刚刚发布了这个预报的一个情况所以我们邀请到神圣太岳的总董秘专开专开严总跟我们做一个沟通那今天除开我以外的话还有多家券商然后联合主持这个电话会议包括长江证券德邦证券国海证券华创证券 好的好的 感谢邝时老师也感谢各位这个圈上的分析师以及投资者在今天晚上九点钟的时间还参加我们的这个交流会那我现在先简单的把我们的情况介绍一下 还是取得了不错的成绩继续保持着一个比较好的增长的状态整个今年的一季度我们的营收是14.88亿同比增长了22.79%规模的纪念润是2.95亿同比增长了65.62%规模扣费的纪念润是2.8亿 应该说不管是我们的计算机的业务还是游戏的业务都处在一个非常好的状态之中 同时我们的捐金业务是每年都一样的就是季节性的波动 绝大部分的收入缺人是在四季度所以一季度的缺收情况本身就是比较少的14.88亿的收入应该说超过80%的收入是由我们的游戏业务贡献的捐金业务是接近80% 对于游戏业务来说主要是在于我们的叙日之城和战火与秩序这两款游戏继续保持一个非常稳健的状态 应该说按全季度的口径来看比去年的四季度依然是保持着季度增长的一个状态这奠定了我们整个业绩的一个基础我对我们一期报的财务数据的概述就先说到这儿把更多的时间留 ...

用 使 习 准 学 成 为 人 生 频 个 一、财务概览 I 音 供 A 由 名 仅 ·公司一季度营收达到14.88亿元，同比增 要 同 ， 长22.79%。 · 净利润实现2.95亿元，同比 纪 以 传 大幅增长65.62%。 本 容 外 ·扣除非经常性损益后的净利润为2.87亿元，同内 比飙升勿 95.39%。 请 二、业务构成 用 使 ·游戏业务是公司的主要收入来源。 用 习 使 准 学 三、增长动因 习 成 为 人 ·公司营收和利润的显著准 增长，学 反映出业务发展的良好态势。 生 频 个 成 为 人 I 音 供 A 四、财务健康状况 生 频 个 由 名 仅 I 音 供 要 同 ， ·公司A 的财务报告显示出较强的盈利能力和增长潜力。 由 名 仅 纪 以 传 五要、投资同者关注，点 本 容 外 纪 以 传 内 勿 ·投资者可能会对公司的游戏业务持续增长以及整体盈利能力的显著提升表现出较 本 容 外 ...

[Table_Header] 公司点评●游戏 II 2024年 04 月25 日 [Table_Title] [Table_StockCode] 神州泰岳(300002.SZ) 利润同比高增，游戏出海表现亮眼 [Table_InvestRank] 推荐 (维持) --公司 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2024 年度一季报：2024 年第一季度公司实现营业收入 14.88 [岳Ta铮b le_Authors] ：010-8092-7630 亿元，同比增长 22.79%；归属于上市公司股东的净利润 2.95亿元，同比增长 ：yuezheng_yj@chinastock.com.cn 65.62%；扣非归母净利润 2.87亿元，同比增长 95.39%。 分析师登记编码：S0130522030006 ⚫ 出海老游表现亮眼，增长有望持续：24Q1公司核心游戏《Age of Origins》 研究助理 祁天睿 （《旭日之城》）和《War and Order》（《战火与秩序》）流水表现延续了 2023年 ：010-8092-7603 以来的亮眼表现，环 ...

