巨人网络（002558）公告，2025年第一季度营业收入7.24亿元，同比增长3.94%。净利润3.48亿元，同 比下降1.29%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company achieved a revenue of 2.923 billion yuan in 2024, a slight decrease of 0.05% year-on-year, while the net profit attributable to the parent company was 1.425 billion yuan, an increase of 31.15% year-on-year [2][5] - The company's core products performed steadily, with significant growth in the mini-game business, particularly from the "Original Journey" mini-program [2][7] - The company is actively advancing several new game reserves and has implemented a comprehensive layout of games combined with AI technology [7] Financial Performance - In Q4 2024, the company reported a revenue of 704 million yuan, representing a year-on-year increase of 7.23% but a quarter-on-quarter decrease of 10.97% [2][5] - The net profit for Q4 2024 was 354 million yuan, showing a remarkable year-on-year increase of 21,776% and a slight quarter-on-quarter increase of 0.28% [2][5] - The company’s non-recurring net profit for Q4 2024 was 349 million yuan, up 35.96% year-on-year but down 10.58% quarter-on-quarter [2][5] Product and Market Development - The "Original Journey" mini-program significantly contributed to revenue growth, with over 25 million new users since its launch in February 2024, generating 600 million yuan in revenue for the year [12] - The casual competitive game "Ball Battle" saw a notable increase in revenue, with core user retention reaching a new high and monthly revenue hitting a five-year peak [12] - The overseas version of "Space Kill," titled "SuperSus," achieved record revenue growth of over 50% year-on-year in 2024 [12] Future Outlook - The company plans to launch several new games in 2025, including "Supernatural Action Group" and historical SLG game "Five Thousand Years," which have already obtained approval for release [12] - The integration of AI technology in gaming is a key focus, with "Space Kill" being one of the first games to utilize AI-driven gameplay [12] - The company expects to see a significant increase in deferred revenue, with contract liabilities rising to 634 million yuan by the end of 2024 [12] Earnings Forecast - The company is projected to achieve net profits of 1.62 billion yuan and 1.82 billion yuan in 2025 and 2026, respectively, corresponding to PE ratios of 16.5 and 14.7 times [12]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Market Performance - As of April 28, the cloud gaming sector rose by 0.62%, ranking fourth among concept sectors, with 13 stocks increasing in value, including ST Kevin which hit the daily limit, and others like Sheng Tian Network, Perfect World, and Tian Zhou Culture showing gains of 9.47%, 6.35%, and 4.85% respectively [1] - The top decliners in the sector included *ST Peng Bo, AOC Technology, and ST Zhong Qing Bao, with declines of 4.41%, 3.63%, and 3.59% respectively [1] Capital Flow - The cloud gaming sector experienced a net outflow of 265 million yuan, with 11 stocks seeing net inflows, and 5 stocks receiving over 10 million yuan in net inflows. The leading stock in net inflow was Giant Network, with a net inflow of 45.30 million yuan, followed by Sheng Tian Network, ST Huaton, and Feng Assistant [2] - The net inflow ratios for the top stocks were led by Giant Network at 7.91%, Sheng Tian Network at 7.21%, and ST Huaton at 6.17% [3] Stock Performance - The stock performance of key players in the cloud gaming sector included Giant Network with a rise of 3.40% and a turnover rate of 2.08%, Sheng Tian Network with a significant increase of 9.47% and a turnover rate of 12.05%, and ST Huaton with a modest increase of 0.86% and a turnover rate of 1.10% [3][4] - Other notable performers included ST Kevin with a rise of 5.16% and a turnover rate of 3.18%, while stocks like *ST Peng Bo and AOC Technology faced declines of 4.41% and 3.63% respectively [4]

