[Table_Title] 证券研究报告 三七互娱（002555）: 产品至稳定期后利润释 放可期，分红计划提振信心 公司研究 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年04月23日 三七互娱（002555） 投资评级 买入 [T事ab件le：_S三um七m互a娱ry]发 布2023年年报及2024年一季度业绩预告。公司2023 年全年实现营收165.47亿元，同比增长0.86%，归母净利润26.59亿元， 上次评级 买入 同比减少 10.01%。2024 年一季度预计实现归母净利润 6.0-6.5 亿元，同 比减少16.08%-22.54%。 [T冯ab翠le婷_A u传th媒or互] 联网及海外 首席分析师 点评： 执业编号：S1500522010001 新品拉动利润环比改善，分红计划提振信心。2023年全年公司实现营业收 入 165.47 亿元，同比增长 0.86%，归母净利润 26.59 亿元，同比下降 邮 箱：fengcuiting@cindasc.com 10.01%，扣非归母净利润 24.97 亿元，同比下降 13.38%。单拆 23Q4， ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2]. Core Insights - The company reported a revenue of 16.547 billion yuan for 2023, a year-on-year increase of 0.86%. However, the net profit attributable to shareholders decreased by 10.01% to 2.659 billion yuan [2]. - The mobile gaming revenue reached 15.898 billion yuan, reflecting a growth of 1.71%. The performance of mini-program games was particularly strong, contributing positively to the company's results [2]. - The company has a robust pipeline with over 40 self-developed or agency mobile games, covering various genres, which are expected to be launched globally [2]. - The company has increased its cash dividend distribution, planning to distribute up to 1.5 billion yuan in cash dividends quarterly in 2024 [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 3.000 billion, 3.392 billion, and 3.774 billion yuan, respectively, with corresponding PE ratios of 13x, 11x, and 10x [2]. Financial Summary - In Q4 2023, the company achieved a revenue of 4.504 billion yuan, a decrease of 4.74% year-on-year, with a net profit of 466 million yuan, down 33.17% [2]. - The sales expense ratio in Q4 2023 reached 60.62%, an increase of 6.74 percentage points year-on-year [2]. - The company plans to maintain a strong focus on both self-developed and agency games, with a diverse range of genres to be launched [2]. - The projected revenue growth rates for 2024, 2025, and 2026 are 16.89%, 13.41%, and 9.64%, respectively [3].

证券研究报告 公司点评 三七互娱(002555.SZ) 传媒｜ 游戏Ⅱ 短期业绩低于预期 ，分红频次提升 2024年 04月 23日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 164.06 165.47 174.26 180.50 183.63 归母净利润(亿元) 29.54 26.59 27.96 29.63 30.72 评级变动 维持 每股收益（元） 1.33 1.20 1.26 1.34 1.39 交易数据 每股净资产（元） 5.49 5.73 6.41 7.14 7.89 当前价格（元） 17.19 P/E 12.90 14.34 13.64 12.87 12.41 52周价格区间（元） 15.96-36.94 P/B 3.13 3.00 2.68 2.41 2.18 总市值（百万） 38125.09 资料来源：iFinD，财信证券 流通市值（百万） 27630.33 总股本（万股） 221786.50 投资要点： 流通股（万股） 160734.90  公司发布 2023年报和 2024一季报业绩预告。2023年实现营收、归母 净利润 165 ...

