Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 25.25 yuan [5] Core Views - The company's non-GAAP net profit showed a year-on-year improvement in Q3, with a 7.55% increase to 137 million yuan, marking a significant improvement compared to Q1 and Q2 [1][7] - The company's game business remains stable, with potential for a rebound in both gaming and digital marketing sectors [2][9] - The company is strategically expanding into emerging industries such as collectible cards and trendy toys, with investments in platforms like Card Hobby and DAKA [3][11] Financial Performance - In the first three quarters of 2024, the company reported revenue of 2.789 billion yuan, a year-on-year decrease of 21.89%, and net profit of 424 million yuan, down 23.95% year-on-year [1][7] - Q3 revenue was 881 million yuan, down 28.08% year-on-year, while net profit was 140 million yuan, down 6.72% year-on-year [1][7] - The company's EPS for the first three quarters was 0.99 yuan, with a Q3 EPS of 0.33 yuan [1][7] Business Segments - The gaming segment, which is the primary revenue and profit driver, saw a decline due to high base effects and product cycles, but the competitive landscape remains stable [2][9] - The company's digital marketing business is expected to recover as macroeconomic conditions improve [2][9] - The company is advancing its "600 million decks of playing cards production base project," which is expected to boost revenue growth in the playing cards segment [2][9] Emerging Business - The company has invested in Card Hobby, a leading platform for collectible cards, and has secured the agency for Pokémon cards through its subsidiary Yaoji Trendy Products [3][11] - Card Hobby operates DAKA, the largest card IP publisher in China, and is a leading platform for secondary market trading of collectible cards [3][11] Financial Forecasts - The report forecasts net profit for 2024-2026 to be 667 million yuan, 752 million yuan, and 803 million yuan, respectively, with EPS of 1.62 yuan, 1.82 yuan, and 1.95 yuan [3][12] - The company's PE ratio is projected to be 13x, 11x, and 11x for 2024-2026, respectively [3][12] Industry Position - The company's position in the casual gaming market remains strong, with popular titles such as "Fish Blast" and "Bingo Party" maintaining stable performance [2][9] - The company's strategic investments in collectible cards and trendy toys position it well for growth in these emerging markets [3][11]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 881 million yuan in Q3 2024, representing a year-on-year decline of 28.08% and a quarter-on-quarter decline of 4.92%. The net profit attributable to the parent company was 140 million yuan, down 6.72% year-on-year but up 4.92% quarter-on-quarter. The non-recurring net profit was 137 million yuan, showing a year-on-year increase of 7.55% and a quarter-on-quarter increase of 14.62% [3][4]. - The decline in revenue is attributed to fluctuations in game revenue and optimization of marketing operations, while the adjustment in revenue structure has led to an increase in gross margin, contributing to the growth in operating performance [4][5]. - The company's main business is expected to remain stable and improve efficiency, with the high-growth card game business continuing to expand [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 881 million yuan, with a year-on-year decrease of 28.08% and a quarter-on-quarter decrease of 4.92%. The net profit attributable to the parent company was 140 million yuan, down 6.72% year-on-year but up 4.92% quarter-on-quarter. The non-recurring net profit was 137 million yuan, reflecting a year-on-year increase of 7.55% and a quarter-on-quarter increase of 14.62% [3][4]. - The gross margin for Q3 2024 improved to 40.2%, up 4.5 percentage points quarter-on-quarter and 9.9 percentage points year-on-year, due to a decrease in the proportion of low-margin marketing business [5]. Business Outlook - The company is expected to further expand its poker production capacity, addressing capacity bottlenecks and increasing market share. The casual gaming segment is performing well, with overseas operations showing competitive strength [6]. - Strategic investments in card-related businesses are anticipated to maintain high growth rates, with potential expansion into other intellectual properties [6]. Profit Forecast - The company is projected to achieve net profits attributable to the parent company of 600 million yuan and 730 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 