Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown significant profit growth, with stable revenue from core products. The total revenue for Q3 2024 reached 4.514 billion, a year-on-year increase of 11.42%, while the net profit attributable to the parent company was 0.463 billion, up 191.43% year-on-year [1] - The company's key games, "Sunrise City" and "War Fire and Order," have maintained stable revenue contributions, ranking in the top 30 for domestic game overseas revenue [1] - The company is expected to launch new products in Q4, which will enhance its game portfolio and potentially drive further revenue growth [1] Financial Performance Summary - **Revenue Forecast**: - 2022A: 4,806 million - 2023A: 5,962 million - 2024E: 6,651 million - 2025E: 7,855 million - 2026E: 8,733 million - Year-on-year growth rates are projected at 24% for 2023A and 12% for 2024E [1] - **Net Profit Forecast**: - 2022A: 542 million - 2023A: 887 million - 2024E: 1,349 million - 2025E: 1,424 million - 2026E: 1,702 million - Year-on-year growth rates are projected at 64% for 2023A and 52% for 2024E [1] - **Earnings Per Share (EPS)**: - 2022A: 0.28 - 2023A: 0.45 - 2024E: 0.69 - 2025E: 0.73 - 2026E: 0.87 [1] - **Valuation Ratios**: - P/E ratio is projected to decrease from 28.8 in 2023A to 15.0 in 2026E - P/B ratio is expected to decline from 4.4 in 2023A to 2.8 in 2026E [1] Market Position - The company has a market capitalization of approximately 25.53 billion, with a circulating market value of about 23.69 billion [1] - The company has demonstrated strong cash flow from operating activities, with a net cash flow of 6.48 billion for Q3 2024 [1]

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 17.75 CNY for 12 months [6][4]. Core Insights - The company's revenue for the first three quarters of 2024 was 45.14 billion CNY, representing a year-on-year growth of 11.42%, while the net profit attributable to shareholders was 10.94 billion CNY, up 94.33% year-on-year [5][6]. - The significant increase in net profit in Q3 2024 was primarily due to non-recurring gains, including the recovery of litigation receivables that reduced previously accrued bad debt provisions [1]. - The company’s gross margin for the first three quarters was 61.95%, remaining stable, while the sales expense ratio decreased significantly due to reduced promotional expenses [1]. Financial Performance Summary - The company achieved revenues of 14.88 billion CNY, 15.64 billion CNY, and 14.61 billion CNY in Q1, Q2, and Q3 respectively, with net profits of 2.95 billion CNY, 3.36 billion CNY, and 4.63 billion CNY for the same periods [1]. - The projected net profits for 2024, 2025, and 2026 are 13.75 billion CNY, 13.89 billion CNY, and 15.78 billion CNY respectively, with corresponding EPS of 0.70 CNY, 0.71 CNY, and 0.80 CNY [4][6]. Product and Market Insights - The company’s subsidiary, Kemu Games, focuses on the overseas mobile game market and has maintained a strong performance in the SLG segment, ranking among the top six Chinese game developers in overseas revenue from July to September [2]. - Two new SLG games are set to launch overseas by the end of the year, which are expected to leverage the company's strengths in game development and operation, potentially contributing to revenue growth [3]. Valuation Metrics - The company is expected to have a PE ratio of 25 times for 2025, which corresponds to the target price of 17.75 CNY [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported strong revenue growth and significant profit increase in Q3 2024, with total revenue reaching 4.514 billion