Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's performance in 2024 is strong, with Q1-3 revenue reaching 3.93 billion yuan (YoY +30%) and net profit attributable to the parent company of 1.28 billion yuan (YoY +18%) [4] - The company is actively advancing AI+IP initiatives, including the application of its self-developed "Xingyi" large model and the approval of its AI NPC text generation algorithm [5] - The company has a rich product pipeline, with several games in development and some already released, such as the casual puzzle game "Baigong Ling" and the mobile game "Rainbow Orange" [5] Financial Summary - The company's revenue for 2024E is projected to be 5.32 billion yuan, with a net profit attributable to the parent company of 1.74 billion yuan [7] - The company's gross margin for 2024E is expected to be 79.3%, with an ROE of 26.0% [7] - The company's EPS for 2024E is forecasted to be 0.81 yuan per share [7] Market Data - The company's closing price on November 6, 2024, was 14.06 yuan, with a PB ratio of 5.0 and a dividend yield of 1.42% [2] - The company's market capitalization is 26.91 billion yuan, with a total share capital of 2.15 billion shares and a circulating A-share capital of 1.91 billion shares [2][3] Product Pipeline - The company has a diverse product pipeline, including games like "Tomb Raider: Departure," "Douluo Dalu: Legend of the Evil," "Dragon Nest World," and "Nazarick: Rise" [5] - The company is also developing games based on popular IPs such as "BLEACH: Thousand-Year Blood War," "Ultraman," "The King of Fighters," and "The Condor Trilogy" [5]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company's Q3 2024 performance exceeded expectations, with a quarterly revenue of 1.37 billion yuan, representing a year-over-year increase of 30% and a quarter-over-quarter increase of 10%. The gross profit for the quarter was 1.13 billion yuan, up 29% year-over-year and 11% quarter-over-quarter. The net profit attributable to shareholders was 470 million yuan, reflecting a 32% year-over-year increase and a 23% quarter-over-quarter increase [1]. - The company has a solid foundation in its legacy products, particularly in the nostalgic gaming segment, which has shown resilience. Key titles like "Angel Battle" and "Original Legend" performed well, contributing to a robust revenue stream [1]. - The company has a rich pipeline of innovative IP products, with several new releases expected to drive significant revenue growth in upcoming quarters. Notable upcoming titles include "Tomb Raider: Journey" and "Douluo Continent: Legend of Evil" [1]. Financial Summary - The company adjusted its revenue forecasts for 2024-2026 to 5.55 billion, 6.38 billion, and 7.25 billion yuan, respectively, with year-over-year growth rates of 29%, 15%, and 14%. The net profit forecasts were adjusted to 1.73 billion, 1.98 billion, and 2.23 billion yuan, with corresponding growth rates of 19%, 15%, and 13% [1][2]. - The current market valuation is based on a target price of 18.42 yuan, suggesting a potential upside of 36% from the current price of 13.54 yuan [3]. Financial Indicators - Total revenue for 2023 is projected at 4.295 billion yuan, with a year-over-year growth rate of 15.3%. The net profit for 2023 is expected to be 1.462 billion yuan, reflecting a significant year-over-year growth of 42.6% [2][7]. - The company’s earnings per share (EPS) is forecasted to increase from 0.68 yuan in 2023 to 1.04 yuan by 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 20 to 13 over the same period [2][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][5] Core Views - The company has shown continuous revenue growth, with a rich pipeline of new products expected to contribute to future performance [1][3] - The projected revenue for 2024 is estimated at 54.15 billion, with a net profit of 1.76 billion, indicating a strong growth trajectory [1][3] - The company is expected to maintain a healthy gross margin, with projections for 2024 indicating a gross margin of 82.60% [3] Financial Summary - Revenue growth from 2022A to 2026E is projected as follows: 3,725.53 million in 2022A, 4,295.39 million in 2023A, 5,414.55 million in 2024E, 6,483.05 million in 2025E, and 6,938.91 million in 2026E [1][3] - The net profit attributable to the parent company is expected to grow from 1,025.17 million in 2022A to 2,327.91 million in 2026E [3] - The company's operating expenses are projected to increase significantly, with a forecast of 1,624.37 million in 2024E [3] Market Performance - The current stock price is 13.54 yuan, with a 52-week price range of 8.40-13.71 yuan [1] - The company has a total market capitalization of approximately 29.15 billion [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.43 in 2022A to 12.52 in 2026E, indicating potential for value appreciation [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Views - The company has shown steady revenue growth, with a reported revenue of 3.927 billion yuan and a net profit of 1.280 billion yuan for the first three quarters of 2024, representing year-on-year increases of 29.65% and 18.27% respectively [1][4]. - The product portfolio is robust, featuring both nostalgic and innovative games, with significant performance in overseas markets, particularly a 334.95% year-on-year increase in overseas revenue [2][10]. - The company is expanding its IP matrix, with numerous well-known IPs and a rich product pipeline, including several games that have recently launched or are in development [3][11]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.372 billion yuan and a net profit of 471 million yuan, with year-on-year growth rates of 30.33% and 31.52% respectively [1][4]. - The full-year profit forecasts for 2024, 2025, and 2026 are 1.984 billion yuan, 2.364 billion yuan, and 2.633 billion yuan, respectively, with corresponding EPS of 0.92, 1.10, and 1.22 yuan [4][12]. Product Portfolio - The company’s product lineup includes popular nostalgic games such as "Original Legend" and "Blood of the Heroes," which have established competitive barriers [2][10]. - Innovative titles like "Gundam Battle" and "Nasirak King" have performed well, with "Nasirak King" reaching the second position on the free charts shortly after its launch [2][10]. Overseas Expansion - The company reported overseas revenue of 126 million yuan in the first half of 2024, with plans to release several titles in markets such as Singapore, Malaysia, and Vietnam [2][10]. - The overseas business is expected to continue its high growth trajectory, supported by strategic releases in various international markets [2][10]. IP Development - The company has accumulated a diverse range of IPs, including "Legendary World" and "Overlord," and is focusing on nurturing original IPs like "Seasonal Order," which has received national support [3][11]. - Several new games have received approval for release, and key products are set to launch in Q4 2024, laying a solid foundation for future performance [3][11].

