2.18% of the shares, totaling 46,818,600 shares[9] - China Life Insurance Company - Traditional-General Insurance Product holds 1.23% of the shares, totaling 26,449,524 shares[9] - Hangzhou Haoxiang Investment Partnership holds 1.22% of the shares, totaling 26,225,500 shares[9] - Industrial and Commercial Bank of China - Hua'an Media Internet Hybrid Fund holds 1.18% of the shares, totaling 25,344,588 shares[9] Investment and Equity Instruments - Other equity instrument investments increased by 616.45% to 473.39 million yuan, primarily due to increased equity investments[6] Return on Equity - The company's weighted average return on equity (ROE) for the reporting period was 7.94%, up 0.97 percentage points year-on-year[3] Comprehensive Income - Total comprehensive income for the first three quarters of 2024 was 1,153,831,845.13 yuan, a slight decrease of 0.3% compared to the same period last year[16] Liabilities - Total liabilities as of the end of Q3 2024 were 1,458,712,374.16 yuan, a 6.3% increase compared to the end of 2023[14]

证券代码：002517 证券简称：恺英网络 公告编号：2024-043 恺英网络股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日以电子 邮件方式发出召开第五届董事会第十次会议的通知，会议于 2024 年 10 月 28 日 以现场结合通讯方式召开。根据《公司章程》的规定，会议应出席董事 8 名，实 际出席董事 8 名；公司监事和部分高级管理人员列席会议。会议的召开符合《公 司法》、《公司章程》及相关法律、法规的有关规定，会议决议合法有效。 特此公告。 恺英网络股份有限公司 恺英网络股份有限公司董事会 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 根据《公司章程》规定，本次会议由董事长金锋先生主持，与会董事就会议 议案进行了审议、表决，审议通过如下议案： 一、审议通过《2024 年第三季度报告》 公司编制和审核《2024 年第三季度报告》的程序符合法律、行政法规和中 国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在 任何虚假记载、误导性陈述或者重大遗漏。本议案已经董事会审计委员会审议通 ...