18.5 and 15.2 [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's Q3 performance met expectations, with a focus on the improvement of poker card production capacity and the development of the trading card business [2][4] - The target price has been raised to 38.96 CNY from the previous 30.05 CNY, based on an average valuation of 26x PE for 2024 [5][4] - The company is expected to achieve EPS of 1.56, 1.86, and 2.19 CNY for the years 2024, 2025, and 2026 respectively [4][3] Financial Summary - For Q3 2024, the company reported revenue of 881 million CNY, a decrease of 4.92% quarter-on-quarter and a decrease of 28.08% year-on-year [1] - The net profit attributable to the parent company for Q3 2024 was 139 million CNY, an increase of 4.91% quarter-on-quarter but a decrease of 6.73% year-on-year [1] - The gross profit margin improved to 19.49% in Q3 2024, an increase of 5.9 and 3.5 percentage points compared to the previous quarter and year respectively [1] - The company’s total revenue for the first three quarters of 2024 was 2.79 billion CNY, a year-on-year decrease of 21.89% [1] Production Capacity and Business Development - The company is advancing its project to establish a production base for 600 million decks of poker cards, which is expected to increase production capacity by 79.37% upon completion [1] - The trading card business is expected to grow significantly, with the global market projected to reach 98.7 billion USD by 2027, indicating substantial growth potential in the domestic market [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown an improvement in the growth rate of its net profit after deducting non-recurring items in Q3 2024, indicating a recovery in its main business and new ventures [1] - The decline in revenue for the first three quarters of 2024 is attributed to adjustments in the digital marketing segment and fluctuations in the gaming segment's recharge flow [1] - The company expects a rebound in its poker and gaming businesses, which will drive performance growth [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.79 billion yuan (down 21.89% year-on-year) and a net profit of 424 million yuan (down 23.95% year-on-year) [1] - In Q3 2024, the company achieved revenue of 881 million yuan (down 28.08% year-on-year, down 4.92% quarter-on-quarter) and a net profit of 140 million yuan (down 6.72% year-on-year, up 4.92% quarter-on-quarter) [1] - The gross profit margin for Q3 2024 was 40.17% (up 9.87 percentage points year-on-year, up 4.49 percentage points quarter-on-quarter) [2] - The net profit margin for Q3 2024 was 15.88% (up 3.64 percentage points year-on-year, up 1.49 percentage points quarter-on-quarter) [2] Business Segment Insights - The core gaming business remains stable, with the game "Finger Fishing" maintaining a position in the top 150 of the iOS bestseller list, contributing consistent revenue [3] - The investment in the card trading platform is expected to benefit from the high popularity of the Olympics and sports IP, leading to significant growth in GMV and positive contributions to the company's performance [3] Earnings Forecast - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 609 million yuan, 782 million yuan, and 852 million yuan respectively, with corresponding EPS of 1.47 yuan, 1.89 yuan, and 2.06 yuan [1] - The current stock price corresponds to P/E ratios of 17.2, 13.4, and 12.3 for the years 2024, 2025, and 2026 respectively [1]

上海姚记科技股份有限公司 2024 年第三季度报告 证券代码：002605 证券简称：姚记科技 公告编号：2024-065 上海姚记科技股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 上海姚记科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------- ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 第六届董事会第十三次会议决议公告 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。 上海姚记科技股份有限公司（以下简称"公司"）第六届董事会第十三次会 议于 2024 年 10 月 20 日以电话、电子邮件等方式发出通知，并于 2024 年 10 月 30 日以通讯表决方式召开。会议应到董事 7 名，实际出席会议的董事 7 名，部 分高级管理人员、监事列席。会议的召开和表决符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。会议由董事长姚朔斌先生主持，经全体董 事审议和表决，通过了以下议案： 一、审议通过了《2024 年第三季度报告》，同意 7 票，反对 0 票，弃权 0 票。