证券时报e公司讯，据恺英网络微信公众号消息，11月1日晚间，国家互联网信息办公室公开发布第八批 境内深度合成服务算法备案信息，恺英网络子公司上海恺英软件技术有限公司研发的恺英智能NPC文本 生成算法通过审核，获批备案编号。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has shown robust revenue and profit growth in Q3 2024, achieving revenue of 1.372 billion yuan, a year-on-year increase of 30.33%, and a net profit of 471 million yuan, up 31.52% year-on-year [4] - The company has a strong pipeline of new products, with several key titles launched or set to launch, which is expected to drive continued revenue growth [6] - Management has demonstrated confidence in the company's future by committing to not sell shares for five years and has made significant share repurchases [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 471 million yuan, with a year-on-year growth of 31.52%, and a net operating cash flow of 309 million yuan [4] - For the first three quarters of 2024, the company reported a total revenue of 3.928 billion yuan, a 29.65% increase year-on-year, and a net profit of 1.280 billion yuan, up 18.27% year-on-year [4] Product Pipeline - The company has a rich reserve of new products, including titles like "That Time I Got Reincarnated as a Slime: New World" and "LaTale: Rainbow Orange," which are expected to enhance revenue streams [6] - Multiple new games have received approval and are set to launch, indicating a busy release schedule that could boost performance in 2024 [6] Management Confidence - The chairman and controlling shareholder have increased their holdings significantly, with a total of 12 purchases amounting to over 1.5 billion yuan since 2019, reflecting strong confidence in the company's long-term prospects [5] - A commitment was made to not reduce shareholdings for five years, further reassuring investors [5] 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, with a dynamic price-to-earnings (PE) ratio of 19-21 times for 2025 [6][11] - The estimated revenue for 2024 is 5.021 billion yuan, with a year-on-year growth of 16.9% [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is reported at RMB 13.47, with a sector rating of "Outperform" [1] Core Insights - The company has shown robust revenue growth, with Q3 2024 revenue reaching RMB 1.372 billion, a year-on-year increase of 30.33%, and a net profit of RMB 471 million, up 31.52% year-on-year [3] - Several major products are in the testing phase, and the company is successfully advancing its overseas business [3] - The company has a rich pipeline of upcoming products and has made significant progress in securing IP licenses for new games [3] Financial Performance Summary - Q3 2024 revenue was RMB 1.372 billion, with a gross profit margin of 82.59%, slightly down by 1.07 percentage points year-on-year [3][4] - The sales expense ratio increased to 30.79%, while the management expense ratio decreased to 3.34% [3][4] - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 1.741 billion, RMB 2.111 billion, and RMB 2.547 billion respectively, with corresponding P/E ratios of 16.43, 13.55, and 11.23 [3][4] Product Pipeline and Market Position - The company has multiple high-profile games entering the testing phase, including "Douluo Dalu: Zhu Xie Chuan Shuo" and "Tomb Raider: Start" [3] - The company has successfully launched several games in overseas markets, achieving top rankings in app stores [3] - The company is exploring new technologies and has a strong IP reserve, including licenses for popular franchises [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved strong performance in Q3 2024, with revenue of 3.72 billion yuan, a year-on-year increase of 30.33%, and a net profit of 471 million yuan, up 31.52% year-on-year. The growth is attributed to the stable operation of classic games and the successful launch of overseas versions of new games [1]. - The company has a rich pipeline of games, with several titles based on popular IPs expected to launch soon, which is anticipated to drive future growth [1]. - The company has established a stable dividend distribution rhythm, reflecting long-term investment value and management confidence in future development [1]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.928 billion yuan, a year-on-year increase of 29.65%, and a net profit of 1.280 billion yuan, up 18.27% year-on-year. The net profit after deducting non-recurring items was 1.281 billion yuan, representing a growth of 23.43% [1]. - The revenue projections for 2024 to 2026 are 5.385 billion yuan, 6.314 billion yuan, and 7.200 billion yuan, with corresponding growth rates of 25.37%, 17.25%, and 14.03% respectively. Net profits are projected to be 1.735 billion yuan, 2.064 billion yuan, and 2.322 billion yuan, with growth rates of 18.72%, 18.95%, and 12.51% respectively [3][4].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 恺英网络(002517)公司点评报告 2024 年 10 月 30 日 [Table_Title]Q3 业绩高增，新产品周期开启 ——恺英网络（002517）2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 前三季度业绩稳定高增，三季度利润端表现亮眼 2024 年前三季度，公司实现营业收入 39.28 亿元，同比增长 29.65%，归 母净利润 12.80 亿元，同比增长 18.27%，扣非归母净利润实现 12.81 亿 元，同比增长 23.43%。分季度看，24Q3 单季度公司实现营业收入 13.72 亿元，同比增长 30.33%，归母净利润 4.71 亿元，同比增长 31.52%，扣非 后归母净利润 4.80 亿元，同比增长 32.53%。费用率方面，24 年前三季度， 公司销售/研发/管理费用率分别为 35.13%/3.56%/10.16%，同比变化 +9.57/-3.25/-0.79pct，前三季度公司增加市场推广导致销售费用有所增长。 新一轮产品周期开启，储备产品及 IP 丰 ...