| 002174 | 游族网 | 3.23 | 2.80 | 834.66 | 3.47 | | --- | --- | --- | --- | --- | --- | | | 络 | | | | | | 603258 | 电魂网 | 1.20 | 3.55 | 634.94 | 3.65 | | | 络 | | | | | | 30101 1 | 华立科 | 4.00 | 6.33 | 568.84 | 2.50 | | | 技 | | | | | | 300710 | 万隆光 | 3.90 | 4.52 | 519.88 | 7.84 | | | 电 | | | | | | 600358 | ST联合 | 4.99 | 2.63 | 349.24 | 6.28 | | | 星辉娱 | | | | | | 300043 | 乐 | 2.1 1 | 4.01 | 325.26 | 1.93 | | | 智迪科 | | | | | | 301503 | 技 | 0.52 | 3.85 | 1.54 | 0.03 | | 002577 | 雷柏科 | -0.56 | 1.1 1 | -25.32 | -0.42 ...

Core Viewpoint - Giant Network reported a stable revenue of 2.923 billion yuan for 2024, with a significant net profit increase of 31.15% year-on-year, reaching 1.425 billion yuan [1] Group 1: Financial Performance - The company's revenue for 2024 was 2.923 billion yuan, remaining flat compared to the previous year [1] - The net profit attributable to shareholders was 1.425 billion yuan, reflecting a year-on-year growth of 31.15% [1] Group 2: Game Development and Market Trends - The launch of the mini-program version of "Wangzhe Zhengtu" in February 2024 contributed 600 million yuan in revenue, marking it as a new growth engine for the company [1][5] - The domestic mini-program game market saw explosive growth, with revenues reaching 39.836 billion yuan in 2024, a 99.18% increase year-on-year [1] - Other gaming companies, such as ST Huatuo and Kaiying Network, are also exploring mini-games as a means to enter new markets [1] Group 3: User Acquisition and Engagement - The "Wangzhe Zhengtu" mini-program attracted over 25 million new users since its launch [5] - The mini-program version of "Qiuqiu Dazhan" achieved a record high in monthly revenue and user retention, with over 300,000 registered users and a daily active user count of 200,000 [5] Group 4: International Expansion - The overseas version of "Space Kill," titled "Super Sus," saw over 50% revenue growth in 2024, maintaining a leading position in Southeast Asia and South America [6] - The strategy card game "Moonlight Night" transitioned from a single-player to an online model, resulting in significant revenue growth [6] Group 5: AI Integration - Giant Network has established an AI technology system centered around self-developed large models, enhancing its production capabilities across various fields [7] - The AI-native game "Space Kill" introduced innovative gameplay features, attracting millions of players [7] - The integration of AI in "Wangzhe Zhengtu" aims to enhance user interaction and loyalty through upgraded AI NPCs [8] Group 6: Future Prospects - The company is set to launch multiple new titles, including "Supernatural Action Group" and a historical-themed game "Five Thousand Years," which have already received approval [9] - Collaboration with Alibaba Cloud aims to strengthen AI applications in gaming and improve content creation efficiency [9]

