Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.66 yuan based on a 20x PE for 2024 [4][7]. Core Insights - The company has shown strong revenue growth, with 2023 revenue at 2.924 billion yuan, a 43.5% increase year-on-year, and a net profit of 1.086 billion yuan, up 27.67% [2][4]. - The performance of the "Zhengtu" IP continues to expand, with new game releases contributing positively to revenue [2][3]. - The integration of AI technology in gaming is expected to enhance efficiency and innovation in game development [3][4]. Financial Performance Summary - 2023 revenue reached 2.924 billion yuan, with a year-on-year growth of 43.5% [5]. - The net profit for 2023 was 1.086 billion yuan, reflecting a 27.67% increase [5]. - The first quarter of 2024 saw revenue of 696 million yuan, a 37.21% increase year-on-year, and a net profit of 352 million yuan, up 43.97% [2][5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.537 billion yuan, 4.068 billion yuan, and 4.596 billion yuan, respectively, with growth rates of 21%, 15%, and 13% [4][5]. - Net profit forecasts for the same years are 1.545 billion yuan, 1.703 billion yuan, and 1.907 billion yuan, with growth rates of 42%, 10%, and 12% [4][5]. - The EPS is expected to be 0.78 yuan, 0.86 yuan, and 0.97 yuan for 2024, 2025, and 2026, respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [10]. Core Insights - The company reported a steady increase in revenue and profit, with 2023 revenue reaching 2.924 billion RMB, a year-on-year increase of 43.50%, and a net profit of 1.086 billion RMB, up 27.67% year-on-year [2][4]. - The flagship mobile game "Original Journey" under the Journey IP generated over 300 million RMB in its first month and 1.5 billion RMB for the year, attracting over 15 million new users [3]. - The company is actively integrating AI technologies across its operations, enhancing productivity in areas such as art production and game development [4]. Financial Performance - In 2023, the company achieved a revenue of 2.924 billion RMB, with a net profit of 1.086 billion RMB, and a non-GAAP net profit of 1.373 billion RMB, reflecting growth rates of 43.50%, 27.67%, and 34.84% respectively [2][6]. - For Q1 2024, the company reported a revenue of 696 million RMB, a year-on-year increase of 37.21%, and a net profit of 352 million RMB, up 43.97% year-on-year [2]. - The projected net profits for 2024-2026 are 1.473 billion RMB, 1.624 billion RMB, and 1.756 billion RMB, with corresponding EPS of 0.75, 0.82, and 0.89 RMB [5][6]. Business Segments - The Journey IP continues to perform well, with multiple products maintaining stable user numbers and revenue. The casual competitive segment has solidified its category advantage, with "Ball Battle" seeing a significant increase in daily active users [3]. - The company has launched the iMagine AI painting platform, achieving a 50%-70% improvement in production efficiency for character and scene designs [4]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15x, 13x, and 12x respectively, indicating a favorable valuation trend [5][6].

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]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 2.924 billion yuan, a year-on-year increase of 43.5%. The net profit attributable to shareholders was 1.086 billion yuan, up 27.67% year-on-year [1][2]. - The launch of the flagship mobile game "Original Journey" under the Journey IP has driven user growth, generating over 300 million yuan in its first month and exceeding 1.5 billion yuan in total revenue for the year [1]. - The company has successfully implemented AI tools across various business functions, significantly reducing research and operational costs [2]. Financial Performance Summary - **Revenue**: - 2022: 2.038 billion yuan - 2023: 2.924 billion yuan (43.5% growth) - 2024E: 3.480 billion yuan (19.0% growth) [3] - **Net Profit**: - 2022: 851 million yuan - 2023: 1.086 billion yuan (27.7% growth) - 2024E: 1.537 billion yuan (41.5% growth) [3] - **Earnings Per Share (EPS)**: - 2022: 0.43 yuan - 2023: 0.55 yuan - 2024E: 0.78 yuan [3] - **Price-to-Earnings (P/E) Ratio**: - 2023: 21.3 - 2024E: 15.0 - 2025E: 13.3 [3] Business Segments Overview - **Journey IP Segment**: - The flagship mobile game "Original Journey" has shown strong performance, with over 15 million new users and continuous updates planned for 2024 [1]. - **Casual Competitive Segment**: - The game "Ball Battle" has undergone a comprehensive upgrade, resulting in a significant increase in daily active users (DAU) and revenue. The game "Space Kill" has also gained traction in international markets, with over 1 million DAU [1][2]. Profit Forecast - The company is expected to achieve net profits of 1.537 billion yuan in 2024, 1.736 billion yuan in 2025, and 1.905 billion yuan in 2026, with corresponding year-on-year growth rates of 41.5%, 12.9%, and 9.8% respectively [2].

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 ...