%% %% 丨证券研究报告丨 公司研究丨点评报告丨三七互娱（002555.SZ） [Table_Title] 新游表现亮眼，投放短期影响业绩，季度高分红 再次延续 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 三七互娱披露 2024 年三季报，由于存量游戏流水自然回落致收入小幅下滑及新游上线致买量 | | | 投放阶段性提升，公司 24Q3 实现营收 41.07 亿（同比 -4.09%/ 环比 -8.35% ），归母净利润 6.33 | | | | | | 亿（同比 -34.51%/ 环比 -2.41% ），扣非净利润 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.95 RMB, up from the previous 18.61 RMB [1][5] Core Views - The company has a strong dividend policy, having distributed dividends three times this year, totaling 0.63 RMB per share [1] - Despite a competitive domestic gaming market and increased marketing expenses, the company's product pipeline is robust, with multiple games expected to launch in 2024-2025 [1][3] - The company's revenue for Q3 2024 reached 13.339 billion RMB, a 10.76% YoY increase, although net profit declined due to higher sales expenses [1] Financial Performance - The company's 2024 Q3 revenue was 4.107 billion RMB, down 8.35% QoQ and 4.09% YoY, with net profit at 633 million RMB, down 34.51% YoY [1] - Gross margin for Q3 2024 was 78.0%, down 2.4 percentage points YoY, while sales expenses increased by 8.45 percentage points to 57.05% [1] - EPS for 2024-2026 is forecasted at 1.22/1.42/1.59 RMB, slightly lower than previous estimates of 1.26/1.47/1.66 RMB [1] Product Pipeline - The company has a rich product reserve, with several games expected to launch in 2024-2025, including MMORPGs and SLGs [1] - Key titles include "Douluo Continent: Soul Hunting World," which began pre-registration in August 2024, and other games like "Code: War Song M" and "Code: MLK" [1] Industry Comparison - The company's PE ratio is 13.57x for 2024E, lower than the industry average of 18.72x, indicating potential undervaluation [1][11] - Compared to peers like Giant Network and Perfect World, the company's valuation metrics are relatively attractive [11]

2024 年 10 月 31 日 公司点评 增持/维持 三七互娱(002555) 昨收盘:16.33 公 司 研 究 传媒互联网 24 年前三季度营收同增，关注自研新游上线进展 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------|-------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 走势比较 | | | 事件： | | | | | | 公司 2024 年前三季度实现营收 133.39 亿元，同比增长 10.76% ；归母净 | | | | | | 利润 18.97 亿元，同比 ...

来源：公司年报、国金证券研究所 买入(维持评级) 业绩简评 10 月 30 日，公司发布 23 年三季报，Q3 收入 41.07 亿元，同 比-4.09%，归母净利润 6.33 亿元，同比-34.51%，扣非归母 净利润 6.02 亿元，同比-37.41%。 经营分析 收入：整体表现稳健。Q3 收入同比-4.09%，环比-8.35%，小 幅下滑，预计主要系《叫我大掌柜》《云上城之歌》等部分老 产品受生命周期影响，流水有所下滑，但当期推出的《时光 杂货店》等新游贡献增量，弥补部分老产品的下滑，其中《寻 道大千》《无名之辈》《灵魂序章》等小游戏仍表现良好。 盈利：Q3 净利率环比稳健，营销推广费用增加致使其同比下 滑。Q3 归母净利润、扣非净利润分别环比-2.41%、-8.56%， 小幅下滑，而归母净利率、扣非净利率分别为 15.41%、14.66%， 分别环比+0.94、-0.04pct，环比变化不大，分别同比-7.15、 -7.81pct，同比降幅较大主要系销售费率的提升，同比 +8.45pct，因为 Q3 推出的《时光杂货店》《三国群英传：鸿 鹄霸业》等多款新产品处于推广初期，对应的销售费用增长 率会高于营 ...

