Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 39.28 billion yuan for the first three quarters, representing a year-on-year growth of 29.65%. The net profit attributable to the parent company was 12.80 billion yuan, up 18.27% year-on-year, with a net profit margin of 32.6% [1]. - In Q3, the company achieved a revenue of 13.72 billion yuan, with a quarter-on-quarter growth of 10.0% and a year-on-year growth of 30.33%. The net profit attributable to the parent company was 4.71 billion yuan, reflecting a quarter-on-quarter increase of 22.97% and a year-on-year increase of 31.52% [1]. - The company is actively expanding its overseas business, with several new game releases achieving significant rankings in various regions [1]. Financial Summary - The total revenue for 2022 was 3,726 million yuan, with a year-on-year growth rate of 56.8%. The projected revenues for 2023, 2024, 2025, and 2026 are 4,295 million yuan, 5,275 million yuan, 6,231 million yuan, and 7,153 million yuan, respectively [2]. - The net profit attributable to the parent company for 2022 was 1,025 million yuan, with a year-on-year growth of 77.8%. The projected net profits for the following years are 1,462 million yuan in 2023, 1,746 million yuan in 2024, 2,082 million yuan in 2025, and 2,396 million yuan in 2026 [2]. - The gross profit margin for 2022 was 75.0%, with projections of 83.5% for 2023, 82.2% for 2024, 81.7% for 2025, and 81.4% for 2026 [2].

Investment Rating - Maintains a "Buy-A" rating, indicating strong confidence in the company's future performance [4] Core Views - The company achieved a total revenue of 3.928 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.65%, with net profit attributable to the parent company reaching 1.28 billion yuan, up 18.27% year-on-year [1] - In Q3 2024, the company's revenue was 1.372 billion yuan, a 30.33% increase year-on-year, and net profit attributable to the parent company was 471 million yuan, up 31.52% year-on-year [1] - The company's growth is driven by a combination of nostalgic and innovative games, with multiple titles such as "Sword and Fairy: New Beginnings" and "New Heaven Sword and Dragon Saber" performing well [1] - The company is expanding its overseas business, with plans to release games like "Sword and Fairy: New Beginnings" and "Monster Alliance" in international markets [1] - R&D expenses in Q3 2024 reached 170 million yuan, a 36% increase year-on-year, reflecting the company's commitment to developing high-quality games [2] - The company has a robust pipeline of upcoming games, including "Tomb Raider: Departure" and "Douluo Continent: Legend of the Evil Slayer" [2] Financial Projections - Revenue is projected to grow from 5.389 billion yuan in 2024 to 7.519 billion yuan in 2026, with net profit attributable to the parent company expected to increase from 1.919 billion yuan in 2024 to 2.936 billion yuan in 2026 [3] - EPS is forecasted to rise from 0.89 yuan in 2024 to 1.36 yuan in 2026, with P/E ratios decreasing from 27.5 in 2024 to 23.9 in 2026 [3] - The company's gross margin is expected to remain stable at around 80.6% to 80.7% from 2024 to 2026 [3] - ROE is projected to decline slightly from 27.5% in 2024 to 23.9% in 2026, reflecting the company's continued profitability [3] Market Performance - The company's stock price as of October 29, 2024, was 13.47 yuan, with a total market capitalization of 28.994 billion yuan [4] - Over the past 12 months, the stock has shown a relative return of 23.07% and an absolute return of 33.24% [5] Business Strategy - The company focuses on a dual strategy of "nostalgic + innovative" games, broadening its competitive advantage beyond the legendary game genre [2] - The company is actively developing its game community platforms, such as the 996 Game Box and Cangyue Island, which contribute to advertising revenue and information services [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3Q24 at 3.72 billion yuan, representing a year-over-year increase of 30.33% [1] - The net profit attributable to the parent company for the first three quarters of 2024 was 1.28 billion yuan, up 18.27% year-over-year [1] - The company has a strong IP portfolio, including popular titles in the anime and traditional culture sectors, which supports its game development and innovation [1] - The company has a rich pipeline of new games, with several titles receiving approval for release, which is expected to drive further revenue growth [1] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.928 billion yuan, a year-over-year increase of 29.65% [2] - The net profit attributable to the parent company for the same period was 1.28 billion yuan, reflecting an 18.27% year-over-year growth [2] - The gross margin for 3Q24 was 82.6%, a slight decrease of 1.1 percentage points year-over-year but an increase of 0.6 percentage points quarter-over-quarter [1] - The net profit margin for 3Q24 was 34.3%, an increase of 0.3 percentage points year-over-year and 3.6 percentage points quarter-over-quarter [1] Future Projections - The company is projected to achieve net profits of 1.861 billion yuan, 2.271 billion yuan, and 2.507 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 27.3%, 22.0%, and 10.4% [1][2] - The expected P/E ratios for 2024, 2025, and 2026 are 15.6, 12.8, and 11.6, respectively [1][2] Cost Management - The company has effectively controlled costs, leading to profit release, with a sales expense ratio of 30.8% in 3Q24, an increase of 1.8 percentage points year-over-year but a decrease of 7.0 percentage points quarter-over-quarter [1] - The management expense ratio decreased to 3.3%, down 2.7 percentage points year-over-year, primarily due to reduced expenses related to employee stock ownership plans [1]

相对沪深 300 表现 2024/10/29 总市值（百万） 28,994.41 日均成交额（百万） 1,334.35 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 2024Q3 业绩高增，新品储备丰富，有望开启增 长新周期 ——恺英网络（002517）2024 年三季报点评 文，谭瑞峤》——2024-09-06 事件: 最近一年走势 2024 年 10 月 28 日，公司发布 2024 年第三季度报告，2024 年 Q3 公司 实现营业收入 13.72 亿元，yoy+30.33%，归母净利润 4.71 亿元， yoy+31.52%，扣非归母净利润 4.80 亿元，yoy+32.53%。 投资要点: 2024Q3 业绩增长亮眼。 表现 1M 3M 12M （1）2024 年 Q3 公司实现营业收入 13.72 亿元，yoy+30.33%，归母净 利 润 4.71 亿 元 ， yo ...

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].