证券代码：002517 证券简称：恺英网络 公告编号：2024-039 先生、副总经理唐悦先生、财务总监黄振锋先生、董事会秘书刘洪林先生承诺将 2024 年 1 月 1 日-2028 年 12 月 31 日期间收到的公司税后分红所得用于持续每年 增持公司股份。 2024 年 7 月 23 日至 7 月 24 日，上述人员进行了 2024 年第一次现金分红增 持，增持金额 1,100.95 万元，增持股数 129.41 万股，具体内容详见公司于 2024 年 7 月 25 日在《中国证券报》、《上海证券报》、《证券时报》、《证券日报》 和巨潮资讯网（www.cninfo.com.cn）披露的《关于控股股东、实际控制人及全体 高级管理人员 2024 年第一次现金分红增持股份的公告》（公告编号：2024-031）。 恺英网络股份有限公司 关于控股股东、实际控制人及全体高级管理人员 2024年第二次现金分红增持股份的公告 控股股东、实际控制人、董事长金锋先生、副董事长兼总经理沈军先生、 董事兼副总经理赵凡先生、董事兼副总经理骞军法先生、副总经理林彬先生、 副总经理唐悦先生、财务总监黄振锋先生、董事会秘书刘洪林先生保证 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's H1 2024 performance met expectations with revenue of 2.56 billion (up 29% YoY) and net profit of 810 million (up 12% YoY) [5] - The company plans to distribute a semi-annual cash dividend of 1 yuan per 10 shares, totaling 213 million [5] - The core subsidiary, Zhejiang Shenghe, showed stable growth with H1 revenue of 1.04 billion (up 26% YoY) and net profit of 740 million (up 39% YoY) [5] - The company is actively exploring new technologies in AI and VR, with significant investments in overseas game markets [5][6] - A rich product pipeline is set to be released soon, including titles like "That Time I Got Reincarnated as a Slime" and "Tomb Raider: Journey" [6] Financial Summary - For H1 2024, the company reported total revenue of 2.56 billion, with a YoY growth rate of 29.3% [7] - The net profit for H1 2024 was 810 million, reflecting a YoY increase of 11.7% [7] - The projected net profit for 2024 is adjusted to 1.683 billion, with further estimates of 1.965 billion for 2025 and 2.211 billion for 2026 [6][7] - The company's PE ratios for 2024-2026 are projected at 11x, 10x, and 9x respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company's H1 2024 performance met expectations, with revenue of 2.56 billion yuan, a year-on-year increase of 29.3%, and a net profit attributable to shareholders of 810 million yuan, up 11.7% year-on-year [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, totaling approximately 425 million yuan for the year [2] - The company is focusing on core sectors, investing 230 million yuan in R&D, which accounts for 8.9% of revenue, and has established an AI application research center [2] - The company is expanding its global product reach, with overseas revenue of 130 million yuan in H1 2024, a significant increase of 335% year-on-year [2] - The company is actively acquiring quality IPs to enhance new game development, partnering with Century Huatong and securing licenses for popular IPs [2] Financial Projections - The forecasted net profit attributable to shareholders for 2024-2026 is 1.74 billion yuan, 2.01 billion yuan, and 2.27 billion yuan, respectively, with corresponding PE ratios of 11x, 10x, and 9x [3] - The company's core products are performing steadily, with a solid foundation in legendary games and a rich pipeline of new projects expected to launch [3]

