公司研究丨点评报告丨姚记科技（002605.SZ） [Table_Title] 多元业务稳健发展，积极推进股东回报 [Table_Author] 高超 范超 杨云祺 请阅读最后评级说明和重要声明 11-05 公司披露 24Q1 业绩，24Q1 实现营收 9.82 亿（同比-17.38%，环比+33.47%），归母净利润 1.51 亿（同比-23.94%），扣非净利润 1.50 亿（同比-21.60%）。 2、行业监管风险。 ⚫ 盈利预测与投资建议：我们预计 2024/2025 年公司归母净利润分别为 6.7 亿/7.8 亿，对 应 PE 15.8/13.8 倍，维持买入评级。 风险提示 ⚫ 减值等因素致 23Q4 业绩承压，24Q1 收入和利润实现环比改善。1）公司 2023 年针对大 鱼竞技等计提商誉减值准备，形成商誉减值损失约 0.5 亿，此外长期股权投资减值损失约 0.27 亿，对公司 23Q4 业绩产生一次性影响。2）由于 23Q1 游戏业务高基数，24Q1 公 司营收同比下滑，环比+33%；此外由于公司海外游戏业务运营模式调整，导致 24Q1 销 售费用同比+55%至 0.7 亿元，预计公司在海外发 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's main business, including poker cards, games, and digital marketing, showed mixed performance in 2023 with poker card revenue at 1.09 billion yuan (yoy -1.57%), game revenue at 1.23 billion yuan (yoy +1.9%), and digital marketing revenue at 1.91 billion yuan (yoy +24.9%) [9] - The company plans to expand its poker card production scale in 2024, focusing on the "Yaoji Guandan" product, which has gained consumer popularity [9] - The company is exploring new growth areas in sports culture, particularly through strategic investments in the sports card market, aiming to create a comprehensive entertainment industry chain [11][28] - The company's 2024-2026 revenue is forecasted to be 4.71 billion, 5.15 billion, and 5.68 billion yuan, with net profits of 640 million, 730 million, and 850 million yuan, respectively [13] Business Performance - In 2023, the company's total revenue was 4.3 billion yuan (yoy +10%), with net profit attributable to shareholders of 562 million yuan (yoy +61.4%) [4] - Q4 2023 revenue was 735 million yuan (yoy -33.2%), with a net profit of 5 million yuan (yoy -91.5%) [4] - Q1 2024 revenue was 982 million yuan (yoy -17.38%), with net profit of 151 million yuan (yoy -23.9%) [4] Strategic Development - The company is focusing on expanding its "big entertainment" strategy, including increasing poker card production and exploring overseas markets for its game business [27] - The company is also deepening its digital marketing efforts, with its subsidiary Xiting Culture steadily attracting businesses to the Shanghai International Short Video Center [27] Financial Forecast - The company's EPS for 2024-2026 is projected to be 1.56, 1.78, and 2.07 yuan, with corresponding P/E ratios of 16.6x, 14.5x, and 12.5x [13] - The company's ROE is expected to remain stable at around 17% from 2023 to 2026 [30]

Investment Rating - The report maintains a rating of "Accumulate" for the company Yaoji Technology (002605) with a target price of 31.31 CNY, down from the previous target of 51.80 CNY [4][5]. Core Views - The company has shown significant growth in performance for the year 2023, with active dividend distribution and timely expansion of production capacity. The focus is on the poker production capacity while also monitoring the profit contribution from the gaming business [4][5]. - The expected EPS for the company in 2026 is projected to be 2.20 CNY, with a downward adjustment from previous forecasts due to changes in industry conditions and the company's business pace [4][5]. Summary by Sections Financial Performance - The company reported a revenue of 4.307 billion CNY for 2023, representing a year-on-year growth of 10.01%. The net profit attributable to shareholders was 562 million CNY, a year-on-year increase of 61.37% [4][5]. - The mobile gaming segment generated a revenue of 1.226 billion CNY, with a gross profit of 1.177 billion CNY, reflecting a growth of 1.78% year-on-year [4][5]. Production and Expansion - The company is in the process of expanding its poker production capacity, with a target annual output of 600 million decks. The financing from convertible bonds is expected to alleviate capacity shortages [4][5]. - The production capacity utilization rate has consistently exceeded 120% from 2020 to 2022, indicating strong operational efficiency [4][5]. Market Position and Strategy - Yaoji Technology is gradually shifting its focus towards mobile gaming, leveraging its traditional business and expanding into the internet sector. The company employs automated production lines and high-quality materials to enhance production efficiency [4][5]. - The digital marketing business, as a long-term ecological partner of major engines, has benefited from the recovery of game licensing and increased demand for new game launches, with a year-on-year growth of 24.9% expected in this segment [4][5].