证券研究报告 经营预测指标与估值 三七互换 (002555 CH) 授责评级(维持): 买入 目标价(人民币): 8.93 研究员 SAC No. S0570520040004 zhujun016731@htsc.com SFC No. BPX711 +(86) 10 6321 1166 6开奖, 15 SAC No. S0570523100001 wujun023190@htsc.com +(86) 755 8249 2388 基本數据 | --- | --- | |---------------------------------|-------------| | | | | 目标价 (人民币) | 18.93 | | 收盘价 (人民币 截至 10月 31 日) | 16.33 | | 市值 (人民币百万) | 36,218 | | 6个月平均日成交额 (人民币百万) | 814.80 | | 52 周价格范围 (人民币) | 12.18-24.97 | | BVPS (人民币) | 5.68 | 股价走势图 三十五级 (%) 沪 深300 (9) (24) (39) Jul-24 Oct-24 Oct- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 三七互娱（002555.SZ） 多元储备开启新产品周期， AGI 投资布局加码提速 业绩概览：公司发布 2024 年三季报。2024Q1-Q3，公司实现营业收入 133.39 亿 元，同比增长 10.76%；实现归母净利润 18.97 亿元，同比下滑 13.45%；实现扣 非归母净利润 18.77 亿元，同比下滑 9.67%。2024Q3，公司实现营业收入 41.07 亿元，YoY-4.09%，QoQ-8.35%；实现归母净利润 6.33 亿元，YoY-34.51%，QoQ2.41%；实现扣非归母净利润 6.02 亿元，YoY-37.41%，QoQ-8.56%。 三季度毛利率环比提升，销售及管理费用环比降低。2024Q3 公司整体毛利率环比 提升 0.57pct 至 77.98%；销售费用环比降低 5.09%至 23.43 亿，销售费用率环比 提升 1.96pct 至 57.05%；管理费用环比降低 46.81%至 0.57 亿，管理费用率环比 降低 1.00pct 至 1.39%。 自研产品《斗罗大陆：猎魂世界》测试，多 ...

