Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in 24H1, with revenue reaching 9.276 billion yuan, a year-on-year increase of 53.33%, and net profit attributable to the parent company reaching 1.158 billion yuan, a year-on-year increase of 33.41% [3] - Overseas revenue grew by 115.28% year-on-year to 5.019 billion yuan, accounting for 54.11% of total revenue [3] - The company's internet gaming business revenue reached 8.512 billion yuan in 24H1, a year-on-year increase of 72.92%, with mobile gaming revenue accounting for 73.14% of total revenue [4] - The company's Legend IP integration contributed to an 80% year-on-year increase in related revenue, becoming a new growth engine [4] - The company is expanding into AI cloud data services, with the Shanghai data center project achieving profitability in the first half of the year [4] Financial Performance and Forecast - The company's revenue is expected to grow from 13.285 billion yuan in 2023 to 21.309 billion yuan in 2026, with a CAGR of 15.8% [5] - Net profit is forecasted to increase from 52.4 million yuan in 2023 to 3.374 billion yuan in 2026, with a significant turnaround in profitability [5] - The company's EPS is expected to grow from 0.07 yuan in 2023 to 0.45 yuan in 2026 [5] - The company's gross margin is projected to remain stable at around 60% from 2023 to 2026 [5] Business Segments - Mobile gaming revenue is expected to grow from 7.793 billion yuan in 2023 to 12.367 billion yuan in 2026, maintaining a gross margin of 68.59% [6] - PC gaming revenue is forecasted to increase from 3.133 billion yuan in 2023 to 4.972 billion yuan in 2026, with a gross margin of 70.76% [6] - The company's cloud data services are expected to grow from 2 million yuan in 2023 to 96 million yuan in 2026, with the segment turning profitable by 2026 [6] Valuation and Peer Comparison - The company's 2024E P/E ratio is 13.63x, lower than the peer average of 15x [7] - The company's 2024E P/B ratio is 1.21x, indicating a relatively low valuation compared to peers [7] - The company's 2024E P/S ratio is 2.06x, slightly higher than the peer average of 1.78x [7]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥9,276,024,423.41, representing a 53.33% increase compared to ¥6,049,581,975.47 in the same period last year[21]. - Net profit attributable to shareholders was ¥1,158,312,263.98, up 33.41% from ¥868,231,675.61 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥1,152,325,462.57, reflecting a 56.33% increase from ¥737,108,184.24 in the previous year[21]. - The net cash flow from operating activities was ¥1,889,251,163.40, which is a 12.78% increase compared to ¥1,675,178,380.34 in the same period last year[21]. - Basic earnings per share increased to ¥0.16, a rise of 33.33% from ¥0.12 in the previous year[21]. - Total assets at the end of the reporting period were ¥38,580,835,199.24, up 3.30% from ¥37,347,274,896.66 at the end of the previous year[21]. - Net assets attributable to shareholders increased to ¥25,812,227,200.22, a 3.67% rise from ¥24,898,557,302.41 at the end of the previous year[21]. - The weighted average return on net assets was 4.41%, an increase of 0.90% from 3.51% in the previous year[21]. Revenue Segments - The company's internet gaming segment generated revenue of 8.512 billion yuan, reflecting a 72.92% increase, with mobile gaming revenue accounting for 73.14% of total revenue[31]. - The overseas gaming business continued to grow rapidly, with self-developed games generating 8.554 billion yuan in overseas sales, a year-on-year increase of 4.24%[30]. - The company reported a significant increase in active users for its classic game "Legend," with a 108% year-on-year revenue growth attributed to new gameplay features[32]. - The integration of the "Legend" game market led to a comprehensive revenue increase of approximately 80% in related segments[35]. - The revenue from mobile games significantly increased by 119.12% to ¥6,784,079,550.40, compared to ¥3,096,032,464.87 in the previous year[49]. Investment and R&D - The artificial intelligence cloud data business is in the investment phase, with the Shanghai data center project achieving profitability while the Shenzhen project is slightly in loss[36]. - The company has a strong R&D and operational advantage in the internet gaming business, with nearly 25 years of experience and a leading position in game quality and lifecycle management[38]. - The company is actively integrating AI tools to reduce costs and improve quality in its products, with significant cost reduction effects observed[40]. - The company is advancing in VR/AR technology, aiming to play a core role in the virtual reality industry chain and showcasing innovative products at international expos[41]. - The company has developed advanced mold design and manufacturing capabilities, utilizing cutting-edge software and techniques[44]. Market and Strategic Initiatives - The company is actively engaging in the growing electric vehicle market, securing projects with leading brands like BYD and NIO[45]. - The company plans to enhance project management capabilities to achieve breakeven in the artificial intelligence cloud data business[72]. - The company aims to improve management and organizational structure to support sustainable growth as it expands[73]. - Future outlook indicates a focus on expanding market presence and enhancing product offerings, particularly in the gaming sector[100]. - The company is actively pursuing new technology developments to strengthen its competitive edge in the market[100]. Legal and Compliance Issues - The company reported ongoing litigation matters that may impact its financial position and operations[97]. - The company is actively involved in international arbitration proceedings, indicating a strategic focus on resolving disputes through legal channels[97]. - The company faced a penalty of 800,000 yuan from the China Securities Regulatory Commission for information disclosure violations, along with warnings and fines for several executives[104]. - The company is actively cooperating with regulatory authorities and will comply with information disclosure obligations as required[104]. - The half-year financial report has not been audited, and the company is addressing regulatory inquiries related to previous financial statements[93]. Shareholder and Equity Information - The employee stock ownership plan (ESOP) includes 97,434,120 shares held by up to 100 employees, representing 1.31% of the company's total shares[80]. - Key executives maintained their shareholdings during the reporting period, with the chairman holding 7,000,000 shares (0.09%) and the chief strategy officer holding 4,000,000 shares (0.05%)[80]. - The total number of common shareholders at the end of the reporting period is 193,476[142]. - The total number of shares held by the top ten unrestricted common shareholders includes 745,255,696 shares from Linzhi Tencent and 204,053,215 shares from Shenzhen Overseas Chinese Town[143]. - The company has not disclosed any strategic partnerships or mergers during this reporting period[143]. Financial Liabilities and Guarantees - The company reported a total guarantee amount of RMB 937,340.48 million, with an actual guarantee balance of RMB 598,014.01 million, representing 23.17% of the company's net assets[124]. - The company has approved a total guarantee limit of RMB 12,500 million for subsidiaries, with an actual guarantee amount of RMB 9,756.23 million during the reporting period[124]. - The company has provided a guarantee for the acquisition loan with a total guarantee amount of ¥76,800 million for Zhejiang Century Huachong Vehicle Co., Ltd.[122]. - The company has a guarantee responsibility for the loan of ¥3,569.39 million provided to Shengqu Xinxin Technology Co., Ltd.[123]. - The company’s total liabilities increased, reflecting a growing leverage position with total liabilities reaching CNY 25,311,217,357.53[194].