传媒 | 证券研究报告 — 调整盈利预测 2024年4月23日 002555.SZ 三七互娱 买入 23Q4 销售费用率提升较大，2024 年加大分红 原评级：买入 市场价格:人民币 16.50 三七互娱 2023 全年营业收入 165.47 亿元，同比+0.86%；归母净利润 26.59 亿元，同比-10.01%。我们认为公司的产品运营和发行能力在国内外仍保持 板块评级:强于大市 领先；自研和代理产品储备数量多，有望逐步上线带动业绩恢复增长。维持 股价表现 买入评级。 39% 支撑评级的要点 24%  2023年净利润同比下滑，2024年开启季度分红。三七互娱 2023全年营 8% 业收入165.47亿元，同比+0.86%；归母净利润26.59亿元，同比-10.01%； (8%) 扣非后归母净利润24.97亿元，同比-13.38%。23Q4营业收入45.04亿元， 同比-4.74%；归母净利润4.66亿元，同比-33.17%。公司预计24Q1归母 (23%) 净利润 6-6.5 亿元，同比下滑 16.08%-22.54%。公司 2023 年拟向全体股 (39%) rp 3A -2 ya 3M -2 n 3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.547 billion yuan in 2023, a year-on-year increase of 0.86%, while the net profit attributable to shareholders was 2.659 billion yuan, a year-on-year decrease of 10.01% [2][3] - The company plans to distribute a cash dividend of 0.37 yuan per share for 2023, totaling 8.21 billion yuan, which represents 68% of the net profit attributable to shareholders [3] - The company is increasing its marketing expenditure to promote new games, which has put pressure on profits, but expects revenue growth of over 25% in Q1 2024 due to new game launches [3][4] - The company has a robust pipeline of over 40 self-developed and licensed games, which are expected to contribute to revenue and profit growth [3] Financial Performance and Forecast - In 2023, the company reported total revenue of 16.547 billion yuan, with a net profit of 2.659 billion yuan [2] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.36 yuan, 1.54 yuan, and 1.67 yuan respectively, with corresponding P/E ratios of 13, 11, and 10 [4] - The company anticipates a net profit of 6.00 to 6.50 million yuan for Q1 2024, reflecting a year-on-year decrease of 16.08% to 22.54% [2][3]

证券研究报告 公 2024年04月22日 司 报 告 三七互娱(002555) │ 行 业： 传媒/游戏Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 17.19元 年 分红力度加大，静待新游业绩释放 目标价格： 22.00元 报 点 事件： 评 基本数据 公司发布2023年报：营收165.47亿元，同比增长0.86%；归母净利润26.59 总股本/流通股本(百万股) 2,217.86/1,607.35 亿元，同比下降10.01%。此外，公司发布2024Q1业绩预告：预计营收同比 流通A股市值(百万元) 27,630.32 增长超过25%；归母净利润6-6.5亿元，同比下降16.08%-22.54%。 每股净资产(元) 5.73 ➢ 业绩短期承压，主要系销售费用前置 资产负债率(%) 33.04 公司2023年营收同比略增，主要系部分老游戏流水同比下滑，同时《凡人 一年内最高/最低(元) 37.97/15.46 修仙传》《寻道大千》等新品上线补足缺口。盈利方面，公司全年归母净利 润同比下降 10%，其中 23Q4 同比下降 33%，与营收增速形成错配。主要系 股价相对走势 公司在新游上线初期加大买量推广力度 ...

[Table_Page] 年报点评|游戏Ⅱ 证券研究报告 [三Table_七Title] 互娱（002555.SZ） [公Tab司le_I评nves级t] 买入 当前价格 16.50元 小游戏贡献增量，分红计划提振信心 合理价值 22.90元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-21 ⚫ 公司发布2023年报，2023全年实现收入165.47亿元，yoy+0.86%， [相Tab对le_P市icQ场uote表] 现 销售费用90.91亿元，销售费用率为54.94%；扣非归母净利润为24.97 亿元，扣非归母净利率为15.09%。2023Q4实现收入45.04亿元，yoy- 40% 24% 4.74%/qoq+5.17%；销售费用27.30亿元，销售费用率为60.62%；归 8% 母净利润为4.66亿元，归母净利率为10.35%，扣非归母净利润4.19 -8%04/23 06/23 08/23 10/23 12/23 02/24 04/24 亿元，扣非归母净利率为9.3%。 -24% ⚫ 2024分红计划提振信心。发布24Q1业绩预告，收入同增超25%， ...