证券代码：002517 证券简称：恺英网络 恺英网络股份有限公司 编号：2024-004 | 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 | 万和证券、金谷信托、衡道投资、利曦投资、恒穗投资、上海聚 然、鸣石投资、高恩投资、赫富投资、兆信基金、春晖基金、香 | | | 农投资等 24 名机构投资者与个人投资者 | | 时 间 | 2024 年 9 月 2 日（星期二）14:00-15:30 | | 上市公司接待 | 董事会秘书 刘洪林 | | 人员姓名 | 证券事务代表 陆文昭 | | 接待地点 | 上海市闵行区陈行公路 2388 号三号楼公司会议室 | | | 1、公司储备产品有哪些？ 回复：公司从短期、中期、长期分梯队进行产品储备；短期， 根据市场情况进行产品快速迭代；中期，基于 IP 产品的开发合作； | | | 长期，全方位打造自有 IP，构建游戏产品矩阵。 | | 投资者关系活动 | 《关于我转生变成史莱姆这档事： ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [1][9]. Core Insights - The company reported a total revenue of 2.555 billion yuan for the first half of 2024, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million yuan, up 11.72% year-on-year [4]. - The company has a strong cash flow, with net cash generated from operating activities reaching 923 million yuan, a significant increase of 63.17% year-on-year [4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, with a total dividend payout of approximately 213 million yuan for the 2023 fiscal year [4]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 5.230 billion yuan in 2024 to 6.616 billion yuan in 2026, with year-on-year growth rates of 22%, 15%, and 10% respectively. Net profit is expected to increase from 1.642 billion yuan in 2024 to 2.249 billion yuan in 2026, with growth rates of 12%, 18%, and 16% [1][6]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.76 yuan in 2024 to 1.04 yuan in 2026 [1][6]. - **Valuation Metrics**: - The current market price is 8.71 yuan, with corresponding P/E ratios of 11x for 2024, 10x for 2025, and 8x for 2026 [1][6]. - **Revenue Breakdown**: - Mobile game revenue reached 2.095 billion yuan, growing 23.42% year-on-year, while information services revenue surged 76.59% to 397 million yuan, with a high gross margin of 88.9% [5]. - **Cost and Margin Analysis**: - The overall gross margin slightly decreased to 82.01%, primarily due to lower margins in mobile games and information services [5]. - **New Product Pipeline**: - The company has a rich pipeline of new games, including titles based on popular IPs, which are expected to drive future growth [5]. - **Sales and Marketing Expenses**: - Sales expenses increased significantly, with a sales expense ratio of 37.5%, reflecting the company's strategy to expand its market presence [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][3]. Core Views - The company has shown significant growth in its IP business, which is expected to empower its core gaming operations. The report highlights the successful acquisition of several well-known IPs, contributing to the launch of popular games [1][3]. - The company is actively expanding its overseas market presence, with a notable increase in overseas revenue, which grew by 334.95% year-on-year in the first half of 2024 [1][3]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 2.555 billion yuan, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million yuan, up 11.72% year-on-year [1][4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 213 million yuan [1][4]. Revenue Projections - The company forecasts revenues of 5.050 billion yuan, 5.913 billion yuan, and 6.880 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.833 billion yuan, 2.426 billion yuan, and 2.643 billion yuan [4][6]. - The mobile gaming segment is expected to generate revenues of 4.141 billion yuan, 4.756 billion yuan, and 5.397 billion yuan from 2024 to 2026, with a growth rate of approximately 15.77%, 14.86%, and 13.48% [3][4]. Market Position and Competitors - The report compares the company with peers such as 37 Interactive Entertainment, Giant Network, and Shenzhou Taiyue, indicating a positive outlook for the company's main business and its proactive overseas market strategy [3][5]. - The company's current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10.1, 7.6, and 7.0, respectively, which are competitive compared to its peers [4][5].