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）及公司指定信息披 露媒体《证券时报》《中国证券报》《上海证券报》同日披露的公司《2 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 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： 1、证券代码：002605，证券简称：姚记科技 2、债券代码：127104，债券简称：姚记转债 3、转股价格：20.61元/股 4、转股期限：2024年7月31日至2030年1月24日（如遇法定节假日或休息 日延至其后的第1个工作日） 5、转股股份来源：新增股份 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15 号——可转换公司债券》的有关规定，上海姚记科技股份有限公司（以 下称"公司"）现将2024年第三季度可转换公司债券转股及公司股份变动情况公 告如下： 一、可转换公司债券发行上市基本情况 关于 2024 年第三季度可转换公司债券转股情况公告 （一）可转换公司债券发行情况 （二）可转换公司债券上市情况 经深圳证券交易所同意，上述可转换公司债券 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][7][11] Core Views - The company experienced a year-on-year decline in revenue and net profit in the first half of 2024, with revenue at 1.908 billion yuan and net profit at 284 million yuan, representing declines of 18.65% and 30.29% respectively [4][6] - The gaming and digital marketing segments saw significant revenue drops, but there is potential for a rebound in the second half of the year due to lower comparative bases from the previous year [6][7] - The company is focusing on emerging sectors such as card collectibles and has made strategic investments in related businesses, indicating a proactive approach to diversifying revenue streams [6][7] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.908 billion yuan and a net profit of 284 million yuan, with a diluted EPS of 0.66 yuan [4][6] - Q2 2024 saw revenue of 927 million yuan and a net profit of 133 million yuan, with a diluted EPS of 0.32 yuan [4][6] - The gaming business generated 513 million yuan in revenue, down 27.28% year-on-year, while the digital marketing business brought in 879 million yuan, down 20.29% [6][7] Business Segments - The gaming segment remains stable with popular titles in both domestic and international markets, although revenue has declined due to high comparative bases and product cycles [6][7] - The card business is expanding, with investments in platforms for sports and cultural collectibles, positioning the company favorably in this emerging market [6][7] Future Outlook - The company forecasts net profits of 667 million yuan, 752 million yuan, and 803 million yuan for 2024, 2025, and 2026 respectively, with corresponding diluted EPS of 1.62 yuan, 1.82 yuan, and 1.95 yuan [7][9] - The current stock price corresponds to a PE ratio of 13, 11, and 11 for the years 2024, 2025, and 2026, indicating a reasonable valuation [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [5][8][12]. Core Views - The company reported a revenue decline of 18.65% year-on-year for the first half of 2024, with total revenue reaching 1.908 billion yuan and a net profit of 284 million yuan, down 30.29% year-on-year [3][5]. - The company's poker business remains stable, while overseas gaming operations show significant growth. However, revenue declines in digital marketing and gaming segments have contributed to the overall revenue drop [5][6]. - Despite the revenue decline, the gross profit margins for all business segments improved, indicating potential for recovery [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.908 billion yuan, a decrease of 18.65% year-on-year. The net profit was 284 million yuan, down 30.29% year-on-year, with a non-recurring net profit of 269 million yuan, down 32.05% [3][5]. - For Q2 2024, revenue was 927 million yuan, a decline of 19.96% year-on-year, and net profit was 133 million yuan, down 36.30% year-on-year [3][5]. Business Segments - The gaming business generated 513 million yuan in revenue, a decrease of 27.28% year-on-year, accounting for 26.90% of total revenue. Domestic gaming revenue declined due to high base effects from H1 2023, while overseas gaming revenue saw substantial growth [5][6]. - The poker business reported revenue of 491 million yuan, down 4.72% year-on-year, benefiting from improved pricing and sales structure, with a gross margin increase of 4.4 percentage points to 30.45% [5][6]. - Digital marketing revenue was 879 million yuan, down 20.29% year-on-year, representing 46.03% of total revenue, with a slight gross margin increase [5][6]. Future Outlook - The company is expected to achieve net profits of 630 million yuan and 740 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 12.9 and 10.9 [5][6]. - The company is focusing on enhancing its competitive edge in the casual gaming sector and expanding its poker production capacity, which is anticipated to increase market share [5][6].

[Table_Title] 姚记科技(002605.SZ)24 年中报点评：游戏 证券研究报告 公司研究 收入阶段性下滑，扑克牌募投项目稳步推进 [Table_ReportType] 公司点评 [Table_StockAndRank] 姚记科技(002605.SZ) 投资评级 上次评级 [Table_A 冯翠婷 uthor 传媒互联网及海外 ] 首席分 析师 邮 箱 ： fengcuiting@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [Table_ReportDate] 2024 年 8 月 23 日 [Table_S 事件：姚记科技 ummary](002605.SZ)于 2024 年 8 月 20 日发布 2024 年上半年业 绩。24H1 公司实现营收 19.08 亿元，同比-18.65%；归母净利 2.84 亿元， 同比-30.29%；扣非净利 2.69 亿元，同比-32.05%。24H1 公司整体实现毛 利率 36.77%，同比-0.4 ...