Investment Rating - The investment rating for the company is "Accumulate" [1][2] - Previous rating was also "Accumulate" [1][2] - Target price is set at 20.70 CNY, down from the previous forecast of 43.79 CNY [1][2] Core Insights - The company's revenue has been increasing quarterly, and profits are expected to be released after new products stabilize [1][2] - The company has a solid product position and a rich reserve, with game business revenue improving quarter by quarter, although profits are under pressure due to increased advertising for new game launches [1][2] - The company is expected to see profit release as new products enter a stable phase and advertising costs stabilize [1][2] Financial Summary - The company’s total revenue for 2023 is projected to be 165.47 billion CNY, a year-on-year increase of 0.86% [1][2] - The net profit attributable to shareholders for 2023 is expected to be 26.59 billion CNY, a decrease of 10.01% [1][2] - The company plans to adopt quarterly dividends, with a total not exceeding 15 billion CNY for the year [1][2] Earnings Per Share (EPS) Forecast - EPS for 2024 is forecasted at 0.35 CNY, down from the previous estimate of 0.28 CNY [1][2] - EPS for 2025 is expected to be 0.44 CNY, and for 2026, it is projected at 0.55 CNY [1][2] Market Position - The company ranks third in the annual list of Chinese game companies going overseas, with several successful products in the market [1][2] - The company has over 40 self-developed or agency mobile games in its product reserve [1][2] Financial Ratios - The company’s operating profit margin is projected to be 17.4% for 2024, with a net asset return rate of 21.3% [1][2] - The company’s debt-to-asset ratio is expected to be 32.5% in 2024 [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 16.55 billion RMB for 2023, a year-on-year increase of 0.9%, while the net profit attributable to shareholders was 2.66 billion RMB, down 10.0% year-on-year [2]. - The company expects a revenue growth of over 25% in Q1 2024, driven by the launch of multiple new products in 2023 [2][3]. - The gaming segment, particularly mini-program games, is expected to continue contributing positively to revenue growth [3]. Revenue Analysis - Revenue by product: Mobile games generated 15.90 billion RMB, up 1.7% year-on-year, while web games saw a decline to 0.50 billion RMB, down 17.0% year-on-year [2]. - Revenue by region: Domestic revenue was 10.74 billion RMB, up 3.1% year-on-year, while overseas revenue was 5.81 billion RMB, down 3.1% year-on-year [2]. Profitability Analysis - The net profit margin for 2023 was 16.1%, a decrease of 1.9 percentage points year-on-year, with a gross margin of 79.5%, also down 1.9 percentage points year-on-year [2]. - The report indicates that the increase in sales expenses has negatively impacted profitability, particularly in Q4 2023 [2]. Future Outlook - The company has over 40 self-developed or agency mobile games in the pipeline, covering various genres, which are expected to enhance revenue stability [3]. - The company is actively integrating AI into game development and operations, which may provide a competitive edge [3]. Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 3.10 billion RMB, 3.50 billion RMB, and 3.86 billion RMB, respectively, with corresponding P/E ratios of 11.8, 10.4, and 9.5 [3][4].

财联社4月19日讯（记者 崔铭）A股首家连续季度分红方案出炉。今日晚间，三七互娱（002555.SZ）公 布2023年度利润分配预案，拟向全体股东每10股派发现金股利3.70元（含税），预计2023年度分红预案 金额为8.2亿元。 三七互娱还表示，将提请股东大会授权董事会全权办理2024年度中期利润分配，拟2024年第一季度、半 年度、第三季度结合未分配利润与当期业绩进行分红，每期分红不超过5亿元，合计分红不超过15亿 元。 这一举措拟将三七互娱的分红频次从原本的半年一次提高为每季度一次，也成为A股首家提出连续季度 分红方案的公司。 根据公司公布的利润分配方案，2023年三七互娱实现归母净利润26.59亿元，年度分红预案约8.2亿元， 加上此前2023年半年度已分红金额9.92亿元，2023全年分红总额占全年归母净利润的68%。 三七互娱今晚也披露了2023年年报和2024年一季报预告。其中，2023年实现营收165.47亿元，与上年基 本持平；归母净利润为26.59亿元，同比下滑10.01%。2024年一季度预计实现营收6亿元-6.5亿元，同比 下降16.08%-22.54%；预计归母净利润为5.9亿元-6 ...