Financial Performance - Revenue for Q3 2024 was RMB 4.11 billion, a decrease of 4.09% year-over-year[2] - Net profit attributable to shareholders in Q3 2024 was RMB 632.83 million, down 34.51% year-over-year[2] - Year-to-date revenue as of Q3 2024 was RMB 13.34 billion, an increase of 10.76% year-over-year[2] - Year-to-date net profit attributable to shareholders as of Q3 2024 was RMB 1.90 billion, down 13.45% year-over-year[2] - Total revenue for the first three quarters of 2024 reached RMB 13.34 billion, compared to RMB 12.04 billion in the same period last year[15] - Net profit attributable to the parent company's shareholders was RMB 7.57 billion, up from RMB 7.43 billion at the beginning of the year[14] - Sales revenue for the quarter reached RMB 13,815,989,885.06, a significant increase from the previous period[17] - Net profit attributable to the parent company's shareholders was RMB 1,897,466,681.56, showing a slight decrease compared to the previous period[16] - Basic earnings per share (EPS) for the quarter were RMB 0.86, down from RMB 0.99 in the previous period[17] - The company's total comprehensive income for the quarter was RMB 1,891,173,139.41, showing a slight decrease from the previous period[16] Expenses and Costs - Sales expenses increased due to higher traffic investment for new games like "Xun Dao Da Qian" and "Wu Ming Zhi Bei"[3] - Sales expenses increased by 21.11% compared to the same period last year, an increase of 1.343 billion yuan, mainly due to increased internet traffic fees resulting from continuous traffic investment in games such as "Xun Dao Da Qian," "Wu Ming Zhi Bei," and "Ling Hun Xu Zhang"[6] - Total operating costs for the first three quarters of 2024 were RMB 11.23 billion, compared to RMB 9.73 billion in the same period last year[15] - Sales expenses increased to RMB 7,703,677,663.25, reflecting higher marketing and promotional costs[16] - Research and development expenses amounted to RMB 471,490,890.23, reflecting a decrease from the previous period[16] - Management expenses decreased by 16.86% compared to the same period last year, a reduction of 72 million yuan, mainly due to the full reversal of share-based payment expenses recognized in 2022 and 2023 as the fourth employee stock ownership plan is expected to fail to meet the company-level performance assessment indicators in the third assessment period[6] - R&D expenses decreased by 17.76% compared to the same period last year, a reduction of 102 million yuan, mainly due to the full reversal of share-based payment expenses recognized in 2022 and 2023 as the fourth employee stock ownership plan is expected to fail to meet the company-level performance assessment indicators in the third assessment period[6] Assets and Liabilities - Total assets as of Q3 2024 were RMB 19.47 billion, an increase of 1.77% compared to the end of the previous year[2] - The monetary funds at the end of the period decreased by 34.24% compared to the beginning of the period, a reduction of 2.115 billion yuan, mainly due to increased net cash outflows from investment activities such as purchasing and redeeming financial products, fixed deposits, and external equity investments[6] - The balance of non-current assets due within one year increased by 523.04% compared to the beginning of the period, an increase of 859 million yuan, mainly due to the increase in the portion of fixed deposits with a term of more than one year that will mature within one year[6] - The balance of construction in progress increased by 70.15% compared to the beginning of the period, an increase of 375 million yuan, mainly due to the investment in the Guangzhou headquarters building project during the reporting period[6] - The balance of intangible assets increased by 87.49% compared to the beginning of the period, an increase of 910 million yuan, mainly due to the recognition of land use rights obtained from the purchase of land in 2023[6] - Total assets as of the end of Q3 2024 amounted to RMB 19.47 billion, a slight increase from RMB 19.13 billion at the beginning of the year[14] - Cash and cash equivalents decreased to RMB 4.06 billion from RMB 6.18 billion at the beginning of the year[12] - Accounts receivable decreased to RMB 1.24 billion from RMB 1.48 billion at the beginning of the year[12] - Total liabilities increased to RMB 6.74 billion from RMB 6.32 billion at the beginning of the year[14] - The company's total equity at the end of Q3 2024 was RMB 12.73 billion, slightly down from RMB 12.81 billion at the beginning of the year[14] - The company's short-term borrowings increased to RMB 2.07 billion from RMB 1.55 billion at the beginning of the year[13] - The company's long-term equity investments decreased to RMB 504 million from RMB 521 million at the beginning of the year[13] Cash Flow - The net cash flow from investment activities decreased by 336.02% compared to the same period last year, a reduction of 2.049 billion yuan, mainly due to a decrease in net cash outflows from purchasing and redeeming financial products and fixed deposits, an increase in cash outflows for copyright fees and project payments, and an increase in cash payments for external equity investments[6] - Operating cash flow for the quarter was RMB 2,266,917,618.06, indicating strong cash generation[17] - Investment activities generated a cash inflow of RMB 14,382,556,457.79, highlighting significant investment returns[17] - Cash received from customers for goods and services was RMB 13,815,989,885.06, indicating strong customer demand[17] - Total cash outflow from investment activities was RMB 17,041,317,763.03, compared to RMB 11,917,849,106.30 in the previous period[18] - Net cash flow from investment activities was -RMB 2,658,761,305.24, a significant decrease from -RMB 609,778,405.84 in the previous period[18] - Total cash inflow from financing activities was RMB 3,838,305,900.00, up from RMB 1,786,620,000.00 in the previous period[18] - Net cash flow from financing activities was -RMB 719,711,899.61, an improvement from -RMB 2,004,819,079.39 in the previous period[18] - The net increase in cash and cash equivalents was -RMB 1,169,190,241.26, compared to RMB 53,333,403.46 in the previous period[18] - The ending balance of cash and cash equivalents was RMB 1,576,291,485.56, down from RMB 3,373,805,502.40 in the previous period[18] Game Development and Pipeline - New games launched in Q3 2024, such as "Shi Guang Za Huo Dian" and "San Guo Qun Ying Zhuan: Hong Hu Ba Ye," are in the early promotion phase, impacting profitability[3] - The company has a diversified product pipeline, including "Dou Luo Da Lu: Lie Hun Shi Jie" and "Zhui Xu," with multiple games already approved for release in China[4] - The company is focusing on long-term operations and content breakthroughs for existing games like "Dou Luo Da Lu: Hun Shi Dui Jue" and "Puzzles & Survival"[4] Non-Recurring Items and Other Income - Non-recurring gains for Q3 2024 amounted to RMB 30.53 million, primarily from government subsidies and other non-operating income[5] - Investment income increased by 986.64% compared to the same period last year, an increase of 60 million yuan, mainly due to dividends declared by affiliated enterprises during the reporting period[6] - The company's financial expenses were negative at RMB -110,337,353.35, primarily due to higher interest income[16] Shareholder Information - The top three shareholders are Li Weiwei with a 14.57% stake, Zeng Kaitian with an 11.11% stake, and Hu Yuhang with a 9.09% stake[7]

