[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 巨人网络(002558)公司点评报告 2024年05月08日 [Tab核le_心Title赛] 道经营稳健，AI 全方位赋能发展 [Table_Inves 买t] 入|维持 ——巨人网络（002558）2023年年报及 2024 年一季报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报及2024年一季报。 52周最高/最低价（元）： 22.34 / 8.3 点评： A股流通股（百万股）： 1973.54  营收及利润稳步上升，公布利润分配预案回报股东 A股总股本（百万股）： 1973.54 2023年公司实现营业收入29.24亿元，同比提升43.50%；归母净利润10.86 流通市值（百万元）： 23011.50 亿元，同比增长27.67%；扣非归母净利润13.73亿元，同比增长34.84%， 总市值（百万元）： 23011.50 得益于公司成熟游戏平稳运营及新游上线成绩突出。2024Q1，公司实现营 [过Ta去bl一e_年Pic股Q价uo走 ...

一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，回购期间，公司应当在每个月的前三个交易日 内，公告截至上月末的回购进展情况，包括已回购股份数量和比例、购买的最高 价和最低价、支付的总金额。现将公司回购股份进展情况公告如下： 截至 2024 年 4 月 30 日，公司通过集中竞价方式累计回购股份数量为 3,189,800 股，占公司总股本的 0.16%，最高成交价为 9.94 元/股，最低成交价为 9.17 元/股，成交总金额为 30,368,204.00 元（不含交易费用）。本次回购符合相 关法律法规的要求，符合公司既定的回购方案。 证券代码：002558 证券简称：巨人网络 公告编号：2024－临 018 巨人网络集团股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 巨人网络集团股份有限公司（以下简称"公司"）于 2023 年 12 月 24 日收到 公司实际控制人、董事长史玉柱先生出具的《关于提议回购公司股份的函》，提 议公司以自有资金通过深 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2023 reached 2.924 billion, a year-on-year increase of 43.5%, with a net profit attributable to the parent company of 1.086 billion, up 27.67% year-on-year [1] - The flagship new game "Original Journey" launched successfully, generating over 300 million in its first month and exceeding 1.5 billion in total revenue for the year, with cumulative users surpassing 15 million [1] - The company has seen strong performance from new games and stable performance from existing games, contributing to impressive financial results [1] - The company is actively exploring AI integration in game development, which has significantly reduced costs and improved efficiency [1] Financial Performance Summary - Total revenue for 2023 was 2.924 billion, with a year-on-year growth of 43.5% [2] - Net profit attributable to the parent company for 2023 was 1.086 billion, reflecting a 27.67% increase year-on-year [2] - The company expects revenues for 2024, 2025, and 2026 to be 3.343 billion, 3.758 billion, and 4.097 billion respectively, with year-on-year growth rates of 14.3%, 12.4%, and 9.0% [2] - The projected net profit for 2024, 2025, and 2026 is 1.545 billion, 1.738 billion, and 1.933 billion respectively, with growth rates of 42.2%, 12.5%, and 11.2% [2] Cost Structure and Efficiency - The sales expense ratio, management expense ratio, and R&D expense ratio for Q1 2024 were 29.01%, 6.00%, and 22.14% respectively, showing significant decreases compared to the previous year [1] - The company has implemented various AI tools and platforms to enhance game development and operations, leading to a gradual optimization of overall expense ratios [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.924 billion yuan in 2023, a year-on-year increase of 43.50%, and a net profit attributable to shareholders of 1.086 billion yuan, up 27.67% year-on-year [2][3] - The strong growth in revenue and net profit is driven by the successful launch of new games and the stable performance of existing titles [3] - The company is actively exploring AI applications across various aspects of game development and operations, which is expected to enhance productivity and reduce costs [3] Financial Performance Summary - Total revenue (in million yuan) for 2023 was 2,924, with a year-on-year growth of 43.50% [2] - Net profit attributable to shareholders (in million yuan) for 2023 was 1,086.44, reflecting a year-on-year increase of 27.67% [2] - The company plans to distribute a cash dividend of 0.80 yuan per 10 shares to all shareholders [2] - The new game "Original Journey" launched on March 24, 2023, contributed significantly to revenue, generating over 1.5 billion yuan in its first year [3] - The average ranking of "Original Journey" on the iOS game sales chart was 19, 37, 44, 57, and 54 from Q2 2023 to April 2024 [2][3] Future Outlook - The company has completed initial layouts for mini-programs to strengthen its competitive edge in the "Journey" series, with plans for further promotion in 2024 [3] - The casual competitive game "Space Kill" has shown promising growth, with domestic DAU exceeding 2.5 million by the end of 2023 [3] - The company is expected to continue exploring new game genres and leveraging AI technologies to enhance its offerings and operational efficiency [3] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.77, 0.88, and 0.95 yuan respectively, with corresponding P/E ratios of 15, 13, and 12 [2][3]

