证券研究报告 恺英网络 (002517 CH) H1 业绩稳步增长，期待重磅 IP 新品 投资评级(维持): 买入 目标价(人民币): 11.23 华泰研究 中报点评 2024 年 8 月 22 日│中国内地 文化娱乐 风险提示：新游上线进度不及预期、AI 发展落地较慢、老游戏流水下滑。 研究员 朱珺 SAC No. S0570520040004 SFC No. BPX711 zhujun016731@htsc.com +(86) 10 6321 1166 研究员 吴珺 SAC No. S0570523100001 wujun023190@htsc.com +(86) 755 8249 2388 24H1 营收同增 29%，海外业务进展顺利 24H1 年公司实现营收 25.6 亿元，yoy+ 29.3%，归母净利润 8.1 亿元，yoy+ 11.7%，扣非归母净利润 8.0 亿元，yoy+ 18.6%。其中 24Q2 实现营业收入 12.5 亿元(yoy+22.1%，qoq-4.6%)，归母净利润 3.8 亿元(yoy-11.9%，qoq10.2%)，扣非归母净利润 3.8 亿元(yoy-3.3%，qoq-1 ...

2024 年 08 月 22 日 公司点评 买入/维持 恺英网络(002517) 目标价:12.00 昨收盘:8.74 传媒互联网 24H1 业绩平稳增长，关注下半年多款新游上线表现 | --- | --- | --- | --- | --- | |-----------|-----------------------------------------------------|-------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 走势比较 | | | 事件： | | ...

恺英网络股份有限公司 第五届监事会第九次会议决议公告 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 8 月 9 日以电子邮 件方式发出召开第五届监事会第九次会议的通知，会议于 2024 年 8 月 21 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： 一、审议通过《2024 年半年度报告》全文及摘要 监事会认为：董事会编制和审核的公司《2024 年半年度报告》全文及摘要 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 年半年度的财务状况、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。 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）上的《2024 年半年度报告》全文，《2024 年半年度报告摘要》详见同日《中国证券报》、 ...

证券代码：002517 证券简称：恺英网络 公告编号：2024-035 恺英网络股份有限公司 关于 2024 年中期利润分配方案的公告 本公司及董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 8 月 21 日召开了第 五届董事会第九次会议及第五届监事会第九次会议，审议通过了《关于 2024 年 中期利润分配方案的议案》。现将具体情况公告如下： 一、利润分配方案的基本情况 2024 年半年度公司合并利润表实现归属于上市公司股东的净利润为 809,127,853.74 元，母公司净利润为 85,898,497.12 元，截至 2024 年 6 月 30 日，公司合并资产负债表未分配利润为 3,913,327,394.18 元，母公司资产负债 表未分配利润为 2,639,516,904.59 元。本次利润分配方案如下： 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 ...

证券代码：002517 证券简称：恺英网络 公告编号：2024-033 恺英网络股份有限公司 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）上的《2024 年半年度报告》全文，《2024 年半年度报告摘要》详见同日《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 二、审议通过《关于 2024 年中期利润分配方案的议案》 公司董事会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。 第五届董事会第九次会议决议公告 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。 恺英网络股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日以电子邮 件方式发出召开第五届董事会第九次会议的通知，会议于 2024 年 8 月 21 日以 现场结合 ...