证券研究报告 | 季报点评 2024年04月24日 神州泰岳（300002.SZ） 一季度业绩同比高增，专注 NLP 等 AI 技术研发与应用 业绩概览：公司发布2024年一季报，2024Q1公司实现营业收入14.88亿，同比 买入（维持） 增长22.79%；实现归母净利润2.95亿，同比增长65.62%；实现扣非归母净利 股票信息 润2.87亿，同比增长95.39%。 行业 游戏 精品SLG游戏全球运营，训练具备壳木游戏特质的AI模型。公司旗下壳木游戏 前次评级 买入 专注SLG游戏全球化发行并长线运营，出海优势持续扩大。技术创新方面，公司 4月24日收盘价(元) 9.48 使用AIGC工具提高制作效率，降低制作成本。游戏团队持续向AI软件投喂具有 壳木游戏特色的数据资源，并通过持续的训练和迭代，训练出具有壳木游戏特质 总市值(百万元) 18,591.15 的AI模型，助推游戏创作进度加快。 总股本(百万股) 1,961.09 其中自由流通股(%) 92.76 云业务快速成长，深挖企业级客户价值。公司云业务处于高速增长期，云服务助 30日日均成交量(百万股) 82.35 力中国企业在全球范围内完成IT资源整 ...

传媒/游戏Ⅱ 公 司 研 神州泰岳（300002.SZ） Q1 业绩大幅增长，盈利能力或持续提升 究 2024年04月24日 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/24 证 书编号：S0790520030004 证书编号：S0790523090001 当前股价(元) 9.48  2024Q1业绩大增，继续看好游戏及AI相关业务表现，维持“买入”评级 公 一年最高最低(元) 16.33/7.83 公司2024Q1实现营业收入14.88亿元（同比+22.79%），归母净利润2.95亿元（同 司 信 总市值(亿元) 185.91 比+65.62%），扣非归母净利润 2.87 亿元（同比+95.39%）。公司 2024Q1 业绩同 息 流通市值(亿元) 172.46 比大增主要系核心游戏《Age of Origins》（《旭日之城》）《War and Order》（《战火 更 总股本(亿股) 19.61 与秩序》）流水同比有所增长，以及公司 2024Q1 减少营销推广投放带 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,488,183,132.94, representing a 22.79% increase compared to ¥1,211,957,955.63 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 was ¥295,017,224.07, a 65.62% increase from ¥178,131,184.75 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥286,802,335.35, reflecting a 95.39% increase from ¥146,781,507.19 year-on-year[4] - Basic earnings per share for Q1 2024 were ¥0.1514, up 65.65% from ¥0.0914 in the previous year[4] - The net profit for the current period is approximately ¥289.59 million, a significant increase from ¥173.80 million in the previous period, representing a growth of about 66.7%[25] - The total comprehensive income for the current period is approximately ¥290.80 million, compared to ¥171.93 million in the previous period, representing an increase of about 69.0%[25] Cash Flow - The net cash flow from operating activities reached ¥227,830,213.18, a significant increase of 377.93% compared to ¥47,670,050.19 in the same quarter last year[4] - The cash flow from operating activities generated a net amount of ¥227.83 million, a substantial rise from ¥47.67 million in the previous year, reflecting a growth of approximately 376.5%[26] - Cash received from other operating activities rose by 180.21% to ¥62,478,782.64, mainly from employee stock plan sales and increased interest income[12] - The cash flow from financing activities decreased by 33.09% to ¥10,513,303.16, mainly due to a reduction in bank loans[12] - The net cash flow from financing activities was approximately ¥10.51 million, down from ¥15.71 million in the previous period, reflecting a decrease of about 33.3%[27] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to ¥7,024,264,917.64, a 3.26% increase from ¥6,802,772,091.55 at the end of the previous year[4] - The company’s total liabilities decreased to ¥911,516,400.21 from ¥1,016,010,141.45, a reduction of 10.3%[20] - The total equity attributable to shareholders increased to ¥3,247,741,861.62 from ¥2,952,724,637.55, reflecting a growth of 10%[20] - Cash and cash equivalents at the end of Q1 2024 were ¥2,057,725,432.70, down from ¥2,127,136,296.82 at the beginning of the quarter, indicating a decrease of 3.3%[20] Expenses - Management expenses rose by 72.86% to ¥256,661,097.09, primarily due to increased employee compensation[9] - Operating costs for Q1 2024 were ¥1,162,495,142.93, up from ¥1,027,028,674.60 in the same period last year, reflecting a growth of 13.1%[23] - Research and development expenses for Q1 2024 were ¥92,533,093.69, slightly down from ¥98,252,823.81 in Q1 2023, showing a decrease of 5.8%[23] Investment Activities - The company reported a 258.94% increase in cash paid for investments, totaling ¥1,170,150,068.16, attributed to increased bank wealth management products and time deposits[12] - The net cash flow from investment activities decreased significantly by 561.40% to -¥309,008,497.47, primarily due to increased purchases of bank wealth management products and time deposits[12] - The company received cash from investment recovery totaling ¥862 million, significantly higher than ¥292 million in the previous period, indicating a growth of approximately 194.5%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 115,040, with the largest shareholder holding 8.78% of shares[13] - The largest shareholder, Li Li, holds 172,191,092 shares, representing 8.78% of the total shares[13] Other Income and Tax - The company reported a 55.91% decrease in other income, totaling ¥7,214,916.97, mainly due to reduced government subsidies[11] - The company experienced a 49.99% decrease in tax refunds received, amounting to ¥1,024,735.98, due to a reduction in VAT refunds[12] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was positive, amounting to ¥4,445,449.64, a 129.38% increase compared to the previous period[12] Future Plans - The company plans to continue expanding its investment in bank wealth management products and time deposits to enhance cash flow management[12]

