三七互娱、世纪华通"两巨头"之下，谁是去年A股游戏公司业绩季军？随着25日多家A股游 戏公司发布了年度报告，这一答案基本揭晓。虽然老牌游戏公司完美世界在游戏营收上依然 守住了A股第三名，但公司净利润亏损超12亿元。业绩上，不仅在营收上与三七互娱、世纪 华通两家公司的差距拉大，而且盈利表现远不及神州泰岳、恺英网络等企业。 完美世界去年利润转负 4月25日晚，完美世界股份有限公司(002624 SZ，以下简称"完美世界")发布了公司2024年年度报告，公 司在2024年实现营业收入55.70亿元，同比下降28.50%；归母净亏损12.88亿元，扣非净亏损13.13亿元， 均呈同比盈利转亏状况。 | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 5.570.490.164.67 | 7,790,717,277.28 | -28.50% | 7.670.402.228.08 | | 归属于上市公司股东的净利润(元) | -1,287,558,264.15 | 491,480, ...

分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 请阅读最后评级说明和重要声明 SFC：BUX177 %% %% 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] 投放缩减等带动业绩增长，持续大力度分红，关 注重点新游进展 报告要点 [Table_Summary] 三七互娱发布 2024 年报，公司 2024 年实现营收 174.4 亿元（同比+5.4%），归母净利润 26.7 亿元（同比+0.5%），扣非净利润 25.9 亿元（同比+3.8%），其中 24Q4 实现营收 41.0 亿元（同 比-8.9%/环比-0.1%）， 实现归母净利润 7.8 亿元（同比+66.3%/环比+22.6%），实现扣非净利 润 7.1 亿元（同比+70.3%/环比+18.6%）。披露权益分派预案，年度分红比例 82.3%，对应股息 率约 6.3%（按 4.22 收盘价计算）。25Q1《时光大爆炸》《英雄没有闪》等多款新游表现亮眼， 后续产品储备丰富，关注重点新游测试及上线进展。 %% %% re ...

■■■■■■■■■■■■■2025-2027 ■■■■■■■■■■■■28.39/31.56/34.82 ■■■■■■■■■28.39/31.56/34.82 ■■■■■ＰＥ ■■■12.2/10.9/9.9 �� ��� □□ □□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□24Ω1-4 □□□□□□□□□□22 □□□□□□□□ 彩票最新登录网登录网登录官网官网官网官网官网官网2024 国际网页版官网官网官网官网官网官网官网官网官网 117.19 09.12%9D%92%9D%9 �� �� ABBICONDINAL PRODUCT CONSECT COLLECT COLLECT COLLECT COLLECT COLLECTO CLECIOS � All All Produce College Concellent College College "US""00""00""00""00""00""00""00""00""00""00""00""00""00":"000"" 日本日常早餐店 日本早点加盟 早点早点加盟 早点早点加盟 早点早点加盟 早点早 ...

近日，三七互娱发布2024年度财报及ESG报告，为我们观察其基本面和价值逻辑提供了新鲜且全面的窗 口。 从财报中看，三七互娱业绩与分红表现均较为亮眼，延续"稳增长+高回报"的特征。 三七互娱继成为国内传媒娱乐行业首家获评明晟MSCI ESG评级 AA级的企业后，连续两年保持此评 级。同时，其相关布局新呈现出三大亮点，进一步释放可持续发展、长期价值创造的信号，这也是值得 重点关注的地方。 1、战略进化，目标扩容+价值穿透 数据显示，2024年三七互娱实现营收174.41亿元，归母净利润26.73亿元，同比双增，在行业业绩整体分 化、下滑普遍的背景再次验证经营韧性。分红方面，三七互娱全年现金分红金额将达22亿元，再创新 高，同比增加22%，占归母净利润比例将达82.29%，2025年也将坚持连续季度分红计划。这不仅体现其 财务健康，也反映了其对股东回报的高度重视和对未来发展的较强信心。 从ESG报告中看，三七互娱ESG实践继续走深，无论在成效还是布局上均得到体现。 一方面，三七互娱邀请了国际权威测试、检测和认证机构SGS对2024年度ESG报告进行第三方鉴证，进 一步提升ESG信披的透明度和公信力。 首先，很重要 ...

Core Viewpoint - Global investors are increasingly focusing on companies' sustainability capabilities and social responsibility, with ESG performance becoming a key factor in assessing long-term corporate value [1] ESG Governance and Reporting - On April 18, the company released its 2024 ESG report, verified by SGS, enhancing transparency and credibility in ESG disclosures [1] - The report is the first to follow the Shenzhen Stock Exchange's guidelines and ISSB's standards, detailing the company's sustainability goals and analyzing risks, opportunities, and their financial and social impacts [1] Sustainable Development Goals - The company upgraded its "Eight Social Responsibility Goals" to nine "Sustainable Development Goals" for 2024, reflecting a deeper understanding and commitment to sustainability [3] - The new goals focus on responsible business practices, content creation, technological innovation, human capital, cybersecurity, protection of minors online, strategic philanthropy, collaborative responsibility, and ecological conservation [3] Human Capital and Employee Welfare - The company aims to attract and retain talent, enhancing its competitive edge in human capital [3] - Initiatives include a global headquarters for a comfortable work environment, a budget of over 10 million yuan for the "New Generation Fund," and a report on the fifth anniversary of the "Empower Women Principles" [3] Responsible Business Practices - The company plans to implement a cash dividend of 2.2 billion yuan for the 2024 fiscal year, becoming the first A-share company to propose continuous quarterly dividends [4] - It has conducted 40 compliance training sessions to foster a culture of integrity and compliance [4] Environmental Initiatives - The company aims for carbon neutrality within its operational boundaries by 2025 and a 50% reduction in carbon emissions across its value chain by 2032 [4] - It achieved a 73.98% reduction in greenhouse gas emissions compared to the 2019 baseline and 91.51% of its electricity from renewable sources [4] Industry Recognition - The company is the first internet entertainment enterprise in China to achieve an MSCI ESG rating of AA and has maintained this rating for two consecutive years [5] - It has been included in several important ESG indices and awards, showcasing its leadership in ESG practices [5] Technological Innovation - The company has integrated AI technologies into its operations, developing a game industry model called "Xiao Qi" to enhance productivity and decision-making [7][8] - It encourages employees to improve their AI application skills and has established a patent management system, with 182 authorized patents and 737 pending applications as of the end of 2024 [8] Philanthropy and Community Engagement - The company supports rural education through its "Youxin Public Welfare Foundation," providing assistance to over 6,138 high school students in underdeveloped areas [10] - It has initiated various community service projects, including digital literacy programs for children and support for vulnerable groups [10] Conclusion - The company is actively exploring and implementing innovative practices in ESG governance, establishing a robust ESG framework that not only supports its sustainable development but also sets a positive example for the industry [11]

