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 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a target price of 17.22 CNY based on a 14x PE for 2024 [4][7]. Core Insights - The company is recognized as a leading player in the domestic gaming industry, successfully navigating through multiple industry transformations and focusing on a strategy of "premiumization, diversification, and globalization" [2][7]. - The company has established a robust integrated research and operation system, enhancing its product offerings and operational efficiency through the application of AI and data analytics [19][24]. - The gaming market is witnessing significant growth in both overseas expansion and mini-games, which are expected to provide new growth momentum [3][36]. Summary by Sections Company Overview - The company has successfully transformed through four major industry changes, including the shift from web games to mobile games and the adoption of a buy-in advertising model [10][11]. - The founding team retains significant control, holding 34.77% of the shares, ensuring strategic continuity [12]. Financial Performance - The company reported a revenue of 92.32 billion CNY in the first half of 2024, a year-on-year increase of 18.96%, with a net profit of 12.6 billion CNY, up 3.15% [14]. - The gross margin has remained high, with a projected gross margin of 79.3% for 2024 [45]. Product Strategy - The company has adopted a "dual-core + diversified" product strategy, focusing on MMORPG and SLG genres while expanding into card games and simulation games [28][29]. - Successful titles include "Douluo Dalu: Soul Master Duel" and "Puzzles & Survival," contributing to a strong product matrix with multiple games generating over 100 million CNY in monthly revenue [29][38]. Future Growth Drivers - The company is positioned to benefit from the growing trend of game exports, with overseas revenue accounting for 35.1% of total income in 2023 [3][38]. - The mini-game market has shown rapid growth, with expectations for continued expansion in 2024, particularly in overseas markets [40][41]. Investment Outlook - The company is expected to achieve net profits of 27.36 billion CNY, 31.99 billion CNY, and 34.61 billion CNY for 2024, 2025, and 2026, respectively [7][43]. - The report emphasizes the company's strong potential in the mini-game sector and overseas markets as key areas for future growth [7][36].

三七互娱网络科技集团股份有限公司（以下简称"公司"）近日接到东方证券股份有限 公司（以下简称"东方证券"）的通知，根据中国证券监督管理委员会（以下简称"证监会"） 于 2023 年 2 月 28 日出具的《关于核准东方证券股份有限公司吸收合并东方证券承销保荐有 限公司暨变更业务范围的批复》（证监许可〔2023〕425 号，以下简称"证监会批复"）， 东方证券获准吸收合并投行业务全资子公司东方证券承销保荐有限公司（以下简称"东方投 行"），吸收合并之后东方投行解散。 东方证券已于近日自证监会取得换发后的《经营证券期货业务许可证》，业务范围含"证 券承销与保荐"。东方证券与东方投行严格根据有关法律法规、证监会批复及相关要求推进 实施吸收合并工作，自 2024 年 9 月 2 日起，东方投行存量客户与业务整体迁移并入东方证 券，东方投行承接的投资银行业务项目均由东方证券继续执行，东方投行对外签署的协议均 由东方证券继续履行，东方投行全部债权及债务由东方证券依法承继。 证券代码：002555 证券简称：三七互娱 公告编号：2024-060 三七互娱网络科技集团股份有限公司 关于持续督导保荐机构主体变更的公告 本公司及 ...

2024 年 09 月 06 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 持续季度分红回馈股东，小游戏推动业绩增长， 关注 2024H2 新品周期 研究所： ——三七互娱（002555）公司动态研究 投资要点: 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/06 | | | | | | | | | | | | 市场数据 | | | 2024/09/06 | | 当前价格（元） | | | 13.82 | | 52 周价格区间（元） | | | 12.04-25.68 | | 总市值（百万） | | | 30,650.88 | | 流通市值（百万） | | | 22,175.49 | | 总股本（万股） | | | 221,786.43 ...

三七互娱网络科技集团股份有限公司(以下简称"公司")分别于 2023 年 12 月 26 日和 2024 年 1 月 12 日召开了第六届董事会第十五次会议和 2024 年第一次临时股东大会，审议 通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集 中竞价交易的方式回购公司股份，回购金额不低于（含）人民币 1 亿元且不超过（含）人民 币 2 亿元，回购价格不超过（含）人民币 33.90 元/股，回购股份实施期限为自公司股东大 会审议通过本次回购股份方案之日起 12 个月内,公司将在回购期限内根据市场情况择机作 出回购决策并予以实施。公司本次回购的股份将用于注销减少注册资本。回购方案的具体内 容请详见公司于 2024 年 1 月 13 日披露于巨潮资讯网和公司指定信息披露报刊的《关于以集 中竞价交易方式回购公司股份方案的报告书》。 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：002555 证券简称：三七互娱 公告编号：2024-059 三七互娱网络科技集团股份有限公司 截至2024年8月31 ...

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 ...

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] 流水整体稳健，业绩持续改善，连续季度高分红 报告要点 | --- | |-------------------------------------------------------------------------------------| | [Table_Summary] 公司披露 24Q2 业绩，24Q2 实现营收 44.82 亿（同比+12.16%，环比-5.65% | | 6.48 亿（同比+43.63%，环比+5.25%），扣非净利润 6.59 亿（同比+47.99%，环比 | | 公司拟每 10 股派 2.1 元，合计派发现金红利 4.66 亿元，占公司 Q2 净利润约 72% | | 戏赛道优势延续，存量游戏表现稳健，上半年境外游戏收入环比增长，海外新游逐渐起量，前 | | 期投放或陆续回收叠加投放优化，Q2 业绩继续环比改善。 | 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SFC：BUX177 三七互娱（002555.SZ） cjzqd ...

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》、《 ...