yuan, a year-on-year increase of 11.42%, and net profit attributable to shareholders of 1.094 billion yuan, up 94.33% year-on-year [1] - The gaming business remains robust, with core mobile games continuing to perform well, and new games set to launch by the end of the year, which are expected to support future revenue growth [1] - The company has upgraded its cloud service brand and is actively exploring AI technology, enhancing its operational capabilities and expanding its customer base globally [1] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.514 billion yuan, with a net profit of 1.094 billion yuan, reflecting a 94.33% increase year-on-year [1] - The Q3 2024 revenue was 1.461 billion yuan, a 4.53% increase year-on-year, while net profit for the quarter was 463 million yuan, up 191.43% year-on-year [1] - The company expects net profits for 2024-2026 to be 1.365 billion yuan, 1.419 billion yuan, and 1.625 billion yuan respectively, with corresponding EPS of 0.70, 0.72, and 0.83 yuan [1][2] Business Segments - The gaming segment is driven by established titles like "City of the Rising Sun" and "War Fire and Order," which continue to rank in the top 30 of China's mobile games [1] - The company plans to launch two new games in the "SLG + simulation management" category by the end of the year, which are expected to contribute to future growth [1] - The cloud service division has signed over 90 new customers this year and has expanded its services to more than 40 countries [1] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 20, 19, and 16 respectively, indicating a favorable valuation outlook [2][6] - The company’s revenue is expected to grow at a CAGR of approximately 11.05% from 2024 to 2026 [7]

证券代码：300002 证券简称：神州泰岳 北京神州泰岳软件股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |----------------|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call Company Overview - The conference call is regarding Shenzhou Taiyue's Q3 performance for 2024, highlighting financial results and future strategies. Key Financial Highlights - Total revenue for the first three quarters reached 4.514 billion CNY, a year-on-year increase of 11.42% [1] - Scale profit for the same period was 1.094 billion CNY, up 94.33% year-on-year [1] - Q3 scale profit was 463 million CNY, reflecting a 191.43% increase year-on-year and a 37.42% quarter-on-quarter growth [1] - Marketing expenses decreased by approximately 18% quarter-on-quarter, contributing to profit growth [2] Gaming Business Insights - The gaming revenue remains stable across different tiers, supported by demand and performance of existing titles [1] - The company plans to release two new SLG games in Q4, focusing on sci-fi and civilization themes, with one already approved for domestic release [3] - The existing games, "Xuri" and "Zhanhuo," have shown stable revenue performance, with "Zhanhuo" maintaining a revenue range of 12 to 13 million USD [5][6] Management and Operational Strategies - Management expenses increased due to legal settlements, but this is not expected to be a recurring issue [9][10] - The company emphasizes long-term product lifecycle management, with a focus on maintaining stable revenue from mature products [5][11] - The team sizes for "Xuri" and "Zhanhuo" are approximately 50 and 40 members, respectively, indicating a strong commitment to ongoing updates and support for these titles [22] Market and Competitive Landscape - The SLG market is described as vibrant, with new products capable of significantly expanding market space [14][15] - The company is cautious about competition, noting