证券研究报告 | 年报点评报告 2024年04月30日 巨人网络（002558.SZ） 2023 及 2024Q1 业绩同比高增，AI 工具降本效果显著 业绩概览：2023年公司实现营收29.24亿元，同比增长43.5%；实现归母净利润 买入（维持） 10.86 亿元，同比增长 27.67%；实现扣非归母净利润 13.72 亿元，同比增长 股票信息 34.84%。2024Q1，公司实现营收6.96亿元，同比增长37.21%；实现归母净利 润3.52亿元，同比增长43.97%；实现扣非归母净利润4.05元，同比增长54.42%。 行业 游戏 前次评级 买入 征途IP赛道：《原始征途》拉动用户增长，小程序布局初见成效。公司2023年 4月29日收盘价(元) 11.71 推出的征途IP旗舰手游《原始征途》上线，上线后首月流水破3亿，全年实现流 总市值(百万元) 23,110.18 水超过15亿，累计新进用户数超1500万，征途IP的长周期生命力再次彰显。 2024年，《原始征途》保持快速研发迭代，有望于上半年推出以全新玩法“万国 总股本(百万股) 1,973.54 争霸”为核心的新版本，助力流水回升。针对成熟运营产 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥696,402,216.01, representing a 37.21% increase compared to ¥507,540,726.58 in the same period last year[3] - Net profit attributable to shareholders was ¥352,409,048.46, up 43.97% from ¥244,773,886.04 year-on-year[3] - The net profit excluding non-recurring items was ¥404,618,536.43, reflecting a 54.42% increase from ¥262,032,081.73 in the previous year[3] - Basic earnings per share rose to ¥0.19, a 46.15% increase from ¥0.13 in the previous year[3] - Operating profit reached CNY 380,902,909.60, compared to CNY 246,937,432.55 in the same period last year, indicating a year-over-year increase of about 54.2%[17] - The total revenue for the quarter was not explicitly stated but can be inferred from the operating profit and expenses, indicating a strong performance overall[17] Cash Flow - Operating cash flow for the quarter was ¥266,305,471.33, an increase of 82.48% compared to ¥145,934,734.74 in the same quarter last year[3] - The net cash flow from operating activities for Q1 2024 was ¥266,305,471.33, an increase of 82.3% compared to ¥145,934,734.74 in Q1 2023[20] - Total cash inflow from operating activities reached ¥764,098,338.89, up from ¥580,144,433.98 in the same period last year, reflecting a growth of 31.6%[20] - Cash outflow from operating activities totaled ¥497,792,867.56, compared to ¥434,209,699.24 in Q1 2023, marking an increase of 14.7%[20] - The cash flow from investment activities was negative at ¥60,067,615.02, worsening from a negative cash flow of ¥41,174,826.13 in the previous year[20] - Cash flow from financing activities resulted in a net outflow of ¥36,134,356.29, compared to a net outflow of ¥88,941,386.62 in Q1 2023[20] Assets and Liabilities - Total assets at the end of the quarter were ¥13,815,512,262.78, a 3.33% increase from ¥13,370,515,051.64 at the end of the previous year[3] - The company's total liabilities rose to RMB 1,706,241,650.91 from RMB 1,638,581,089.32, indicating an increase of about 4.13%[16] - The company's long-term equity investments increased to RMB 8,697,380,443.97 from RMB 8,478,132,694.75, reflecting a growth of approximately 2.37%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 82,661[8] - The largest shareholder, Shanghai Giant Investment Management Co., Ltd., holds 28.59% of shares, totaling 564,205,115 shares[8] - The second-largest shareholder, Shanghai Tengpeng Investment Partnership, holds 9.91% of shares, totaling 195,574,676 shares[8] - The company repurchased 76,170,235 shares, representing 3.86% of total shares[10] - The total number of shares held by the top 10 shareholders is significant, with the largest holding being 564,205,115 shares[10] Other Income and Expenses - The company reported a significant increase in other income, which reached ¥50,949,768.43, up 64.75% from ¥30,924,723.83 year-on-year, mainly due to VAT refunds[7] - Research and development expenses amounted to CNY 154,211,410.95, up from CNY 146,916,661.55, reflecting a growth of approximately 4.4%[17] - The company reported a tax expense of CNY 26,652,065.49, significantly higher than CNY 722,082.11 in the same quarter last year, reflecting a substantial increase[17] Future