%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨三七互娱（ ） 002555.SZ [新Ta游b持le_续T发itle力] 带动营收逐季提升，计划一季度分 红提振信心 报告要点 [三Ta七bl互e_娱Su披m露ma2r4yQ] 1业绩，24Q1实现营收47.50亿（同比+26.17%），归母净利润6.16亿（同 比-20.45%），扣非净利润6.16亿（同比-8.12%）。公司数款小游戏新品表现亮眼，带动24Q1 单季收入创新高，由于前期投放或陆续回收，Q1业绩实现环比改善。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 Q1 净利润约 75.6%，分红比例在 2023 年度分红预案 ...

证券研究报告 | 公司动态点评 2024 年 05月 08日 三七互娱（002555.SZ） 践行分红承诺，季度营收创历史新高 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 16,406 16,547 19,011 20,921 22,727 股票信息 增长率yoy（%） 1.2 0.9 14.9 10.1 8.6 归母净利润（百万元） 2,954 2,659 3,112 3,498 3,879 行业 传媒 增长率yoy（%） 2.7 -10.0 17.1 12.4 10.9 2024年5月7日收盘价（元） 17.25 ROE（%） 23.6 20.6 20.8 19.7 18.7 总市值（百万元） 38,258.16 EPS最新摊薄（元） 1.33 1.20 1.40 1.58 1.75 流通市值（百万元） 27,726.76 P/E（倍） 12.4 13.8 11.8 10.5 9.4 总股本（百万股） 2,217.86 P/B（倍） 3.0 2.9 2.4 2.1 1.8 流通股本（百万股） 1,607.35 资料来源：公司财报，长城证券产业 ...

证券代码：002555 证券简称：三七互娱 公告编号：2024-040 三七互娱网络科技集团股份有限公司 （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者在决策过程 中，至依法披露之日内； 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。 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 ...

2024年04月30日 公 司点评 公 增持 / 维持 司 三七互娱(002555) 研 究 目标价:25.02 昨收盘:16.95 传媒互联网 新游储备丰富，连续分红提升长期投资价值 事件： ◼ 走势比较 公司2023年实现营收165.47亿元，同比增长0.86%；归母净利润26.59 亿元，同比下降-10.01%；归母扣非净利润24.97亿元，同比下降-13.38%。 20% 2024Q1实现营收47.50亿元，同比增长26.17%；归母净利润6.16亿元， 太 4% 同比下降-20.45%；归母扣非净利润6.16亿元，同比下降-8.12%。 平 (12%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 洋 (28%) ➢ 游戏推广力度加大，业绩短期承压 证 2023 年公司游戏运营稳健，全球在运营月均流水破亿产品多达 8 款，全 (44%) 球发行的移动游戏最高月流水超过23亿元。同时，公司《凡人修仙传： 券 (60%) 人界篇》、《霸业》、《扶摇一梦》等新游，以及《寻道大千》、《灵魂序章》 股 等小程序游戏上线，营收实现稳定增长；但因新游戏上线需加大推广， ...

[Table_Page] 季报点评|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 16.95元 收入连续五个季度增长，一季度如期分红 合理价值 22.72元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 公司发布一季报，24Q1收入47.50亿元，yoy+26.17%/qoq+5.47%； [相Tab对le_P市icQ场uote表] 现 销 售 费 用 28.91 亿 元 ， 销 售 费 用 率 为 60.87% ， yoy+9.93pct/qoq+0.25pct；管理费用为 1.88 亿元，管理费用率为 12% 3.97%；研发费用为1.75亿元，研发费用率为3.69%。归母净利润为 -1% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -14% 6.16亿元，yoy-20.45%/qoq+32.15%，归母净利率为12.97%。扣非归 -26% 母净利润 6.16 亿元，扣非归母净利率为 12.97%。从成本费用来看， - ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 4.75 billion in Q1 2024, representing a year-on-year growth of 26.17%, while the net profit attributable to shareholders decreased by 20.45% to 616 million [1]. - The decline in net profit is attributed to the promotional phase of several new games and increased marketing expenditures [1]. - The company has a diverse product portfolio with over 40 mobile games in development, including titles like "Code Douluo MMO" and "Time Grocery Store" [1]. - The company is focusing on international markets, leveraging its experience in game publishing to explore opportunities in casual gaming [1]. - The internal AI Agent platform enhances operational efficiency across various stages of game development and marketing [1]. - The company is expected to achieve revenues of 18.53 billion, 20.57 billion, and 23.25 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.02 billion, 3.43 billion, and 3.94 billion [1][2]. Financial Summary - In 2024, the company is projected to have a revenue growth rate of 12.0%, followed by 11.0% in 2025 and 13.0% in 2026 [2]. - The net profit is expected to grow by 13.7% in 2024, 13.3% in 2025, and 15.0% in 2026 [2]. - The latest diluted EPS is projected to be 1.36, 1.54, and 1.78 for the years 2024, 2025, and 2026, respectively [2]. - The company’s P/E ratio is forecasted to be 12.4, 11.0, and 9.5 for the years 2024, 2025, and 2026 [2].