证券代码：002602 证券简称：世纪华通 公告编号：2024-053 浙江世纪华通集团股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 第六届董事会第四次会议决议公告 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。 一、董事会会议召开情况 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 8 月 20 日通 过专人送达、电子邮件、电话等方式发出召开第六届董事会第四次会议的通知， 会议于 2024 年 8 月 30 日以现场结合通讯表决的方式召开。会议应出席董事 9 人，实际出席董事 9 人，非独立董事李纳川、何九如、赵骐、梁喆通过通讯表决 方式与会。会议由公司董事长王佶先生主持。本次会议的召开及表决程序符合有 关法律法规和《公司章程》的规定。经与会董事认真审议通过了以下议案： 二、董事会会议审议情况 1、审议通过了《关于公司<2024 年半年度报告全文及摘要>的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经审核，董事会认为公司《2024 年半年度报告》全文及其摘要的内容真实、 准确、完整地反映了上市公司的实 ...

证券代码：002602 证券简称：世纪华通 公告编号：2024-052 浙江世纪华通集团股份有限公司 关于子公司诉讼仲裁事项进展的公告 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。 近日，浙江世纪华通集团股份有限公司（以下简称"公司"）的控股子公司 Actoz Soft Co.,Ltd.（以下简称"亚拓士"）收到韩国首尔中央地方法院第 20 民事 部裁定书（案号：2021KaGi2778）。现将有关情况公告如下： 一、诉讼情况概述 2017 年 5 月，娱美德娱乐有限公司（以下简称"娱美德"）、株式会社传奇 IP（以下简称"韩国传奇公司"）（以下合称"申请人"）向国际商会国际仲裁院 （新加坡）（以下简称"ICC"）提起了仲裁申请，案号 22820/PTA/HTG。该案被 申请人为蓝沙信息技术（上海）有限公司（以下简称"蓝沙信息"）、Shengqu Games Limited（原"Shanda Games Limited"，以下简称"Shanda Games"）和亚拓士。详见 2019 年 5 月 25 日于巨潮资讯网刊登的《发行股份及支付现金购买资产并募集配 ...

证券代码：002602 证券简称：世纪华通 公告编号：2024-048 浙江世纪华通集团股份有限公司 关于公司回购股份的进展公告 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。 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日召 开了第五届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有或自筹资金以集中竞价交易方式回购 公司股份，用于后期实施员工持股计划或股权激励计划。公司本次回购资金总额 不低于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含），回购 价格不超过 8.14 元/股（含），回购股份期限为公司董事会审议通过本次回购股 份方案之日起 12 个月内，具体回购股份的数量以回购期满时实际回购的股份数 量为准。具体内容详见公司 2024 年 1 月 12 日刊登于《证券时报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）的《关于以集中竞价方式回购公司股份的回 购报告书》（公告编号：2024-002）。 2024 年 7 月 ...