报告编号：HX-240501161639 告 究 司 发展，促进卡淘球星卡二级市场社群扩展，进一步完善公司 在卡牌产品、体育文化产业的布局，打造综合休闲娱乐全产 业链，驱动体育新消费新增量的发展。 ▌ 风险提示 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 2024 年 05 月 06 日 研 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced significant revenue growth in 2023, driven by its gaming and poker businesses, which are expected to continue propelling growth [4][5] - The increase in sales expenses is impacting short-term performance, but adjustments in the overseas gaming business model are anticipated to drive future revenue growth [2][5] Financial Performance Summary - In 2023, the company achieved operating revenue of 4.31 billion yuan, a year-on-year increase of 10.01%, and a net profit attributable to shareholders of 560 million yuan, up 61.37% year-on-year [4][6] - The gross margin for 2023 was 37.63%, a decrease of 1.07 percentage points year-on-year, primarily due to the increased proportion of lower-margin internet marketing revenue [2][6] - For Q1 2024, the company reported operating revenue of 980 million yuan, a year-on-year decrease of 17.38%, but a quarter-on-quarter increase of 33.47% [4][6] Business Segment Analysis - **Gaming**: The core fishing games are performing steadily, maintaining positions in the top 150 of the iOS bestseller list, with ongoing efforts to expand into overseas markets [5] - **Poker**: The company is advancing the construction of a new poker production base, which is expected to enhance production efficiency and reduce costs [5] - **Internet Marketing**: The company has developed the VTATM model for marketing strategy in the gaming distribution market, enhancing its innovative marketing capabilities [5] Earnings Forecast - The report revises the profit forecasts for 2024-2026, estimating net profits of 708 million yuan, 786 million yuan, and 854 million yuan respectively, with corresponding EPS of 1.72 yuan, 1.91 yuan, and 2.07 yuan [4][6]

Financial Performance - The company reported a total revenue of 104.9 million, with a net profit of 40 million for the reporting period[10]. - The financial outlook for the next quarter indicates a projected revenue growth of approximately 15% year-over-year[10]. - The company reported a total revenue of 238 million yuan for the fiscal year 2023[110]. - The company achieved a net profit that met 150% of the previous year's requirement, leading to the high-level performance salary for directors and senior management as per the compensation and assessment plan[61]. - Shanghai Yaoji Technology Co., Ltd. reported a revenue of 1.2 billion RMB for the fiscal year 2023, representing a 15% increase compared to 1.04 billion RMB in 2022[194]. - The company achieved a net profit of 300 million RMB in 2023, up 20% from 250 million RMB in the previous year[194]. - The company has set a revenue target of 1.5 billion RMB for 2024, indicating a growth forecast of 25%[194]. - The company reported a gross margin of 40% in 2023, consistent with the previous year, indicating stable cost management[194]. Corporate Governance - The board of directors underwent changes, with three members, including independent director Tang Songlian, leaving their positions on May 11, 2023[11]. - The company is committed to maintaining transparency and governance standards as it navigates leadership changes[12]. - The company has established a robust governance framework with independent directors and experienced management, which is crucial for maintaining investor confidence and strategic direction[22]. - The company’s independent directors provided valuable professional opinions on matters such as the reappointment of the accounting firm and profit distribution for the 2022 fiscal year[31]. - The board of directors held a total of 9 meetings during the reporting period, with attendance rates varying among members[34]. - The strategic committee of the board met once during the reporting period to discuss the company's strategic development direction for 2023[36]. - No objections were raised by directors regarding company matters during the reporting period[35]. Management and Personnel - The total number of employees at the end of the reporting period was 1,725, with 51 in the parent company and 1,674 in major subsidiaries[44]. - The company has a strong management team with diverse backgrounds, including expertise in finance, law, and technology, with members holding advanced degrees and significant industry experience[17][20]. - The management structure includes a mix of experienced professionals and young talent, suggesting a balanced approach to leadership and innovation[20]. - The company emphasizes the retention of core talent through competitive compensation and training programs to mitigate the risk of talent loss[150]. - The company has a training plan in place to enhance team capabilities and ensure the achievement of business objectives[49]. Strategic Initiatives - The company plans to expand its market presence and is focusing on new product development and technology innovation[12]. - The company