Investment Rating - The report maintains a "Buy" rating for Kingnet Network (002517 SZ) [1] Core Views - Kingnet Network's 24H1 performance is strong, with sufficient new game reserves expected to sustain growth momentum [1] - The company achieved significant growth in both revenue and profit in 24H1, driven by stable operations of long-term products and strong performance of newly launched games [3] - Kingnet Network has a rich and diverse pipeline of new games, with a new product cycle gradually starting [4] - The company is actively exploring AIGC and has developed its own "Xingyi" large model to improve efficiency and reduce costs [4] Financial Performance - 24H1 revenue reached 2 555 billion yuan, a YoY increase of 29 28%, with net profit attributable to the parent company of 809 million yuan, up 11 72% YoY [3] - 24Q2 revenue was 1 248 billion yuan, a YoY increase of 22 13%, but net profit attributable to the parent company decreased by 11 85% YoY to 383 million yuan [3] - Mobile game revenue in 24H1 was 2 095 billion yuan, up 23 42% YoY, driving core growth [3] - Overseas business revenue in 24H1 was 126 million yuan, a YoY increase of 334 95%, driven by strong performance in regions such as Hong Kong, Macao, Taiwan, and Southeast Asia [3] Product Pipeline - The company has a diversified product pipeline, including IP-adapted games such as "Douluo Dalu: Zhu Xie Chuanqi," "That Time I Got Reincarnated as a Slime: New World," and "Tomb Raider: Departure" [4] - Short-term, mid-term, and long-term product reserves are strategically planned, with a focus on IP development and game matrix construction [4] AI and R&D - Kingnet Network has established an AI application research center and developed the "Xingyi" large model, which focuses on "out-of-the-box" content output and has significantly improved R&D efficiency [4] - 24H1 R&D expenses were 228 million yuan, accounting for 8 94% of revenue, a YoY increase of 10 67% [4] Market Performance - The stock's absolute return over the past 1M, 2M, and 3M periods was -1 37%, -8 70%, and -21 00%, respectively, while the relative return was 0 83%, -4 83%, and -13 30% [2] Financial Forecast - Revenue for 2024-2026 is projected to be 5 362 billion yuan, 6 116 billion yuan, and 7 025 billion yuan, with YoY growth rates of 24 8%, 14 1%, and 14 9%, respectively [4] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 1 715 billion yuan, 2 080 billion yuan, and 2 359 billion yuan, with YoY growth rates of 17 3%, 21 3%, and 13 4%, respectively [4] Valuation Metrics - The P/E ratio for 2024-2026 is projected to be 10 70x, 8 75x, and 7 66x, while the P/B ratio is expected to be 2 83x, 2 21x, and 1 76x [6] - The EV/EBITDA ratio for 2024-2026 is forecasted to be 7 40x, 5 37x, and 3 94x [6]

2024 年 08 月 26 日 恺英网络(002517.SZ) 海外新游起量，下半年产品储备丰富 事件： 998345867 公司发布 2024 年半年报：1）2024 年上半年公司实现营收 25.55 亿 元，同比增长 29.28%；归母净利润 8.09 亿元，同比增长 11.72%；扣 非净利润 8.01 亿元，同比增长 18.55%；2) 2024 年 Q2 单季公司实现 营收 12.48 亿元，同比增长 22.13%；归母净利润 3.83 亿元，同比减 少 11.85%；扣非净利润 3.77 亿元，同比减少 3.30%;3）公司拟每 10 股派息 1 元（含税），合计派息金额超过 2 亿元。 上半年营收和净利实现双位数增长, 海外新游开始起量。 1）分业务看，2024 年上半年公司移动游戏业务收入 20.95 亿元，同 比增长 23.42%，为收入增长主力；信息服务业务收入 3.97 亿元，同 比大幅增长 76.59%。公司业绩增长，主要系公司复古情怀的《原始传 奇》《热血合击》《敢达争锋对决》等长线产品的稳定运营，创新品类 的《仙剑奇侠传：新的开始》《石器时代：觉醒》等产品贡献增量， 以及收购浙江 ...

证券研究报告 | 2024年08月26日 传媒·游戏Ⅱ 证券分析师：张衡 证券分析师：陈瑶蓉 收盘价 8.60 元 总市值/流通市值 18512/16463 百万元 52 周最高价/最低价 15.52/8.33 元 近 3 个月日均成交额 367.08 百万元 | --- | --- | |----------------------------------------|-------------------------------------------| | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cnS0980517060002 | chenyaorong@guosen.com.cn S0980523100001 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|----------|----------| ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 半年度业绩规模创新高，关注新产品进展 ——恺英网络(002517)中报点评 发布日期：2024 年 08 月 23 日 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-22) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 8.74 | | 一年内最高/最低(元) | 15.14/8.40 | | 沪深 300 指数 | 3,313.14 | | 市净率(倍) | 3.31 | | 流通市值(亿元) | 167.31 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 2.64 | | 每股经营现金流(元) | 0.43 | | 毛利率(%) | 82.01 | | 净资产收益率_摊薄(%) | 14.22 | | 资产负债率(%) | 21.01 | | 总股本/流通股(万股) | 215,251.76/191,425.7 | | | 7 | B 股/H ...