Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.32 CNY [5][3]. Core Views - The company reported Q2 revenue of 4.481 billion CNY, a year-over-year increase of 12.16%, driven by strong performance in mobile games such as "Seeking the Great Thousand" and "Soul Sequence" [2]. - The gross margin for Q2 was 77.4%, showing a slight decline from the previous year [2]. - The company expects to enhance its revenue diversification with the upcoming launch of self-developed games, particularly "Douluo Dalu: Hunting Soul World," anticipated to contribute to revenue growth by the end of 2024 or early 2025 [3][2]. - Domestic revenue for the first half of 2024 reached 6.33 billion CNY, a year-over-year increase of 33.81%, primarily due to the growth of mini-games [2]. - The overseas revenue for the first half of 2024 was 2.9 billion CNY, a year-over-year decrease of 4.27%, but the company continues to explore opportunities in the casual gaming market [2]. Financial Summary - The company's projected net profit for 2024-2026 is 2.503 billion CNY, 3.012 billion CNY, and 3.539 billion CNY respectively [3]. - The gross margin is expected to improve to 80.2% in 2024, 82.9% in 2025, and 85.9% in 2026 [4]. - The company’s earnings per share are projected to be 1.13 CNY in 2024, 1.36 CNY in 2025, and 1.60 CNY in 2026 [4]. - The company’s total revenue is forecasted to be 17.684 billion CNY in 2024, with a slight decline expected in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.55 RMB [1][2] Core Views - The company's revenue and net profit are expected to grow steadily, with projected revenue of 18,857.07 million RMB in 2024, 20,269.02 million RMB in 2025, and 21,219.12 million RMB in 2026 [1][3] - Net profit attributable to the parent company is forecasted to be 2,805.17 million RMB in 2024, 3,011.71 million RMB in 2025, and 3,198.93 million RMB in 2026 [1][3] - The company's mobile game revenue has shown steady growth, with a 19.82% year-on-year increase in 2024H1, contributing to an overall gross margin increase of 1.08 percentage points to 79.62% [1] Financial Performance - In 2024H1, the company achieved revenue of 9,232 million RMB, a year-on-year increase of 18.96%, and net profit attributable to the parent company of 1,265 million RMB, a year-on-year increase of 3.15% [1] - The company's sales expense ratio increased by 2.92 percentage points to 58.06% in 2024H1, while the management expense ratio decreased by 0.11 percentage points to 3.20% [1] - The company's R&D expense ratio decreased by 1.20 percentage points to 3.80% in 2024H1, reflecting strategic adjustments in game development focus [1] Product Portfolio and Strategy - The company has a rich product pipeline, including self-developed games such as "The Legend of the Three Kingdoms: Honghu Overlord" and "Mecha Domination," as well as agency games like "Time Grocery Store" and "Primal Conquest: Dino Era" [1] - The company has diversified its game portfolio across multiple genres, including MMORPG, SLG, card, and simulation games, with 9 self-developed and 17 agency games in the pipeline [1] Dividend Policy - The company announced a mid-term dividend plan for 2024, proposing to distribute 2.10 RMB per 10 shares in cash dividends, totaling 466 million RMB, with a current dividend yield of approximately 1.55% [1]

证券研究报告·公司点评报告·游戏Ⅱ 三七互娱（002555） 2024 年半年报点评：业绩稳健增长，连续季 度分红回报股东 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 16406 | 16547 | 18521 | 20341 | 21416 | | 同比（%） | 1.17 | 0.86 | 11.93 | 9.83 | 5.29 | | 归母净利润（百万元） | 2954 | 2659 | 2676 | 3061 | 3454 | | 同比（%） | 2.74 | (10.01) | 0.66 | 14.36 | 12.85 | | EPS-最新摊薄（元/股） | 1.33 | 1.20 | 1.21 | 1.38 | 1.56 ...