恺英网络股份有限公司 | | 公司 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 杭州恺圣网 | 全资子公司 | 其他应收款 | 13,755.00 | 170.00 | | - | 13,925.00 | 资金调拨 | 非经营性往来 | | | 络 科 技 有 限 | | | | | | | | | | | | 公司 | | | | | | | | | | | 关 联 自 然 | | | | | | | | | | | | 人 及 控 制 | | | | | | | | | | | | 的法人 | | | | | | | | | | | | 其 他 关 联 | | | | | | | | | | | | 方 及 其 附 | | | | | | | | | | | | 属企业 | | | | | | | | | | | | 总计 | | | | 209,773.41 | 216,583.00 | 273.50 | 178,157.56 | 248,472.35 | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,555,157,356.09, representing a year-on-year increase of 29.28%[12] - The net profit attributable to shareholders was ¥809,127,853.74, an increase of 11.72% compared to the same period last year[12] - The net profit after deducting non-recurring gains and losses was ¥800,989,064.38, reflecting an 18.55% increase year-on-year[12] - The net cash flow from operating activities was ¥923,495,179.12, up 63.17% from the previous year[12] - Basic earnings per share increased to ¥0.38, an 8.57% rise compared to the same period last year[12] - Total assets at the end of the reporting period were ¥7,203,843,928.11, an increase of 8.98% from the end of the previous year[12] - The net assets attributable to shareholders reached ¥5,691,660,517.00, up 8.54% from the previous year[12] - The total operating costs increased to ¥1,720,331,116.42, a 54.8% rise compared to ¥1,111,076,885.68 in the previous year[119] - The company reported a profit before tax of ¥842,140,572.25, down from ¥888,252,966.88 in the first half of 2023[119] - The total comprehensive income for the first half of 2024 was ¥587,395,637.35, down from ¥893,980,200.62 in the previous year[120] Market and User Insights - The global gaming market is expected to reach $189.3 billion in revenue in 2024, with a compound annual growth rate (CAGR) of 1.3% from 2021 to 2026[17] - The domestic gaming market in China generated actual sales revenue of 147.27 billion yuan in the first half of 2024, a year-on-year increase of 2.08%[18] - The number of gaming users in China reached 674 million, growing by 0.88% year-on-year, setting a new record[18] - The company's overseas revenue in the first half of 2024 was 126 million yuan, representing a significant year-on-year growth of 334.95%[26] Product Development and Strategy - The company plans to release new titles in various regions, including "The Legend of Sword and Fairy: A New Beginning" in Singapore and Malaysia, and "Monster Alliance" in Japan and Europe in the second half of 2024[26] - The company emphasizes a strategy of "IP diversification" while focusing on core categories to enhance its competitive advantage in the gaming industry[26] - The company invested 2.28 million yuan in R&D, accounting for 8.94% of its revenue[35] - The self-developed "Xingyi" model has been applied in actual R&D scenarios, enhancing efficiency for multiple projects[36] - The company has successfully launched several long-cycle premium products, including "Original Legend" and "Blood of Heroes," contributing to its industry influence[37] Financial Management and Investments - The company has accumulated a significant number of IP licenses, supporting its goal of product diversification[33] - The company reported a decrease in management expenses by 34.21% to ¥94,135,419.29, mainly due to reduced expenses related to employee stock ownership plans[41] - The total investment amount for the reporting period was ¥510,861,100.64, a decrease of 36.98% compared to ¥810,697,102.54 in the same period last year[52] - The company reported a net profit of 737,352,279.65 CNY from Zhejiang Shenghe Network Technology Co., Ltd., contributing significantly to overall performance[59] Shareholder and Stock Information - The company plans to distribute a cash dividend of ¥1 per 10 shares to all shareholders[3] - The company declared a cash dividend of 1 CNY per 10 shares, totaling 212,658,602.60 CNY, representing 100% of the total profit distribution[67] - The total distributable profit for the company was reported at 2,639,516,904.59 CNY, indicating a strong financial position[67] - The total number of shares outstanding is 2,152,517,634, with 88.65% being unrestricted shares[98] Legal and Compliance Matters - The company is involved in a significant lawsuit with an amount of 48,152.74 million CNY, where the Supreme People's Court rejected the retrial application[82] - Another arbitration case against the company involves an amount of 52,672.88 million CNY, currently in the pre-trial stage[82] - The company has no penalties or rectification situations reported during the reporting period[84] - There were no related party transactions in daily operations during the reporting period[85] Corporate Governance and Management - The company held its annual general meeting with a participation rate of 36.30% on May 22, 2024, indicating shareholder engagement[65] - The company has implemented employee stock ownership plans to retain core talent and enhance organizational stability[63] - The company continues to adjust its employee stock ownership plans to enhance employee engagement and retention[71] Future Outlook and Guidance - The company provided a positive outlook for the next quarter, projecting revenue growth of B% and an increase in user engagement metrics[143] - New product launches are expected to contribute an additional C million in revenue, with anticipated market expansion into D regions[143] - The company aims to improve operational efficiency, targeting a reduction in costs by G% through streamlined processes and technology integration[143] - Future guidance includes an expected EBITDA margin of H%, reflecting improved profitability from operational enhancements[143] Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, indicating the company's ability to continue operations for the next 12 months[134] - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the accuracy and completeness of its financial reporting[135] - The company uses the historical cost basis for most of its financial reporting, except for certain financial instruments[133] - The company recognizes impairment losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[164]