aims to enhance its competitive position through strategic acquisitions and partnerships in the upcoming fiscal year[12]. - The company is actively involved in various sectors, including technology and finance, which may provide opportunities for cross-industry synergies and growth[21]. - The company is focused on developing innovative mobile games through a studio model, aiming to create high-quality games that enhance market competitiveness[138]. - The company is pursuing new markets and products in the mobile gaming sector to seek new profit growth points[138]. - The company plans to launch three new products in 2024, focusing on enhancing user experience and expanding market reach[194]. Environmental Responsibility - The company invested CNY 1.72 million in environmental governance and protection in 2023, with an environmental protection tax payment of CNY 10,100[84]. - The company has implemented online monitoring systems for emissions, ensuring real-time data tracking in compliance with environmental regulations[84]. - The company has constructed solar photovoltaic systems on warehouse and workshop rooftops to promote cleaner energy structure[85]. - The company maintains a pollution discharge permit valid from November 28, 2022, to November 27, 2027[79]. - The total emissions reported were 5.35 tons, with no exceedance of discharge standards[80]. - The company has established a comprehensive emergency response plan for environmental incidents, which has been filed with local authorities[84]. Risk Management - The company acknowledges risks related to regulatory compliance in the gaming industry and is committed to adhering to relevant laws and regulations to mitigate potential impacts[142]. - The company faces intense market competition and is focused on continuous innovation in game development to maintain its competitive edge[142]. - The company is enhancing its cybersecurity measures to protect against potential threats that could impact user experience and company reputation[142]. - The company is implementing measures to protect its intellectual property rights, recognizing the risks associated with potential infringements[143]. - The company faces risks related to intellectual property infringement, which could lead to legal liabilities and negatively impact operational performance[145]. - The company relies heavily on third-party distribution channels for game releases, and any disruption could significantly affect business performance[145]. - The company is exposed to overseas market risks, including cultural differences and regulatory compliance, which may hinder revenue generation[145]. - The company has a significant dependency on a single supplier for raw materials in its poker business, which poses supply and pricing risks[145]. - The company is subject to industry policy risks that could affect the production and sales of poker products[145]. Financial Transactions and Compliance - The company incurred underwriting fees of 5.83 million yuan for the issuance of convertible bonds, highlighting its financing activities during the reporting period[113]. - The total amount of related party transactions reached 35.84 million yuan, accounting for 5.22% of similar transactions, demonstrating the company's engagement with related entities[123]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[105]. - The company has not reported any significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[120]. - The company has no significant penalties or rectifications during the reporting period, reflecting compliance with regulatory requirements[115]. - The company has not engaged in any asset or equity acquisitions or disposals during the reporting period, maintaining its current asset structure[127]. - The company has not reported any fundraising activities during the reporting period[158]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 9 per 10 shares, totaling RMB 370,890,711.00 (including tax) based on a total share capital of 412,100,790 shares[54]. - The cash dividend represents 100% of the total profit distribution amount, with the distributable profit amounting to RMB 1,916,749,292.78[54]. - The company has established a three-year shareholder return plan (2021-2023) to ensure stable and sustainable returns to investors[50]. - The profit distribution plan approved by the board proposes a cash dividend of 0.9 yuan per share (including tax) based on a total of 412,100,790 shares, with no bonus shares issued[172].

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-024 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | 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"）2023 年度报告全文及摘要 已于 2024 年 4 月 30 日正式披露。为便于广大投资者进一步了解公司经营情况及 未来发展规划，公司将于 2024 年 5 月 10 日（星期五）采用网络远程的方式举行 2023 年度报告网上说明会，具体方式如下： 一、说明会召开的时间、地点和方式 4、投资者参加方式：为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投 资者可于 2024 年 05 月 10 日 （ 星 期 五 ） 15:00-17:00 通过网址 https://eseb.cn/1dx9BvCS6KQ 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2024 年 05 月 10 日前进行会前提 ...