Plans and Management Changes - The company has not disclosed any new strategies or future outlook in the provided documents[8] - The company appointed Zhang Dong as the new general manager effective January 1, 2024, following the resignation of the previous general manager[13] Cash and Cash Equivalents - As of March 31, 2024, the company's cash and cash equivalents increased to RMB 2,057,839,914.01 from RMB 1,888,523,600.25 at the beginning of the period, reflecting a growth of approximately 8.95%[14] - The total cash and cash equivalents at the end of Q1 2024 amounted to ¥2,047,299,914.01, an increase from ¥1,741,495,967.69 at the end of Q1 2023[20]

Financial Performance - The company's operating revenue for 2023 was CNY 2,924,173,672.43, representing a 43.50% increase compared to CNY 2,037,707,421.34 in 2022[16]. - The net profit attributable to shareholders for 2023 was CNY 1,086,440,305.95, up 27.67% from CNY 850,952,891.35 in 2022[16]. - The net profit after deducting non-recurring gains and losses was CNY 1,372,519,975.09, a 34.84% increase from CNY 1,017,874,613.71 in 2022[16]. - The cash flow from operating activities for 2023 was CNY 1,125,072,143.78, reflecting a 52.69% increase from CNY 736,854,360.96 in 2022[16]. - The basic earnings per share for 2023 was CNY 0.59, an increase of 28.26% compared to CNY 0.46 in 2022[16]. - The total assets at the end of 2023 were CNY 13,370,515,051.64, a 1.22% increase from CNY 13,209,068,645.28 at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were CNY 11,688,701,654.62, a decrease of 1.42% from CNY 11,856,969,474.52 at the end of 2022[16]. - Total revenue for 2023 reached ¥2,924,173,672.43, representing a 43.50% increase compared to ¥2,037,707,421.34 in 2022[57]. - Revenue from gaming-related business was ¥2,910,412,573.13, accounting for 99.53% of total revenue, with a year-on-year growth of 43.72%[57]. - Mobile online game revenue surged to ¥2,072,818,887.86, a remarkable increase of 81.71% from ¥1,140,734,661.91 in 2022[57]. Dividend Distribution - The company plans to distribute a cash dividend of 0.80 RMB per 10 shares (including tax) to all shareholders[3]. - The company approved a cash dividend of RMB 1.60 per 10 shares for the 2022 fiscal year, totaling RMB 304,089,915.36 distributed to shareholders[155]. - For the first half of 2023, the company declared a cash dividend of RMB 1.30 per 10 shares, amounting to RMB 247,073,056.23 distributed to shareholders[156]. - The total cash dividends distributed for both 2022 and the first half of 2023 reached RMB 551,162,971.59[157]. - The proposed cash dividend for the 2023 fiscal year is RMB 0.80 per 10 shares, pending shareholder approval[159]. Product Development and Market Strategy - The company reported a significant focus on the development of new products and technologies, particularly in the gaming sector[11]. - The flagship mobile game "Original Journey" launched in March 2023 generated over 300 million CNY in its first month and is expected to exceed 1.5 billion CNY in annual revenue, attracting over 15 million new users[35]. - The company has a strategic focus on market expansion and potential mergers and acquisitions to enhance its competitive position[11]. - The company plans to expand its game offerings and enhance user engagement through continuous updates and new gameplay features[36]. - The company aims to expand its global market presence, with plans to launch "Super Sus" in more regions, including Europe and the United States, in 2024[97]. Research and Development - The company is actively exploring the application of AI technology in game development, which is expected to enhance user experience and engagement[30]. - The company established an AI innovation lab and recruited AI talent to enhance AI technology development and application across various business scenarios, significantly improving R&D efficiency and reducing operational costs[43]. - The AI painting platform "iMagine" improved production efficiency by 50%-70% for character and scene original art, and over 80% for UI and icon production, with some