Revenue and Profit - The total revenue for the year 2024 was 17.441 billion yuan, an increase of 5.4% year-on-year [1] - The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year [1] - The non-recurring net profit was 2.591 billion yuan, reflecting a year-on-year increase of 3.76% [1] - In Q4, total revenue was 4.102 billion yuan, a decrease of 8.93% year-on-year, while net profit attributable to shareholders rose by 66.33% to 777 million yuan [1] Financial Indicators - Operating cash flow decreased significantly, with net cash flow from investing activities down 135.71% due to increased cash outflows from financial products and time deposits [2] - Cash flow from financing activities increased by 65.33%, primarily due to reduced cash outflows from bank loans and pledged financial products [2] Main Business Composition - Revenue from mobile games was 16.882 billion yuan, accounting for 96.80% of total revenue, with a gross margin of 79.96% [3] - Revenue from web games and other businesses contributed 410 million yuan and 14.8 million yuan, with gross margins of 43.61% and 24.13% respectively [3] - Domestic revenue was 11.719 billion yuan, representing 67.19% of total revenue, while overseas revenue was 5.722 billion yuan, accounting for 32.81% [3] Development Review and Future Outlook - The company is focusing on high-quality game creation and the integration of culture and gaming, launching several new titles [4] - The company is enhancing its long-term operational capabilities and exploring AI technology to improve research and development efficiency [4] - Future strategies include promoting "quality, diversification, and globalization" to enhance operational quality and sustainability [5] Profitability Metrics - Gross margin was 78.63%, a decrease of 1.09% year-on-year, indicating potential market competition or rising costs [6] - Net margin was 15.28%, down 4.02% year-on-year, suggesting pressure on cost control [6] - The ratio of operating expenses to revenue was 57.72%, an increase of 0.94% year-on-year, impacting profitability [6]

Core Viewpoint - Sanqi Interactive Entertainment (002555.SZ) has become the first listed company in A-shares to achieve continuous quarterly cash dividends, announcing a significant increase in its annual cash dividend plan for 2024 [2][9]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 17.441 billion yuan, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of 2.673 billion yuan, up by 0.54% [2]. - The total cash dividend for 2024 is set to reach 2.2 billion yuan, marking a 22% increase compared to the previous year [2][9]. Dividend Strategy - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (tax included) for the fiscal year 2024, leading to a total cash dividend of 10 yuan per 10 shares when combined with the dividends from the first three quarters [8][9]. - Sanqi Interactive will continue its quarterly dividend plan into 2025, with a proposed total cash dividend not exceeding 1.5 billion yuan for the year [9]. Business Strategy - The company is focusing on an "excellence, diversification, and globalization" strategy, achieving growth in both revenue and net profit [4]. - Sanqi Interactive is expanding its game portfolio by exploring various genres, including MMORPG, SLG, card games, and simulation management, while also introducing lighter game types [4][5]. AI Integration - The company has established a comprehensive AI-enabled ecosystem, enhancing its game development and operational efficiency through AI capabilities [6][7]. - Sanqi Interactive has developed its own industry model "Xiao Qi," which includes over 40 AI capabilities, and is upgrading existing digital products to more automated and intelligent AI agents [7]. Product Development - The company has over 20 games in development and is collaborating with several high-quality developers to diversify its product offerings [5]. - Notable games such as "Douluo Dalu: Soul Master Showdown" and "Puzzles & Survival" continue to perform well, contributing to the company's long-term operational success [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance with new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40% [8] - The net profit attributable to the parent company for 2024 is projected at 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent releases performing well in the market [8] - The company is actively integrating AI capabilities into its operations, enhancing game development and user experience [8] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1][9] - The net profit is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1][9] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% [6][9] - The company plans to distribute a total cash dividend of 22 million yuan for 2024, which is 82% of the net profit attributable to the parent company [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% year-on-year [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new versions of existing games [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company reported a revenue of 17.441 billion yuan and a net profit of 2.673 billion yuan, with projections for 2025-2027 indicating continued growth in both revenue and profit [6]. - The company's earnings per share (EPS) for 2024 is projected at 1.21 yuan, with a P/E ratio of 12.6 [6][7]. - The company maintains a strong return on equity (ROE) of 20.7% in 2024, with expectations for gradual improvement in subsequent years [6].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Viewpoints - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new game versions [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The company’s game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company’s operating income was 17.441 billion yuan, with a year-on-year growth rate of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, reflecting a growth rate of 0.5% [6]. - The projected financials for 2025 to 2027 indicate a steady growth trajectory, with revenues increasing by 5.6%, 6.0%, and 7.0% respectively, and net profits growing by 5.1%, 7.9%, and 8.5% [4][6].