Asset Growth and Composition - Total assets increased to 5,255,672,656.89 RMB from 4,723,392,948.53 RMB, reflecting a growth of 11.27%[12][14] - Total current assets increased to 2,472,260,891.06 RMB from 1,966,797,705.45 RMB, up by 25.70%[12] - Non-current assets grew slightly to 2,783,411,765.83 RMB from 2,756,595,243.08 RMB, an increase of 0.97%[12] - Total assets increased by 11.27% to 5.26 billion yuan compared to the end of the previous year[26] Cash and Cash Equivalents - Cash and cash equivalents rose significantly to 1,213,543,093.50 RMB from 720,806,888.61 RMB, a 68.36% increase[12] - Cash and cash equivalents increased by $497,084,296.26, ending the period at $1,115,146,098.54[45] Accounts Receivable and Inventory - Accounts receivable increased slightly to 716,343,467.77 RMB from 700,337,908.19 RMB, up by 2.29%[12] - Inventory levels remained nearly unchanged at 417,397,736.53 RMB compared to 417,437,488.66 RMB[12] Liabilities and Debt Management - Total liabilities grew to 1,773,979,220.60 RMB from 1,469,526,122.25 RMB, an increase of 20.72%[13] - Short-term borrowings decreased to 359,278,069.42 RMB from 399,141,777.79 RMB, a reduction of 9.99%[13] - The company repaid $83,316,433.94 in debt, reducing its liabilities[45] Shareholders' Equity and Investments - Shareholders' equity increased to 3,481,693,436.29 RMB from 3,253,866,826.28 RMB, up by 7.00%[14] - Long-term investments remained stable at 665,790,745.00 RMB with no change[12] - Equity attributable to shareholders of the listed company increased by 6.79% to 3.44 billion yuan[26] Revenue and Profit Performance - Revenue for the reporting period was 981.63 million yuan, a decrease of 17.38% compared to the same period last year[26] - Net profit attributable to shareholders of the listed company was 150.84 million yuan, a decrease of 23.94% year-on-year[26] - Total operating revenue for Q1 2024 was 981.63 million yuan, a decrease of 17.4% compared to 1,188.14 million yuan in the same period last year[34] - Net profit attributable to shareholders for Q1 2024 was 150.87 million yuan, a decrease of 23.9% compared to 198.37 million yuan in the same period last year[36] Earnings Per Share and Return on Equity - Basic earnings per share were 0.3695 yuan, down 24.28% year-on-year[26] - Basic earnings per share for Q1 2024 were 0.3695 yuan, down from 0.4880 yuan in the previous year[36] - The company's weighted average return on equity decreased by 2.61 percentage points to 4.46%[26] Cash Flow and Operating Activities - Operating cash flow was 36.19 million yuan, a significant decrease of 67.65% compared to the same period last year[26] - Cash flow from operating activities for Q1 2024 was 36.19 million yuan, a significant decrease from 111.90 million yuan in the same period last year[44] - Net cash flow from investment activities was negative at -$45,184,624.17, reflecting substantial cash outflows[45] - Net cash flow from financing activities was positive at $505,896,516.79, indicating strong financing capabilities[45] Sales and R&D Expenses - Sales revenue from goods and services for Q1 2024 was 941.58 million yuan, down 19.8% from 1,174.20 million yuan in the previous year[44] - R&D expenses for Q1 2024 were 50.66 million yuan, a decrease of 19.5% compared to 62.90 million yuan in the same period last year[34] Government Subsidies and Shareholder Information - The company received government subsidies of 2.40 million yuan during the reporting period[26] - The top shareholder, Yao Shuobin, holds 17.11% of the company's shares, totaling 70.50 million shares[18] - The company's controlling shareholders include Yao Wenchen and his family, holding a total of 116.22 million shares[28] Investment and Financing Activities - Investment cash outflow totaled $52,190,859.77, with a significant portion allocated to investment payments of $2,600,000.00[45] - Cash inflow from financing activities reached $620,626,167.92, primarily driven by borrowing of $617,626,167.92[45] - The company allocated $29,999,000.00 to other financing-related payments, indicating strategic financial management[45] Foreign Exchange and Other Comprehensive Income - Foreign exchange translation differences contributed 30,532.97 yuan to other comprehensive income[24] - Exchange rate fluctuations had a minor impact, resulting in a net gain of $178,768.44[45] Convertible Bonds and Issuance - The company issued a prospectus for the issuance of convertible bonds to unspecified targets on January 23, 2024[30] - The company announced the listing of convertible bonds on February 23, 2024[30]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-020 | | --- | --- | --- | | 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 | | 关于控股股东部分股份质押的公告 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。 上海姚记科技股份有限公司（以下简称"公司"）于近日接到公司控股股东之 一姚晓丽女士的通知，获悉其所持有本公司的部分股份办理了质押手续，具体事 项如下： | 股东名 | 是否为 控股股 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否为 补充质 | 质押起始 | 质押到 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | 量（股） | | | 限售股 | | 日 | 期日 | | 用途 | | | 东 | | 比例 | 比例 | | 押 | | | | | | 姚晓丽 | 是 | 7,448,980 | 1 ...

证券代码：002605 证券简称：姚记科技 公告编号：2024-016 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 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 单位：万元 上海姚记科技股份有限公司（以下简称"公司""姚记科技"）于2024年3 月1日召开第六届董事会第七次会议、第六届监事会第七次会议，会议审议通过 了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响 募集资金项目开展和使用计划的前提下，使用总额不超过人民币1亿元的部分闲 置募集资金暂时补充流动资金，使用期限自董事会审议通过之日起不超过12个 月，公司承诺到期及时归还至募集资金专户，并且将随时根据募集资金投资项目 的进展及需求情况及时将暂时用于补充流动资金的募集资金归还至募集资金专 户。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2023] 1120号）文同意注 册，公司向不特定对象发行人民币可转换公司债券5 ...