恺英网络股份有限公司 董事、监事和高级管理人员所持公司股份及其变动管理制度 第一章 总则 第一条 为加强恺英网络股份有限公司（以下简称"公司"或"本公司"）对 董事、监事和高级管理人员持有及变动本公司股票的管理工作，根据《公司法》、 《证券法》、《上市公司董事、监事和高级管理人员所持本公司股份及其变动管 理规则》等法律、法规及规范性文件，并结合公司实际情况，制定本制度。 （三）现任董事、监事和高级管理人员在其已申报的个人信息发生变化后的 2个交易日内； 第二条 本制度适用于公司董事、监事和高级管理人员及本制度第十八条规定 的自然人、法人或其他组织持有及买卖本公司股票的管理；从事融资融券交易的， 还包括记载在其信用账户内的本公司股票。 第三条 公司及董事、监事和高级管理人员在买卖公司股票及其衍生品种前， 应知悉《公司法》、《证券法》等法律、法规、规范性文件关于内幕交易、操纵 市场等禁止行为的规定，不得进行违法违规的交易。 第二章 买卖本公司股票行为的申报 第四条 公司董事、监事和高级管理人员在买卖本公司股票及其衍生品种前， 应提前将其买卖计划以书面方式通知董事会秘书，董事会秘书应当核查公司信息 披露及重大事项等 ...

证券代码：002517 证券简称：恺英网络 公告编号：2024-032 恺英网络股份有限公司 关于召开 2024 年半年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。 一、业绩说明会召开的时间和方式 1、会议召开时间：2024 年 8 月 23 日（周五）15:30-16:30； 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）电脑端参会：https://s.comein.cn/AHkC3 重要内容提示： 恺英网络股份有限公司（以下简称"公司"）计划于 2024 年 8 月 23 日披露 《2024 年半年度报告》。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 8 月 23 日（周五）通过网络方式及 电话会议方式召开 2024 年半年度业绩说明会，在信息披露允许的范围内就投资 者普遍 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is set to launch multiple significant IP mobile games, including "That Time I Got Reincarnated as a Slime: New World," which has a public beta scheduled for August 28, with over 2 million pre-registrations. The game is based on a highly popular light novel series with over 40 million copies sold and an anime adaptation that has garnered 720 million views in mainland China. The company has a strong track record with similar games, indicating potential for good performance [3] - The company has established strategic partnerships with Shanghai Film and Shengqu Games to enhance its IP collaboration and product offerings, which are expected to support long-term growth [4] - The company has made advancements in AI technology for game development, introducing a model that allows for fully automated game generation, which could significantly improve development efficiency [5] Financial Summary - The company forecasts revenue growth from 3.726 billion yuan in 2022 to 7.322 billion yuan in 2026, with a year-on-year growth rate of 56.8% in 2022, 15.3% in 2023, and projected 34.0% in 2024 [6] - The net profit attributable to the parent company is expected to rise from 1.025 billion yuan in 2022 to 2.401 billion yuan in 2026, with a year-on-year growth of 77.8% in 2022 and 42.6% in 2023 [6] - The company's gross margin is projected to remain strong, with rates of 75.0% in 2022 and 83.8% in 2026, while the net margin is expected to increase from 36.5% in 2022 to 42.5% in 2026 [6] - The earnings per share (EPS) is forecasted to grow from 0.48 yuan in 2022 to 1.12 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 20.7 in 2022 to 8.8 in 2026 [6] Market Position - The current stock price is 9.84 yuan, with a market capitalization of approximately 21.181 billion yuan. The stock has seen a 128.29% turnover rate over the past three months [7]