Industry Overview - The Chinese micro-short drama market is projected to reach 50.44 billion yuan in 2024, representing a year-on-year growth of 34.9% [1] - By 2027, the market size is expected to exceed 100 billion yuan, indicating a steady growth trend [1] - The industry consensus is shifting towards high-quality productions, with increasing production costs prompting creators to enhance the average quality of their series [1] Regulatory and Development Support - The National Radio and Television Administration is promoting high-quality development of micro-short dramas through regulation, support, and ecosystem construction [1] - There is significant growth potential for micro-short dramas in overseas markets [1] Investment Opportunities - With the steady development of the micro-short drama market, it is recommended to pay attention to supply-side companies such as Zhongwen Online, Yinsai Group, Yingli Media, Ying Yuzhou, and Ciweng Media [1]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-069 | | --- | --- | --- | | 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 关于姚记转债预计触发赎回条件的提示性公告 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。 特别提示： （四）可转换公司债券转股价格调整情况 1、初始转股价格 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 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）同意注册，公 司于 2024 年 1 月 25 日向不特定对象发行可转换公司债券 5,831,273 张，每张面 值为人民币 100 元，共募集资金人民币 58,312.73 万元。 （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于 2024 年 2 月 26 日起在深圳 证券交易所挂牌交易，债券简称"姚记转债"，债券代码"127104"。 上海姚记科技股份有限公司（以下简称"公 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-068 | | --- | --- | --- | | 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 | | 关于变更公司内审部门负责人的公告 上海姚记科技股份有限公司董事会 2024 年 11 月 11 日 一、内审负责人离任情况 公司董事会近期收到公司内审部门负责人张书雨先生的书面辞职报告，张书 雨先生因个人原因申请辞去公司内审部门负责人职务。根据相关规定，该辞职报 告自送达公司董事会之日起生效。公司董事会对张书雨先生在担任内审部门负责 人期间为公司发展和内部审计工作所做的贡献表示衷心的感谢。 二、聘任内审负责人情况 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。 为保证公司内部审计工作的顺利进行，根据《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》《公司章程》及公司《内部审计制 度》的有关规定，经公司第六届董事会审计委员会提名，董事会同意聘任黄晓娜 女士内审部门负责人（简历详见附件），任期自董事会审议通过之日起 ...

具体内容详见公司指定信息披露网站巨潮资讯网（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《关 于变更公司内审部门负责人的公告》。 二、备查文件 | 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2024-067 | | --- | --- | --- | | 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"）第六届董事会第十四次会 议于 2024 年 11 月 4 日以电话、电子邮件等方式发出通知，并于 2024 年 11 月 11 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《关于变更公司 ...

姚记科技（002605.SZ） 游戏Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 07 日 游戏逐步复苏，业务调整影响收入释放 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------|--------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| 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]