that successful new products often come from established teams with extensive experience in the SLG genre [15][16] - The company is exploring new gameplay mechanics and themes to differentiate its offerings and attract a broader audience [29][30] Future Outlook - The company is optimistic about Q4 performance, expecting strong contributions from seasonal business and stable gaming revenue [18] - There is a strategic focus on balancing marketing investments with expected returns, particularly for new game launches [20] - The company is also exploring AI and cloud services as part of its growth strategy, leveraging existing customer relationships [34][35] Additional Considerations - The company is open to exploring mergers and acquisitions but emphasizes organic growth through product development and market expansion [32][33] - There is ongoing development of non-SLG games, indicating a diversification strategy to capture different segments of the gaming market [37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has continued to show high growth in Q3, with a focus on the performance of new game launches [1] - For the first three quarters of 2024, the company achieved operating revenue of 4.514 billion yuan (up 11.42% year-on-year) and a net profit attributable to shareholders of 1.094 billion yuan (up 94.33% year-on-year) [3] - The growth in net profit for Q3 was primarily due to the recovery of approximately 245 million yuan from litigation receivables, which offset previously provisioned bad debts [3] - The company is optimistic about the performance of new games and AI-related businesses driving future growth, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance Summary - In Q3 2024, the company reported operating revenue of 1.461 billion yuan (up 4.53% year-on-year) and a net profit of 463 million yuan (up 191.43% year-on-year, up 37.72% quarter-on-quarter) [3] - The gross margin for Q3 2024 was 61.19% (down 2.13 percentage points year-on-year, up 0.15 percentage points quarter-on-quarter) [4] - The company expects net profits for 2024, 2025, and 2026 to be 1.374 billion yuan, 1.414 billion yuan, and 1.629 billion yuan respectively, with corresponding EPS of 0.70 yuan, 0.72 yuan, and 0.83 yuan [3][6] New Game Launches and AI Business - The company is set to launch two new SLG games, "Code DL" and "Code LOA," overseas by the end of 2024, which are expected to contribute to long-term performance growth [5] - The company is also leveraging AI technology in various applications, which may open new growth opportunities in its computer business and enhance efficiency in its gaming operations [5]

北京神州泰岳软件股份有限公司 章 程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司经北京市人民政府经济体制改革办公室京政体改股函［2002］7 号文《关 于同意北京神州泰岳软件有限公司变更为北京神州泰岳软件股份有限公司的通知》 批准，由原北京神州泰岳软件有限公司全体股东共同作为发起人，以原北京神州泰 岳软件有限公司账面净资产整体折股进行整体变更的方式设立，在北京市海淀区市 场 监 督 管 理 局 登 记 注 册 ， 取 得 营 业 执 照 。 统 一 社 会 信 用 代 码 ： 91110000802090167W。 第三条 公司于 2009 年 9 月 20 日经中国证券监督管理委员会核准，首次向社 会公众发行人民币普通股 3,160 万股，于 2009 年 10 月 30 日在深圳证券交易所创业 板上市。 第四条 公司注册名称：北京神州泰岳软件 ...

证券代码：300002 证券简称：神州泰岳 公告编号：2024-046 北京神州泰岳软件股份有限公司 第八届董事会第二十五次会议决议公告 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。 北京神州泰岳软件股份有限公司（以下简称"公司"）第八届董事会第二十五 次会议于2024年10月28日在公司会议室以现场结合通讯的方式召开，会议通知于 2024年10月23日以邮件方式送达。应参加董事6人，实际参加董事6人，部分高级 管理人员列席了本次会议，本次会议的召开符合法律、行政法规、部门规章和公 司章程的有关规定。会议由公司董事长冒大卫先生主持，与会董事认真审议，形 成如下决议： 一、 审议通过《关于<公司 2024 年第三季度报告>的议案》 公司董事会经审议认为：公司2024年第三季度报告全文所载资料内容真实、 准确、完整地反映了公司2024年第三季度的实际经营情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 公司2023年限制性股票激励计划第一个归属期规定的归属条件已经成就，公 司按照激励计划的相关规定为符合条件的激励对象办理归属相关事宜。本次股票 归属将使公司注 ...