证券代码：002602 证券简称：世纪华通 公告编号：2024-047 浙江世纪华通集团股份有限公司 关于部分董事、高级管理人员及核心人员增持公司股份计划 实施完成的公告 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。 特别提示： 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 2 月 1 日披 露了《关于公司部分高级管理人员及核心人员拟增持公司股份的公告（更新后）》（公 告编号：2024-010）。基于对公司未来持续稳定发展的信心和长期投资价值的认可， 公司董事长王佶先生、总裁谢斐女士、首席战略官方辉先生、董事会秘书黄怡先生 及核心人员计划自增持计划披露之日起 6 个月内，以自有资金或自筹资金通过深圳 证券交易所交易系统以集中竞价、大宗交易或法律法规允许的其他交易方式增持公 司股份，合计增持金额将不低于人民币 2,000.00 万元（含本数）。 增持计划实施情况：截至本公告披露日，本次增持计划主体通过集中竞价的 方式合计增持公司股份 633.31 万股，占公司总股本的 0.0850%，增持金额为 2,023.14 万元，达到增持计划金额，本 ...

根据《上市公司股份回购规则》及《深圳证券交易所上市公司自律监管指引 第9号——回购股份》的相关规定，公司应当在首次回购股份事实发生的次一交 易日予以披露。现将公司首次回购股份的情况公告如下： 一、首次回购公司股份的具体情况 公司于2024年7月9日首次通过股票回购专用账户以集中竞价方式实施回购 股份，回购股份306,700股，占公司总股本的0.0041%，最高成交价为3.26元/股， 最低成交价为3.25元/股，成交总金额为998,664.52元（不含交易费用）。 证券代码：002602 证券简称：世纪华通 公告编号:2024-046 浙江世纪华通集团股份有限公司 关于首次回购公司股份的公告 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。 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日 召开了第五届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》，同意公司使用自有或自筹资金以集中竞价交易方式回 购公司股份，用于后期实施员工持股计划或股权激励计划。公司本次回购资金总 额不低于人民币 5,000 ...

证券代码：002602 证券简称：世纪华通 公告编号：2024-045 浙江世纪华通集团股份有限公司 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。 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日召 开了第五届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有或自筹资金以集中竞价交易方式回购 公司股份，用于后期实施员工持股计划或股权激励计划。公司本次回购资金总额 不低于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含），回购 价格不超过 8.14 元/股（含），回购股份期限为公司董事会审议通过本次回购股 份方案之日起 12 个月内，具体回购股份的数量以回购期满时实际回购的股份数 量为准。具体内容详见公司 2024 年 1 月 12 日刊登于《证券时报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）的《关于以集中竞价方式回购公司股份的回 购报告书》（公告编号：2024-002）。 关于公司回购股份的进展公告 根据《上市公司股份回 ...

浙江世纪华通集团股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日召 开了第五届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有或自筹资金以集中竞价交易方式回购 公司股份，用于后期实施员工持股计划或股权激励计划。公司本次回购资金总额 不低于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含），回购 价格不超过 8.14 元/股（含），回购股份期限为公司董事会审议通过本次回购股 份方案之日起 12 个月内，具体回购股份的数量以回购期满时实际回购的股份数 量为准。具体内容详见公司 2024 年 1 月 12 日刊登于《证券时报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）的《关于以集中竞价方式回购公司股份的回 购报告书》（公告编号：2024-002）。 证券代码：002602 证券简称：世纪华通 公告编号：2024-044 浙江世纪华通集团股份有限公司 关于公司回购股份的进展公告 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。 根据《上市公司股份回 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 5.95 per share based on a 17x PE for 2024 [2][10]. Core Insights - In 2023, the company achieved a revenue of RMB 13.29 billion, representing a year-on-year growth of 15.77%, with overseas revenue contributing RMB 6.10 billion, or 46% of total revenue [9]. - The company secured exclusive rights to the 'Legend' series in Continental China, which is expected to enhance its market position and unlock the commercial potential of the IP [9][10]. - The company is expanding into AI cloud data services, enhancing partnerships with Tencent Cloud and Huawei Cloud, and forming a joint venture for computing power services, which is anticipated to create broader growth opportunities [2][9]. Financial Performance - The company reported an operating profit of RMB 0.99 billion and a net profit attributable to shareholders of RMB 0.52 billion in 2023 [9]. - For Q1 2024, the company achieved a revenue of RMB 4.26 billion, a 40.99% increase year-on-year, with a net profit attributable to shareholders of RMB 0.65 billion, reflecting a 50.32% growth [9][10]. - The forecast for EPS is RMB 0.35, 0.41, and 0.49 for the years 2024, 2025, and 2026 respectively, indicating a strong recovery and growth trajectory [2][10]. Revenue Breakdown - The revenue forecast for 2024 is projected at RMB 15.92 billion, with continued growth expected in subsequent years, reaching RMB 21.31 billion by 2026 [3][4]. - The revenue from mobile network games is expected to grow from RMB 7.79 billion in 2023 to RMB 9.35 billion in 2024 [4][6]. - The company is also diversifying its revenue streams with contributions from cloud data services and other segments, which are expected to grow significantly in the coming years [4][6].