| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-066 | | --- | --- | --- | | 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 关于变更持续督导保荐代表人的公告 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。 上海姚记科技股份有限公司（以下简称"公司"）于近日收到中信建投证券 股份有限公司（以下简称"中信建投证券"）出具的《关于变更上海姚记科技股 份有限公司向不特定对象发行可转换公司债券持续督导保荐代表人的函》。中信 建投证券作为公司向不特定对象发行可转换公司债券的保荐人，原指派盛财平 先生和单新生先生担任保荐代表人负责保荐工作及持续督导工作。现因单新生 先生工作变动，不再担任公司持续督导的保荐代表人。为保证持续督导工作的有 序进行，中信建投证券委派傅志武先生接替单新生先生担任公司保荐代表人，继 续履行持续督导职责。 本次保荐代表人变更后，公司向不特定对象发行可转换公司债券持续督导 保荐代表人为盛财平先生和傅志武先生，持续督导期至中国证券监督管理委员 会和深圳证券交易所规定的 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company reported a positive growth in non-recurring net profit in Q3 2024, despite ongoing revenue pressure, indicating an improvement in profitability [3]. - The revenue for the first three quarters of 2024 was 2.79 billion yuan, a year-on-year decline of 21.89%, primarily due to structural adjustments in the digital marketing segment and fluctuations in the gaming segment [3]. - The company achieved a gross margin of 40.17% in Q3, an increase of 9.87 percentage points year-on-year, reflecting enhanced profitability [3]. - The gaming business faced challenges due to a high base from the previous year, while the poker business is expanding with a production capacity of 600 million decks of cards [3]. - The company has invested in new business layouts, including a 38.14% stake in Shanghai Luda Consulting Management Co., which houses DAKA and CardHobby, contributing to future growth prospects [3]. Financial Summary - For 2024-2026, the expected EPS is projected to be 1.46, 1.72, and 1.96 yuan, with corresponding P/E ratios of 18, 15, and 13 times [4]. - The company’s revenue is forecasted to decline by 14.35% in 2024, followed by a recovery of 8.52% in 2025 and 9.48% in 2026 [6]. - The net profit attributable to shareholders is expected to be 601.94 million yuan in 2024, 709 million yuan in 2025, and 809.77 million yuan in 2026, reflecting a year-on-year growth of 7.02%, 17.78%, and 14.21% respectively [6].

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]

Financial Performance - The company's revenue for Q3 2024 was ¥881,252,740.63, representing a decrease of 28.08% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥139,903,557.34, down 6.72% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥136,811,575.93, an increase of 7.55% compared to the same period last year[2]. - Total operating revenue for Q3 2024 was CNY 2,789,707,018.88, a decrease of 22% compared to CNY 3,571,409,031.02 in the same period last year[11]. - Net profit for Q3 2024 was CNY 443,198,634.18, down 24% from CNY 582,586,207.64 year-over-year[12]. - Total comprehensive income for the third quarter was CNY 443,266,746.01, a decrease from CNY 582,668,307.94 in the previous year, representing a decline of approximately 23.9%[13]. - Basic earnings per share for the third quarter were CNY 1.0368, down from CNY 1.3697, indicating a decrease of about 24.3% year-over-year[13]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥4,902,355,760.64, reflecting a 3.79% increase from the end of the previous year[2]. - The company's total assets increased to CNY 4,902,355,760.64 from CNY 4,723,392,948.53, representing a growth of 4%[10]. - The total liabilities increased slightly to CNY 1,489,864,021.45 from CNY 1,469,526,122.25, showing a growth of about 1.5%[10]. - The company's equity attributable to shareholders increased to CNY 3,381,949,391.65 from CNY 3,221,517,328.29, reflecting a growth of about 5%[10]. Cash Flow - The company’s cash flow from operating activities for the year-to-date period was ¥343,739,654.32, a decrease of 12.65% compared to the previous year[2]. - Net cash flow from operating activities was CNY 343,739,654.32, compared to CNY 393,499,817.41 in the same period last year, reflecting a decline of approximately 12.7%[16]. - Cash inflow from operating activities totaled CNY 3,259,900,812.55, down 18.7% from CNY 4,013,703,335.92 in the previous year[14]. - Cash outflow from operating activities was CNY 2,916,161,158.23, a decrease of 19.4% compared to CNY 3,620,203,518.51 last year[14]. - Cash inflow from financing activities increased to CNY 733,434,597.92, up from CNY 586,666,867.00, marking an increase of approximately 25%[16]. - Cash and cash equivalents at the end of the period were CNY 725,014,560.51, up from CNY 614,185,221.23, indicating an increase of about 18.1%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 39,548[7]. - The company has no significant changes in the participation of major shareholders in margin financing and securities lending[8]. - The top ten shareholders do not have any shares involved in margin financing or securities lending[8]. - There are no preferred shareholders or significant changes in their holdings reported[8]. Investments and Expenses - The company reported a decrease in research and development expenses to CNY 130,120,707.72 from CNY 176,794,220.76, a reduction of approximately 26%[11]. - Long-term equity investments rose to CNY 130,848,662.36, up from CNY 124,196,576.62, indicating a growth of about 5%[9]. - The construction in progress increased by 40.75% to ¥272,938,389.99, primarily due to investments in the poker production base[5]. Other Information - The company has not disclosed any new strategies or future outlook in the provided documents[8]. - There are no updates on new product developments or market expansions mentioned in the reports[8]. - The company has not undergone an audit for the third quarter report[17].

| 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]