projects fully utilizing AI-generated outputs[44]. - The AI voice generation platform "Bailing" offers industry-leading text-to-speech and voice conversion technologies, widely applied in game production dubbing and AI NPC voiceovers[45]. - The AI code model "CodeBrain" enhanced code development efficiency by 30%-40% through real-time code generation and intelligent code functions[47]. Corporate Governance - The company adheres to governance standards and ensures the protection of minority shareholders' rights during shareholder meetings[109]. - The controlling shareholder complies with governance regulations and does not interfere with the company's operational decisions[110]. - The company ensures the independence of its operations from the controlling shareholder in terms of business, personnel, assets, and finance[118]. - The company has established an independent financial department and accounting system, ensuring independent financial decision-making[121]. - The company is committed to enhancing transparency and investor relations management to protect the interests of minority investors[115]. Social Responsibility and Compliance - The company emphasizes corporate social responsibility and will actively respond to government requirements, particularly regarding the protection of minors and anti-addiction measures[99]. - The company is focused on educational initiatives in impoverished areas, contributing to national rural revitalization efforts[100]. - The company donated over 20,000 yuan worth of learning supplies to local schools and contributed 100,000 yuan to poverty alleviation efforts[173]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[171]. - The company is committed to aligning its development with social progress, focusing on long-term benefits alongside short-term gains[173]. Leadership and Management Changes - Liu Wei resigned as General Manager on December 29, 2023, due to personal reasons, but will continue as a board member[128]. - Zhang Dong was appointed as the new General Manager effective January 1, 2024, with a term until the end of the current board's tenure[128]. - The company plans to disclose further details regarding the management changes in its announcements on designated information platforms[128]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic leadership changes[129][135]. - The management team is well-equipped to navigate the challenges of the gaming industry and drive future growth[135][136].

证券代码：002558 证券简称：巨人网络 公告编号：2024－临 008 巨人网络集团股份有限公司 关于第一期员工持股计划锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 巨人网络集团股份有限公司（以下简称"公司"）于 2021 年 2 月 9 日召开第 五届董事会第七次会议和第五届监事会第五次会议，2021 年 2 月 25 日召开 2021 年第一次临时股东大会，会议审议通过《关于<巨人网络集团股份有限公司第一 期员工持股计划（草案）>及其摘要的议案》等相关议案。具体内容详见公司于 2021 年 2 月 10 日及 2021 年 2 月 26 日刊登在《中国证券报》《上海证券报》 《证券时报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的相关 公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《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》的相关 规定，公司第一期员工持股计划（以下简称"本员工持股计划"）锁定期于 2024 年 4 月 22 日届满，后续 ...

证券研究报告 | 首次覆盖报告 2024年04月08日 巨人网络（002558.SZ） 存量游戏筑基，新品周期开启，AI 应用开拓新空间 国内老牌游戏研运厂商，2023年开启新品驱动下的新发展阶段。巨人网络 买入（首次） 成立于2004年，是一家以互联网文化娱乐为主的综合性互联网企业。公司 股票信息 于 2007 年在美国纽交所上市，2016 年回归 A 股，依靠强大的研发体系及 行业 游戏 IP 资源储备，推出高品质、长生命周期的多元化精品游戏，两条主要产品 4月3日收盘价(元) 11.66 线分别为重度游戏“征途”系列和休闲竞技游戏。2022 年以来，公司全力 总市值(百万元) 23,011.50 拥抱AI浪潮，贯彻“游戏+AI”理念，并基于海外市场打造全新品牌ZTimes。 总股本(百万股) 1,973.54 受益于 2023 年上半年新游《原始征途》、《太空行动》上线，2023 年前 其中自由流通股(%) 100.00 三季度公司实现营收22.67亿元，同比增长44.18%，实现归母净利润10.85 30日日均成交量(百万股) 65.80 亿元，同比增长39.87%。 股价走势 核心产品长线运营，新品 ...

证券代码：002558 证券简称：巨人网络 公告编号：2024－临 007 巨人网络集团股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 巨人网络集团股份有限公司（以下简称"公司"）于 2023 年 12 月 24 日收到 公司实际控制人、董事长史玉柱先生出具的《关于提议回购公司股份的函》，提 议公司以自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购公司 已发行的部分人民币普通股（A 股）股票。公司于 2023 年 12 月 25 日召开第六 届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份的方 案》，公司决定使用自有资金以集中竞价交易方式回购公司发行的 A 股社会公 众股，回购资金总额不超过人民币 2 亿元（含）且不低于人民币 1 亿元（含）， 本次回购股份价格上限不超过人民币 20 元/股（含）。若以回购金额上限 2 亿元、 回购价格上限 20 元/股测算，预计回购股份数量约为 10,000,000 股，约占公司目 前已发行总股本的 0.51%；若以回购金额下限人民币 1 亿元、回购价格上限 ...