上 市 公 司 传媒 证 券 研 究 报 告 2024 年 09 月 17 日 三七互娱 (002555) ——小游戏驱动下收入高位维持，分红突出 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 13 日 | | 收盘价（元） | 13.44 | | 一年内最高/最低（元） | 25.68/12.04 | | 市净率 | 2.4 | | 息率（分红 / 股价） | 9.23 | | 流通 A 股市值（百万元） | 21,566 | | 上证指数/深证成指 | 2,704.09/7,983.55 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.70 | | ...

三七互娱半年报惊喜不断：二季度利润增速超 48%，游戏矩阵完善，超 7 成利 润分给股东 导语：游戏业务与财务表现正形成良性循环，股东回报能力强。 作者：市值风云 App：紫枫 最近，短视频平台给风云君推荐了一款叫《时光杂货店》的游戏，宣称能让玩家回到 90 年 代，感受 30 年前的时代特色，还能体会当大老板的快感。 这款游戏真实还原了风云君很多曾经熟悉的场景，还能重温儿时最爱玩的《抢滩登陆》。游 戏玩起来，风云君还是相当有感触的，30 多年过去我们的生活已发生翻天覆地的变化。 （紫枫游戏截图） 好奇之下，风云君查了一下这款精品游戏的制作商，原来是风云君的老朋友——三七互娱 （002555.SZ）。 根据点点数据显示，截止 8 月中下旬，该产品位居 IOS 应用商店模拟经营免费榜前三名、 畅销榜第十名，初具爆款潜力。 究其原因，还是用打磨成熟的系统玩法加上 90 年代画风，重点抓住了 80 后、90 后这个庞 大的游戏群体，而且玩法简单，不怎么占用时间和精力，对上班一族相当友好。 目前，全球游戏玩家的行为习惯和兴趣偏好呈现出更碎片化的特点，轻量化成为全球游戏行 业的大趋势之一，但与此同时，玩家对游戏品质、创 ...

2024 年 09 月 10 日 三七互娱(002555.SZ) 公司深度分析 证券研究报告 游戏 投资评级 买入-A 首次评级 6 个月目标价 17.22 元 股价 (2024-09-09) 13.67 元 交易数据 总市值(百万元) 30,318.20 流通市值(百万元) 21,934.80 总股本(百万股) 2,217.86 流通股本(百万股) 1,604.59 12 个月价格区间 12.18/24.97 元 穿越周期的游戏龙头，小游戏与出海提 供新动能 穿越周期的国内游戏龙头，四轮转型精准把握行业风向。 基本盘："研运一体"转型成功，精品化、多元化方向发展。 1）公司以发行商角色切入游戏产业链，凭借强大的发行能力，向产 业上游研发突破，形成研运一体化体系，现有四大研发&发行品牌。 同时加码研发资源投入，积极拥抱 AI 在游戏产业的应用，将决策式 AI 与生成式 AI 运用到各业务环节，逐步打造出贯穿研运全流程的数 智化产品矩阵，包括研发端的"宙斯""雅典娜""波塞冬""阿瑞斯" "丘比特"，推广运营端的"图灵""量子""天机""易览"等九大中 台产品。2）产品端，公司于 2018 年起提出转型，推进" ...