2024 年 08 月 27 日 公司点评 增持/维持 三七互娱(002555) 昨收盘:13.67 传媒互联网 24Q2 业绩企稳，连续分红回馈投资者 事件： | --- | |---------------------------------------------------------------| | 公司 2024H1 实现营收 92.32 亿元，同比增长 18.96%；归母净利润 | | 亿元，同比增长 3.15%；归母扣非净利润 12.75 亿元，同比增长 | | 其中，2024Q2 实现营收 44.82 亿元，同比增长 12.16%；归母净利润 | | 亿元，同比增长 43.63%；归母扣非净利润 6.59 亿元，同比增长 | | --- | |----------------------------------------------------------------------| | ➢ 2024H1 营收同增 18.96%，Q2 营收环比下降-5.65% | | 2024H1 公司营收同比增长 18.96%，主要系 2023 下半年上线的小游戏《寻 | | 道大千》、《灵魂序章》、《 ...

| --- | --- | --- | |--------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------| | 24Q2 | | 业绩良性增长，净利率持续回升 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： 2024-08-27 | | ⚫[Table_Summary] 业绩简评： | | [Table_BaseData] 收盘价（元） | 13.67 | 公司发布 2024 年半年报。24H1,公司营业收入 92.32 亿元，同比 | | 近 12 个月最高/最低（元） | 26.88/12.04 | 增长 18.96%；归母净利润为 12.65 亿元，同比增长 3.15%；扣非归母 | | 总股本（百万股） | 2,218 | 净利润为 ...

持续高分红，期待买量回收 | --- | |-----------------------------| | 华泰研究 | | 2024 年 8 月 27 日│中国内地 | 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 扣非净利同增 14%，维持"买入"评级 公司发布半年报：24H1 营收 92.32 亿元（yoy+18.96%），归母净利 12.65 亿元（yoy+3.15%），扣非归母净利 12.75 亿元（yoy+14.27%）。其中 Q2 营收 44.82 亿元（yoy+12.16%，qoq-5.65%），归母净利 6.48 亿元 （yoy+43.63%，qoq+5.25%）。公司拟每 10 股派送现金股利 2.10 元（含 税），现金分红总额 4.66 亿元。考虑到产品上线节奏及较大的买量投放，我 们下调 24-26 年归母净 ...

