Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [1]. Core Insights - The company reported Q3 earnings that exceeded expectations, with a total revenue of 3.928 billion yuan, representing a year-on-year growth of 30.33% [1]. - The net profit attributable to the parent company for Q3 was 471 million yuan, an increase of 31.52% year-on-year, with a non-recurring net profit of 480 million yuan, up 32.53% [1]. - The company has a rich product pipeline, including titles such as "Tomb Raider: Journey," "Douluo Dalu: The Legend of the Evil," and others, which are expected to drive future growth [1]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 3,726 million yuan - 2023A: 4,295 million yuan (15% growth) - 2024E: 5,482 million yuan (28% growth) - 2025E: 6,140 million yuan (12% growth) - 2026E: 6,631 million yuan (8% growth) [1][2] - **Net Profit Forecasts**: - 2022A: 1,025 million yuan - 2023A: 1,462 million yuan (43% growth) - 2024E: 1,598 million yuan (9% growth) - 2025E: 1,820 million yuan (14% growth) - 2026E: 2,146 million yuan (18% growth) [1][2] - **Earnings Per Share (EPS)**: - 2023A: 0.96 yuan - 2024E: 1.05 yuan - 2025E: 1.20 yuan - 2026E: 1.42 yuan [2] - **Key Ratios**: - Return on Equity (ROE) is projected to be 24% in 2024E and 22% in 2025E and 2026E [1]. - Price-to-Earnings (P/E) ratio is expected to decrease from 19.8 in 2023A to 13.5 in 2026E [1]. Market Position and Strategy - The company has successfully controlled costs while increasing revenue, leading to improved gross and net profit margins [1]. - The R&D expenses have increased, indicating a focus on developing new products for future growth [1]. - The company plans to release several new titles, which are expected to enhance its market position and revenue streams [1].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.928 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.65%, and a net profit attributable to shareholders of 1.280 billion yuan, up 18.27% year-on-year [2] - The growth in Q3 2024 was driven by stable performance from existing games and contributions from new titles [2] - The company is expected to continue benefiting from new game launches, maintaining a positive outlook for future growth [2] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.372 billion yuan, a year-on-year increase of 30.33% and a quarter-on-quarter increase of 10.00% [2] - The net profit for Q3 2024 was 471 million yuan, up 31.52% year-on-year and 22.97% quarter-on-quarter [2] - The gross margin for Q3 2024 was 82.59%, with a net profit margin of 34.31% [4] Product Line Expansion - The company has been continuously enriching its product line with several new game launches, including "诸神劫：影姬" and "怪物联萌" [3] - Upcoming titles such as "龙之谷世界" and "斗罗大陆：诛邪传说" are expected to further enhance the product portfolio and drive revenue growth [3] AI Integration - The company is leveraging AI technology to enhance game development efficiency, which may lead to improved long-term profit margins [4] - The AI model can automate various aspects of game production, potentially reducing costs and increasing output [4] Financial Forecast - The company forecasts net profits of 1.818 billion yuan, 2.167 billion yuan, and 2.401 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.84, 1.01, and 1.12 yuan [2][5] - The current price-to-earnings ratio (P/E) is projected to be 16.1, 13.3, and 12.0 for the years 2024, 2025, and 2026 respectively [2][5]

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].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has launched multiple new games both domestically and internationally, showcasing a rich reserve of quality IP products. The overseas performance of "The Legend of Sword and Fairy: A New Beginning" has been particularly impressive [1]. - For the first three quarters of 2024, the company achieved a revenue of 3.928 billion yuan, representing a year-on-year growth of 29.65%, and a net profit attributable to shareholders of 1.280 billion yuan, up 18.27% year-on-year [1]. - The company is advancing several high-quality IPs into its portfolio, including collaborations for mobile games based on renowned literary works [1]. - The integration of AI technology in game development has led to significant improvements in efficiency, with the "Xingyi" model enabling fully automated game generation [1]. - Revenue forecasts for 2024-2026 are projected at 5.283 billion, 6.181 billion, and 6.923 billion yuan, with corresponding year-on-year growth rates of 23%, 17%, and 12% [1]. Financial Overview - For 2024, the company is expected to achieve a net profit of 1.707 billion yuan, with a year-on-year growth rate of 16.8% [2]. - The company's earnings per share (EPS) is projected to increase from 0.68 yuan in 2023 to 0.79 yuan in 2024, and further to 0.92 yuan in 2025 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 19.6 in 2023 to 16.8 in 2024, indicating a potentially attractive valuation [2].

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]

恺英网络：前三季度净利润12.8亿元 同比增长18.27% 财联社10月28日电，恺英网络发布 2024年三季度 报告，公司前三季度实现营业收入39.28亿元，同比增长29.65%；净利润12.8亿元，同比增长18.27%； 基本每股收益0.6元。 查看公告原文 ...

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 ...