Core Insights - The gaming market is experiencing a robust recovery, driven by normalized licensing and technological advancements, leading to a stable growth in market size [1] - Giant Network has reported impressive financial results for 2024, with revenue reaching 2.923 billion yuan and a net profit of 1.425 billion yuan, reflecting a year-on-year increase of 31.15% [1] Group 1: Financial Performance - Giant Network achieved a revenue of 2.923 billion yuan in 2024, with a net profit of 1.425 billion yuan, marking a 31.15% increase year-on-year [1] - The company's net profit excluding non-recurring items was 1.623 billion yuan, up 18.23% year-on-year [1] Group 2: Product Performance - The "征途" IP's game "王者征途" has attracted over 25 million new users since its launch on the mini-program platform, generating a revenue of 600 million yuan [2] - The game "球球大作战" saw significant growth in 2024, with core user retention reaching a new high and monthly revenue hitting a five-year peak [2] - The game "月圆之夜" has successfully transitioned to a networked model, with a significant increase in revenue share from this mode [3] Group 3: Strategic Initiatives - Giant Network is focusing on innovation to cultivate new growth drivers while consolidating its existing advantages [2] - The company is actively developing an "AI + gaming" ecosystem, leveraging its self-developed AI capabilities to innovate gameplay [3][4] - Giant Network has deepened its AI collaboration with Alibaba Cloud and invested in AI image generation startup LiblibAI [4] Group 4: Future Outlook - The gaming industry is expected to benefit from favorable policy changes, with the issuance of 118 domestic and 9 imported game licenses in April [3] - Giant Network is set to launch new games, including "超自然而行动组," which is currently in paid testing [3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 巨人网络（002558.SZ） 征途 IP 产品持续扩圈，打造游戏+AI 生态图谱 事件：公司发布 2024 年年报，2024 年公司实现营业收入 29.23 亿元，同 比下滑 0.05%；实现归母净利润 14.25 亿元，同比增长 31.15%；实现扣 非归母净利润 16.23 亿元，同比增长 18.23%。公司年度利润分配预案拟 向全体股东每 10 股派发现金红利 1.40 元（含税）。 征途 IP 赛道：成熟产品实现用户扩圈，小程序端完成突破。2024 年，公 司上线多个季度资料片，2024 年 6 月的年度" 征途嘉年华"和 10 月的周 年庆典持续吸引核心玩家，强化了玩家对游戏的归属感。《原始征途》创新 地利用短剧这一新形式营销，形成 短剧+代言人"双驱动模式，精准契 合买量需求，传播辐射范围广泛，吸引大量潜在用户。爆款新游戏《王者 征途》凭借独特玩法设计与精准的市场定位，实现了小程序端的突破。"《王 者征途》自 2024 年 2 月上线小程序平台以来，成功引入超 2500 万新增 用户，全年贡献流水 6 亿 ...

打造游戏+AI 生态图谱，AI 玩法探索多点开花。公司于 2024 年底的中 国游戏产业年会上发布" 千影 QianYing"有声游戏生成大模型，实现了有 声可交互游戏视频生成的新突破。千影大模型包含 YingGame 视频生成大 模型与 YingSound 视频配音大模型。YingGame 作为开放世界游戏视频生 成大模型，结合视频配音大模型 YingSound 的精准音效生成能力，实现了 有声可交互游戏视频生成的新突破。千影的发布意味着公司实现了自研大 语言模型、语音大模型与视频大模型的多模态全矩阵布局。2024 年，公司 基于 GiantGPT 为《征途》系列游戏打造了陪伴型智能 NPC，助力提升玩 家粘性。"《太空杀》业业内早深深 AI 原生玩法的游戏产品，陆续推出了 推理剧场"、 残局挑战"和 内鬼挑战"等功能模式。其中， AI 残局 挑战"业业内首个基于多智能体大模型（Multi-Agent LLM）打造的 AI 原 生玩法，以 1 个真人玩家+N 个 AI 玩家"的模式展开。 盈利预测：公司征途 IP 产品与休闲竞技产品表现优异，全球化战略持续 推进，AI 应用降本增效。预计 2025-2027 ...

证券研究报告·公司点评报告·游戏Ⅱ 巨人网络（002558） 2024 年年报点评：业绩表现亮眼，积极布局 AI 全产业链 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,924 | 2,923 | 3,470 | 3,860 | 4,090 | | 同比（%） | 43.50 | (0.05) | 18.73 | 11.24 | 5.95 | | 归母净利润（百万元） | 1,086 | 1,425 | 1,643 | 1,790 | 1,920 | | 同比（%） | 27.67 | 31.15 | 15.27 | 8.95 | 7.32 | | EPS-最新摊薄（元/股） | 0.56 | 0.74 | 0.85 | 0.92 | 0.99 | | P/E（现价&最新摊薄） | 23.83 | 18.17 | 15.76 | 14.47 | 13.48 | [Table_Tag] [Table_Summ ...