北京神州泰岳软件股份有限公司 证券代码：300002 证券简称：神州泰岳 公告编号：2024-048 关于变更注册资本并修订《公司章程》的公告 特此公告。 北京神州泰岳软件股份有限公司 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。 北京神州泰岳软件股份有限公司（以下简称"公司"）于2024年10月28日召开 了公司第八届董事会第二十五次会议，审议通过了《关于变更注册资本并修订< 公司章程>的议案》等议案。 根据《上市公司股权激励管理办法》《公司2023年限制性股票激励计划（草 案）》等相关规定及2023年第一次临时股东大会对董事会的授权，董事会同意为 符合条件的激励对象办理归属相关事宜，本次股票归属将使公司注册资本、总股 本发生相应变动，公司总股本由1,961,091,984股增加至1,962,564,954股，注册资 本由人民币1,961,091,984元增加至1,962,564,954元。 基于上述事项的变更，公司对《公司章程》的相关条款进行相应修订。根据 公司2023年第一次临时股东大会的授权，本次变更注册资本并修改《公司章程》 事宜无需再次提交股东大 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,460,916,729.98, representing a 4.53% increase compared to the same period last year[1]. - Net profit attributable to shareholders was ¥214,658,348.29, marking a 38.19% increase year-over-year[1]. - Basic earnings per share (EPS) increased by 189.61% to ¥0.2369, while diluted EPS rose by 189.11% to ¥0.2362[1]. - The weighted average return on equity (ROE) improved to 7.03%, up from 2.99% in the previous year[1]. - The total operating revenue for the third quarter reached CNY 4,513,572,455.84, an increase of 11.43% compared to CNY 4,051,041,446.32 in the same period last year[20]. - The net profit attributable to shareholders of the parent company was CNY 1,093,682,043.93, up 94.19% from CNY 562,789,810.62 in the previous year[21]. - The total comprehensive income for the period was CNY 1,079,383,154.86, compared to CNY 554,514,495.75, representing a growth of 94.96%[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,823,703,402.93, reflecting a 15.01% increase from the previous year-end[1]. - The total current assets increased to approximately 4.81 billion, up from 3.80 billion, representing a growth of about 26%[17]. - The total non-current assets increased to approximately 3.01 billion from 2.99 billion, showing a growth of about 0.9%[18]. - The total liabilities decreased to CNY 981,646,804.02 from CNY 1,016,010,141.45, reflecting a reduction of 3.39%[21]. - The company's short-term borrowings decreased to approximately 15.01 million from 20.02 million, a reduction of about 25%[18]. - The accounts payable decreased to approximately 347.78 million from 385.53 million, a decline of about 10%[18]. Cash Flow - The company's cash flow from operating activities increased significantly by 99.32% to ¥1,237,355,120.31[1]. - The cash flow from operating activities totaled CNY 4,459,899,195.17, up from CNY 3,555,586,947.09, indicating a growth of 25.38%[23]. - The net cash flow from operating activities for Q3 2024 was ¥1,237,355,120.31, compared to ¥620,794,063.78 in Q3 2023, representing an increase of approximately 99.0%[24]. - The cash inflow from investment activities was ¥3,054,496,217.97, significantly higher than ¥1,471,133,901.75 in the same period last year, marking an increase of approximately 107.5%[24]. - The cash outflow for investment activities was ¥4,634,076,235.65, compared to ¥2,111,789,183.17 in Q3 2023, indicating an increase of about 119.5%[24]. - The cash inflow from the recovery of investments was ¥3,020,257,449.02, compared to ¥1,468,713,115.02 in Q3 2023, reflecting an increase of approximately 105.0%[24]. Expenses - Sales expenses decreased by 31.34% to ¥763,992,946.65 due to a reduction in promotional costs[8]. - Management expenses increased by 46.14% to ¥855,428,059.67 primarily due to higher employee compensation[8]. - The company reported a decrease in sales expenses to CNY 763,992,946.65 from CNY 1,112,730,393.76, a reduction of 31.25%[21]. - Research and development expenses amounted to CNY 271,950,775.65, which is an increase of 10.67% from CNY 246,932,268.98 in the previous year[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 91,023[11]. - The largest shareholder, Li Li, holds 8.77% of shares, totaling 172,191,092 shares[11]. - The company distributed dividends amounting to ¥118,065,320.91, an increase of 98.41% compared to the previous period[10]. - The company reported a total of 144.69 million restricted shares at the end of the period, an increase of 2.79 million from the previous period[14]. Other Financial Adjustments - The company has adjusted its accounting treatment of certain government subsidies, now classifying them as regular income[2]. - The company received approximately 245 million from a settlement with Datang Semiconductor and Datang Microelectronics, enhancing its financial position[15]. - The impact of exchange rate changes on cash and cash equivalents was a decrease of ¥14,621,779.04[10]. - The cash flow impact from exchange rate changes was -¥14,621,779.04, contrasting with a positive impact of ¥43,167,645.47 in the previous year[24].