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 ...

1 2、公司上半年利润分配方案是什么？今年总共分红多少？ 回复：2024 年半年度拟以公司目前总股本 2,152,517,634 股 扣除公司回购专户中已回购股份 25,931,608 股后的总股本 2,126,586,026 股为基数，向全体股东每 10 股派发现金红利 1 元 （含税），不送红股，不以公积金转增股本。 （港澳台地区）《天使之战》（新加坡、马来西亚、菲律宾）等 新上线产品的出色表现，还有收购浙江盛和 29%股权交易完成后 归属于上市公司股东的净利润增加。 今年公司已实施 2023 年度分红约 2.13 亿元，准备实施 2024 年中期分红约 2.13 亿元，合计约 4.25 亿元。 证券代码：002517 证券简称：恺英网络 投资者关系活动记录表 编号：2024-003 | 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 8 月 23 日（星期五）15:30-16 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved steady revenue and net profit growth in the first half of 2024, with revenue reaching 2.555 billion yuan, a year-on-year increase of 29.28%, and net profit attributable to shareholders of 810 million yuan, up 11.72% year-on-year [4][5] - The management has committed to not reducing their holdings, which boosts investor confidence, with the chairman having increased his stake 12 times since 2019, totaling over 1.5 billion yuan [4] - The company has a rich pipeline of new products, with several key IPs set to launch, which is expected to drive significant revenue growth in 2024 [4] Summary by Sections Financial Performance - In 2024, the company is projected to achieve revenues of 5.021 billion yuan, a 16.9% increase from 2023, and net profits of 1.939 billion yuan, a 32.7% increase [5][8] - The gross margin is expected to improve, reaching 83.8% in 2024, up from 83.5% in 2023 [5][8] Product Pipeline - The company has successfully launched several new products, including "The Legend of Sword and Fairy: A New Beginning," which topped the charts in Taiwan, and "Monster Alliance," which entered the top ten in mini-program game sales [4] - Upcoming products include "That Time I Got Reincarnated as a Slime: New World," scheduled for release on August 28, along with several others that have recently received approval [4] Valuation and Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.90 yuan in 2024, 1.07 yuan in 2025, and 1.28 yuan in 2026, with a dynamic price-to-earnings (PE) ratio of 19-21 times for 2024, leading to a fair value range of 17.10-18.90 yuan [4][5][8]

证券研究报告 | 半年报点评 gszqdatemark 2024 08 23 年 月 日 恺英网络（002517.SZ） 上半年业绩显著增长，境外新游表现卓越 事件：公司发布 2024 年半年报，2024H1 公司实现营业收入 25.55 亿元，同 比增长 29.28%；实现归母净利润 8.09 亿元，同比增长 11.72%；实现扣非归 母净利润 8.01 亿元，同比增长 18.55%。2024Q2，公司实现营业收入 12.48 亿元，同比增长 22.13%；实现归母净利润 3.83 亿元，同比下滑 11.85%；实 现扣非归母净利润 3.77 亿元，同比下滑 3.30%。 IP 类游戏长线运营，创新类游戏矩阵扩充。2024H1，《热血合击》《热者传奇》《 热天使之战《等复古情怀类 IP 游戏保持长线运营，热石器时代：觉醒《热龙神 八部之西行纪《等创新品类游戏齐头并进。2024 年 1 月，公司推出回击制 RPG 对战游戏热仙剑》侠奇：新的开始《；2024 年 3 月，公司旗下臣旎网络研发的 VR MOBA 多人竞技游戏热Mecha Party《登陆 PlayStation 北美服与 Steam 平 台；20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.21 CNY per share, compared to the current price of 8.74 CNY [5]. Core Insights - The company reported a revenue of 2.555 billion CNY for the first half of 2024, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million CNY, up 11.72% year-on-year, while the net profit excluding non-recurring items was 801 million CNY, an increase of 18.55% [3][4]. - The company has a rich reserve of IP resources and game products, with upcoming titles expected to contribute to revenue growth. Notable upcoming games include "Douluo Dalu: Zhu Xie Chuan Shuo" and "About My Reincarnation as a Slime: New World" [3]. - The company is actively expanding its overseas market, achieving significant growth in overseas revenue, which reached 126 million CNY in the first half of 2024, a year-on-year increase of 334.95% [3]. Financial Summary - Revenue projections for 2024-2026 are 5.396 billion CNY, 6.478 billion CNY, and 7.334 billion CNY, with year-on-year growth rates of 25.6%, 20.1%, and 13.2% respectively [4]. - The net profit attributable to shareholders is expected to be 1.753 billion CNY, 2.224 billion CNY, and 2.538 billion CNY for 2024-2026, with growth rates of 19.9%, 26.9%, and 14.1% respectively [3][4].

业绩简评 8月22日，公司发布24年中报，H1收入25.6亿元/同增29.3%， 归母净利 8.1 亿/同增 11.7%，扣非归母 8.0 亿/同增 18.6%；24 年中期拟现金分红 0.1 元/股。2Q24 收入 12.5 亿/同增 22.1%，归 母净利 3.83 亿/同降 11.9%，扣非归母 3.77 亿/同降 3.3%。 经营分析 收入：H1 同比双位数增长，Q2 环比表现稳健。1）H1 收入同 比+29.3%，①分业务看，移动游戏收入 20.95 亿/同增 23.4%，信 息服务收入 3.97 亿/同增 76.6%，页游收入 0.6 亿/同增 91.9%， 预计主要系传奇奇迹游戏稳健，2H23 上线的《石器时代:觉醒》等 表现良好，1H24 持续贡献利润，且去年同期基数较低。②分地区 看，境外收入快速增长，同增 3.3 倍至 1.26 亿，主要系在中国大 陆地区以外发行《纳萨力克之王》（中国港澳台）等游戏，同时去 年发行的《新倚天屠龙记》（中国港澳台）、《KR 灵蛇》（韩国）持 续贡献收入。2）Q2 收入同增 22.1%，环比-4.6%，整体表现稳健。 盈利：净利率降低，主要系毛利率降低、营销推 ...

传媒/游戏Ⅱ 公 司 研 究 恺英网络（002517.SZ） 2024 年 08 月 23 日 2024H1 业绩稳健，系列 IP 游戏上线或继续驱动增长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 2024H1 业绩稳健增长，看好储备新游戏继续驱动增长，维持"买入"评级 公司 2024H1 实现营业收入 25.55 亿元（同比+29.28%），归母净利润 8.09 亿元（同 比+11.72%），其中 Q2 营业收入 12.48 亿元（同比+22.13%，环比-4.58%），归母 净利润 3.83 亿元（同比-11.85%，环比-10.15%）。公司 2024H1 业绩增长主要系 《原始传奇》《热血合击》《天使之战》等老游戏表现稳定，《纳萨力克之王》《石 器时代：觉醒》《仙剑奇侠传：新的开始》小游戏等新游戏贡献业绩增量所致。 2024Q2 公司业绩环比 Q1 有所下滑主要因产品周期影响，Q2 新游戏贡献相对较 少。 ...