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 ...

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]

一、审议通过《2024 年第三季度报告》 证券代码：002517 证券简称：恺英网络 公告编号：2024-044 恺英网络股份有限公司 第五届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 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监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。会议应出席监事 3 名，实际出席监事 3 名。会议的召 开符合《中华人民共和国公司法》、《公司章程》和相关法律、法规的有关规定。 本次会议由监事会主席黄宇先生主持。与会监事就会议议案进行了审议、表 决，审议通过如下议案： 监事会认为：董事会编制和审核的公司《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 2024 年第三季度的财务状况、经营情况和现金流量，不存在虚假记载、误导 性陈述或重大遗漏。 1 具体内容详见公司同日披露在《中国证券报》、《上海证券报》、《证券时 报》、《证券日报》及巨潮资讯 ...

恺英网络股份有限公司（以下简称"公司"）计划于 2024 年 10 月 29 日披 露《2024 年第三季度报告》。为了便于广大投资者更全面、深入地了解公司经营 业绩情况及未来发展战略等，公司计划于 2024 年 10 月 29 日（周二）通过网络 方式及电话会议方式召开 2024 年第三季度业绩说明会，在信息披露允许的范围 内就投资者普遍关注的问题进行回答，欢迎广大投资者积极参与。 一、业绩说明会召开的时间和方式 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 证券代码：002517 证券简称：恺英网络 公告编号：2024-041 恺英网络股份有限公司 1、会议召开时间：2024 年 10 月 29 日（周二）16:00-17:00； 2、会议召开方式：网络方式及电话会议。 二、公司出席人员 公司副董事长、总经理沈军先生，公司独立董事傅蔚冈先生，财务总监黄振 锋先生，董事会秘书刘洪林先生，证券事务代表陆文昭女士（如遇特殊情况，出 席人员或有调整）。 三、投资者参与方式 1、网络参会 （1）电脑端 ...

证券研究报告 | 2024年10月21日 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------|------------------------------------------|-------|-------| | | 恺英网络 创新品类拓展顺利，新一轮产品周期启航 | （002517.SZ） | | | | | | 公司研究 · 深度报告 | | | | | | 传媒 · 游戏Ⅱ | | | | | | 投资评级：优于大市（维持评级） | | | | | 证券分析师：张衡 021-60875160 | 证券分析师：陈瑶蓉 0755-81983074 | | | | | zhangheng2@guosen.com.cn S0980517060002 | chenyaorong@guosen.com.cn S0980523100001 | | | 请务必阅读正文之后的免责声明及其项下所有内容 传奇品类护城河稳固，新品类及A I G C / V R A R打开成长新空间 经营业绩表现良好 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company is a leader in the gaming industry, focusing on its core business and has shown a significant recovery in performance. The new management team has rich experience in the gaming and legal sectors, leading to improved internal governance and a return to growth in gaming operations [1][12] - The company reported a revenue of 2.555 billion yuan in the first half of 2024, representing a year-on-year growth of 29.28%, and a net profit attributable to shareholders of 809 million yuan, up 11.72% year-on-year [1][20] - The mobile gaming segment has been the primary revenue source, consistently contributing over 80% of total revenue from 2021 to 2023, with a strong focus on the domestic market [1][24] Summary by Sections Company Overview - The company has established a diversified product matrix by focusing on R&D, publishing, investment, and IP, and has formed strategic partnerships with institutions for creative and aesthetic support [12][14] - The company's stock structure is decentralized, with the largest shareholder holding approximately 14.77% of the shares, indicating a diversified governance model [14][15] - The management team possesses extensive industry experience and a strong educational background, contributing to effective decision-making [17][18] Industry Overview - The gaming market is gradually recovering, with a notable increase in user spending and a growing user base, reaching 674 million gamers in China by mid-2024 [34][36] - The IP market is regaining momentum, and the gaming industry is actively pursuing international expansion, supported by government initiatives to promote cultural exchange [38] Competitive Advantages - The company has a strong market presence and has received multiple awards for its influence and value in the gaming sector, indicating a solid reputation [1][12] - The company is leveraging AIGC technology to enhance its R&D capabilities and has established a comprehensive VR ecosystem, positioning itself for future growth [2][12] Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 5.050 billion yuan, 5.913 billion yuan, and 6.880 billion yuan, respectively, with net profits expected to reach 1.833 billion yuan, 2.426 billion yuan, and 2.643 billion yuan [2][4] - The current price-to-earnings ratios for 2024-2026 are 11.3, 8.5, and 7.8, indicating a favorable valuation compared to peers [2][4]

证券代码：002517 证券简称：恺英网络 公告编号：2024-040 恺英网络股份有限公司 关于制定质量回报双提升行动方案的公告 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。 为深入贯彻党的二十大、二十届三中全会和中央金融工作会议精神，全面落 实《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》的要求， 完善资本市场"1+N"政策体系，同时为促进恺英网络股份有限公司(以下简称"公 司")长远健康发展，切实保障全体股东利益，增强投资者信心，公司制定了"质 量回报双提升"行动方案，具体方案内容如下： 一、聚焦游戏主业，提升核心竞争力 作为互联网上市公司，公司坚持将"聚焦游戏主业"作为核心发展战略，并 致力于成为国际互联网文化产业引领者。现阶段，公司以打造符合市场需求的精 品游戏产品为导向，以研发、发行以及投资+IP 三大业务体系为支撑，向国内外 用户持续推出了诸多优秀游戏精品。 未来，公司将在前期积累的日韩、欧美、国风等精品游戏的基础上，加大对 国风游戏产品的开拓力度。并在充分考虑中小投资者利益的基础上，围绕科技创 新和产业升级积极研究并购政策及工 ...