证券研究报告-中报点评 买入(维持) 市场数据(2024-08-26) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 12.43 | | 一年内最高/最低(元) | 26.68/12.18 | | 沪深 300 指数 | 3,324.22 | | 市净率(倍) | 2.18 | | 流通市值(亿元) | 199.45 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 5.70 | | 每股经营现金流(元) | 0.96 | | 毛利率(%) | 79.63 | | 净资产收益率_摊薄(%) | 10.00 | | 资产负债率(%) | 34.02 | | 总股本/流通股(万股) | 221,786.43/160,459.3 | | | 9 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 三七互娱 沪深300 -49% -41% -33% -25% -17% -10% -2% 6% 2023.08 2023.12 2024.04 2024.08 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved effective cost control in Q2 2024, with significant reductions in sales, management, and financial expenses [1] - The company's long-term operational capabilities for existing games have strengthened, with notable performance in overseas markets and significant efficiency improvements from AI tools [1] - The company's overseas business saw an increase in gross margin, with its SLG (Strategy Game) segment continuing to solidify its advantages [1] Financial Performance - In H1 2024, the company reported revenue of RMB 9.232 billion, a YoY increase of 18.96%, and net profit attributable to shareholders of RMB 1.265 billion, a YoY increase of 3.15% [1] - In Q2 2024, the company's revenue was RMB 4.482 billion, a YoY increase of 12.16%, and net profit attributable to shareholders was RMB 648 million, a YoY increase of 43.63% [1] - The company's gross margin in Q2 2024 was 77.41%, a decrease of 4.31 percentage points QoQ [1] Game Performance and Strategy - The company's self-developed card game "Douluo Continent: Soul Master Showdown" and MMORPG "Ren Xiu Xian Zhuan: Xiu Pian" successfully activated user engagement through new content and IP-driven strategies [1] - The company's overseas revenue in H1 2024 was RMB 2.898 billion, a YoY decrease of 4.27%, but the gross margin for overseas business increased by 3.32 percentage points to 76.13% [1] - The company launched new SLG games such as "MechaDomination" and "Puzzles & Chaos," which performed well in global markets, entering the top 20 strategy game charts in multiple regions [1] AI and Operational Efficiency - The company's internal AI tool "Xiao Qi" was upgraded, covering functions such as querying, graphic design, translation, and data analysis, with over 90% employee coverage, significantly improving operational efficiency [1] - The company is exploring AI-driven game production, including AI-generated game plots, materials, voiceovers, and music, and is developing intelligent NPC systems and game community content generation platforms [1] Future Projections - The company is expected to achieve revenues of RMB 18.532 billion, RMB 20.571 billion, and RMB 23.245 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.0%, 11.0%, and 13.0% [1] - Net profit attributable to shareholders is projected to be RMB 2.761 billion, RMB 3.202 billion, and RMB 3.780 billion in 2024, 2025, and 2026, with YoY growth rates of 3.9%, 16.0%, and 18.0% [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported H1 2024 revenue of 9.23 billion, a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 1.26 billion, up 3.2% year-on-year [2] - The strong performance in mobile games, particularly from mini-program games, is expected to continue driving growth [3] - The company has a robust pipeline with 25 reserve products, including 8 self-developed and 15 for overseas distribution, covering various genres [3] Revenue Analysis - H1 mobile game revenue reached 8.96 billion, a 19.8% increase year-on-year, driven by successful titles like "Seeking the Great Thousand" and "Soul Chapter" [2] - Domestic revenue contributed significantly, with 6.33 billion from the domestic market, up 33.8% year-on-year, while overseas revenue was 2.90 billion, down 4.3% [2] - Q2 revenue was 4.48 billion, reflecting a 12.2% year-on-year growth, although it showed a sequential decline of 5.65% due to a high base from the previous year [2] Profitability Analysis - The net profit margin for H1 2024 was 13.7%, a decrease of 1.9 percentage points year-on-year, primarily due to increased sales expenses [2] - Q2 saw a reduction in sales expense ratio, leading to a recovery in net profit margin, which increased by 3.2 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.21 yuan per share for H1 2024, totaling 0.42 yuan per share for the year [2] Future Outlook - Continued growth is anticipated from mini-program games, with a competitive edge established by successful titles [3] - The company is actively integrating AI into game development and operations, which is expected to enhance future growth [3] - Profit forecasts for 2024-2026 are 2.56 billion, 3.39 billion, and 3.65 billion respectively, with corresponding P/E ratios of 11.3, 8.1, and 7.6 [3]

三七互娱董事会战略委员会工作规则 三七互娱网络科技集团股份有限公司 董事会战略委员会工作规则 第一条 为适应三七互娱网络科技集团股份有限公司（以下简称"公司"） 战略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序， 加强决策科学性，提高重大投资与资本运作决策效率和决策质量，完善公司治理 结构，根据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板 上市公司规范运作》《三七互娱网络科技集团股份有限公司章程》（以下简称"公 司章程"）及其他有关规定，公司董事会设立战略委员会，并制定本工作规则。 第二条 董事会战略委员会是董事会设立的专门工作机构，主要负责对公司 长期战略和重大投资决策进行研究并提出建议。战略委员会对董事会负责，依照 《公司章程》和董事会授权履行职责。 第一章 人员组成 第三条 战略委员会成员由三名董事组成。 第四条 战略委员会委员由董事长或三分之一以上的董事提名，并由董事会 以全体董事过半数选举产生。 第五条 战略委员会设主任委员（召集人）一名，负责主持委员会工作，由 董事会在战略委员会委员中任 ...