Financial Performance - The company's revenue for Q1 2024 reached CNY 4.75 billion, an increase of 26.17% compared to CNY 3.76 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 616.15 million, a decrease of 20.45% from CNY 774.56 million year-on-year[4] - The company's net profit for Q1 2024 was CNY 615.99 million, down from CNY 765.28 million in Q1 2023, reflecting a decrease of approximately 19.5%[25] - Operating profit for Q1 2024 was CNY 705.96 million, compared to CNY 852.66 million in the same period last year, indicating a decline of around 17.3%[25] - The company's net profit margin for Q1 2024 is not explicitly stated but can be inferred from the revenue and cost figures[24] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1.17 billion, down 10.76% from CNY 1.31 billion in the previous year[4] - The cash flow from operating activities for Q1 2024 was CNY 1.17 billion, a decrease from CNY 1.31 billion in Q1 2023, showing a decline of about 10.7%[26] - The company's cash and cash equivalents increased to CNY 6,868,736,492.80 from CNY 6,176,992,875.55, reflecting a growth of 11.2%[20] - The company reported a cash and cash equivalents balance of CNY 3.69 billion at the end of Q1 2024, down from CNY 4.99 billion at the end of Q1 2023[27] - The net cash flow from financing activities for Q1 2024 was CNY 748.29 million, an increase from CNY 585.99 million in Q1 2023, reflecting a growth of approximately 27.7%[27] Assets and Liabilities - The total assets at the end of the reporting period were CNY 20.68 billion, an increase of 8.07% from CNY 19.13 billion at the end of the previous year[4] - The total assets of the company as of March 31, 2024, amounted to CNY 20,679,112,002.53, compared to CNY 19,134,551,079.36 at the beginning of the year, indicating a growth of 8.1%[22] - The total liabilities of the company as of March 31, 2024, were CNY 7,324,257,381.58, up from CNY 6,322,188,671.02, reflecting an increase of 15.9%[22] - Short-term borrowings increased by 50.70%, rising by 788 million RMB, primarily due to increased note financing and bank loans during the reporting period[12] - The company's short-term borrowings increased to CNY 2,342,769,583.34 from CNY 1,554,577,083.34, representing a rise of 50.6%[22] Expenses and Costs - The total operating costs for Q1 2024 were CNY 4,096,738,133.82, up 35.5% from CNY 3,023,394,433.87 in Q1 2023[24] - The company experienced a significant increase in sales expenses due to the promotion of new games, which impacted the profit margins[5] - Sales expenses increased by 50.76%, an increase of 973 million RMB, driven by the successful performance of multiple games launched in the second half of 2023[12] - Research and development expenses for Q1 2024 were CNY 175.09 million, compared to CNY 199.87 million in Q1 2023, a decrease of approximately 12.4%[25] Shareholder Information - Total number of common shareholders at the end of the reporting period was 157,927[12] - The balance of treasury stock increased by 33.51%, rising by 101 million RMB, due to share repurchases for capital reduction purposes[12] - The company repurchased a total of 5,626,600 shares, accounting for 0.25% of the total share capital, with a total expenditure of CNY 100,691,594[18] - The company plans to continue its share repurchase program within the approved budget of CNY 100 million to CNY 200 million over the next 12 months[18] Investment and Income - Investment income rose by 172.02%, increasing by 18 million RMB, due to dividends declared by associated companies during the reporting period[12] - The company recorded investment income of CNY 29.08 million in Q1 2024, significantly higher than CNY 10.69 million in Q1 2023, marking an increase of about 172.5%[25] Strategic Initiatives - The company has over 40 self-developed or agency high-quality mobile games in its pipeline, including titles like "Code Name Douluo MMO" and "Time Grocery Store"[5] - The company plans to continue its strategy of "premium, diversified, and global" game offerings to enhance product quality and market share[5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is expected to maintain its long-term operational advantages and has a promising new game pipeline that is likely to contribute to performance growth [4][5] - The company achieved a revenue of 16.547 billion yuan in 2023, with a year-on-year growth of 0.86%, while the net profit attributable to shareholders was 2.659 billion yuan, down 10.01% year-on-year [4][5] - The company is actively diversifying its game offerings and enhancing its self-research capabilities, which is anticipated to drive future growth [5][10] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 16.547 billion yuan, net profit of 2.659 billion yuan, and net profit after deducting non-recurring gains and losses of 2.497 billion yuan, with respective year-on-year changes of +0.86%, -10.01%, and -13.38% [4] - For Q4 2023, the company achieved operating revenue of 4.504 billion yuan, net profit of 466 million yuan, and net profit after deducting non-recurring gains and losses of 419 million yuan, with year-on-year changes of -4.74%, -33.17%, and -37.61% [4] - The company expects Q1 2024 net profit to be between 600 million and 650 million yuan, a year-on-year decline of 16.08% to 22.54% [4] Operational Strategy - The company is focusing on long-term operations and providing comprehensive services, leveraging IP highlights for continuous innovation in product lifecycle management [5] - The company has a diverse game portfolio, with domestic and overseas revenues of 10.739 billion yuan and 5.807 billion yuan, respectively, accounting for 64.90% and 35.10% of total revenue [5] - The company is enhancing its self-research capabilities and diversifying its product supply, which is expected to support its development [5] Future Outlook - The company is projected to achieve net profits of 3.084 billion yuan, 3.415 billion yuan, and 3.673 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.02%, 10.70%, and 7.56% [10] - The company is expected to maintain a strong position in the overseas gaming market, despite challenges such as increased competition and rising marketing costs [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is leading in the mini-game sector and demonstrates commitment through high dividends [1] - The company reported a slight increase in revenue for 2023, but a decline in net profit, with plans for significant cash dividends [3][4] - The company expects substantial revenue growth in Q1 2024, despite a year-over-year decline in net profit [7] Financial Performance Summary - For 2023, the company achieved revenue of 16.547 billion yuan, a year-over-year increase of 0.86%, and a net profit of 2.659 billion yuan, a year-over-year decrease of 10.01% [3][5] - The company plans to distribute a total cash dividend of 1.819 billion yuan for the year [3][4] - The Q4 2023 revenue was 4.504 billion yuan, a year-over-year decrease of 4.74%, with a net profit of 466 million yuan, down 33.17% year-over-year [5][6] Market Position and Strategy - The company has a strong presence in the mini-game market, with several titles ranking in the top 5 of the mini-game charts [8] - The company has over 40 products in its pipeline, including self-developed and agency products, indicating a robust product strategy [8] - The company is focusing on a "premium, diversified, and global" strategy, which is expected to positively impact future performance [9] Earnings Forecast - The company forecasts revenue of 19.075 billion yuan for 2024, with a growth rate of 15%, and a net profit of 3.030 billion yuan, reflecting a 14% increase [10][11] - The projected P/E ratios for the next three years are 12, 10, and 9 times, respectively [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 16.547 billion (up 0.86% year-on-year) and a net profit attributable to shareholders of 2.659 billion (down 10.01% year-on-year) for 2023. The fourth quarter of 2023 saw a revenue of 4.504 billion (down 4.74% year-on-year) and a net profit of 466 million (down 33.17% year-on-year) [4][5]. - The company anticipates a revenue growth of approximately 25% in the first quarter of 2024, with an expected net profit of around 600 to 650 million [4][5]. - The company has a rich product pipeline and is actively integrating AI into its operations, focusing on the growth potential of mini-games and the performance of upcoming products [5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 16.547 billion, with a net profit of 2.659 billion and a non-recurring net profit of 2.497 billion, reflecting a decline of 10.01% and 13.38% year-on-year, respectively. The fourth quarter of 2023 reported a revenue of 4.504 billion and a net profit of 466 million, marking a year-on-year decline of 33.17% [4][5]. - The company expects a revenue increase of over 25% in Q1 2024, translating to a revenue of over 4.7 billion, with a net profit growth of approximately 30%-40% quarter-on-quarter [5]. Product Development and Market Position - The company has launched several new games, including "Seeking the Great Thousand" and "Soul Chapter," which have contributed to revenue growth in Q4. The mini-game "Seeking the Great Thousand" remains a top seller in the WeChat mini-game rankings [4][5]. - The company has over 40 self-developed or agency mobile games in its pipeline, covering various genres, which are expected to drive future revenue growth [5]. Cost and Expense Management - The company faced increased marketing expenses due to the launch of new products, with Q4 sales expenses exceeding 2.7 billion, leading to a sales expense ratio increase of 6.7 percentage points year-on-year to 60.6% [4][5]. - R&D personnel decreased by 11.1% year-on-year, resulting in a slight decline in R&D expense ratio [4][5].