[Table_Page] 年报点评|游戏Ⅱ 证券研究报告 [神Table_州Title] 泰岳（300002.SZ） [公Tab司le_I评nves级t] 买入 当前价格 8.76元 《旭日之城》流水创新高，游戏业务稳健增长 合理价值 15.0元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-21 ⚫ 公司发布2023年年报：2023年实现收入59.62亿元，yoy+24.06%， [相Tab对le_P市icQ场uote表] 现 其中游戏业务收入 44.97 亿元，yoy+26.5%；计算机业务实现收入 14.65亿元，yoy+17.1%。公司整体毛利率为62.73%，yoy+2.34pct， 40% 26% 其中游戏业务毛利率为71%，同比提升3.61pct，游戏业务23年毛利 12% 率同比提升幅度显著。公司整体实现归母净利润 8.87 亿元， -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 yoy+63.72%，归母净利率为14.88%，其中游戏业务的净利润为11.0 -16% 亿元，净利率为25%，yoy+3. ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 神州泰岳(300002)公司点评报告 2024年04月23日 [T营able收_Tit利le] 润创新高，新品上线有望推动增长 [Table_Inves 买t] 入|维持 ——神州泰岳(300002) 2023 年年报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报。 52周最高/最低价（元）： 15.51 / 8.16 A股流通股（百万股）： 1819.19 点评： A股总股本（百万股）： 1961.09  2023年公司营收及归母利润创同期新高，费用率控制成效显著 流通市值（百万元）： 15972.52 2023 年，公司实现营收 59.62 亿元，同比增加 24.06%；实现归母净利润 总市值（百万元）： 17218.39 8.87 亿元，同比增加 63.84%；扣非后归母净利润 8.29 亿元，同比提升 [过Ta去bl一e_年Pic股Q价uo走te]势 85.77%，营业收入和归母净利润均创同期新高。费用端看，2023年，公司 23% ...

] y r t s u d n I _ e l b a T [ [ 神Ta 州bl 泰e_ 岳T （itl 3e 0] 0 002）2023年报点评 公 司 游戏、AI业务双轮驱动，业绩创新高 研 挖掘价值 投资成长 究 [Table_Rank] / 增持 （维持） 互 联 2024 年 04 月 23 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报。2023年公司实现营收59.62亿元（yoy+24.06%）， 证券分析师：陈子怡 证书编号：S1160522070002 实现归母净利润8.87亿元（yoy+63.84%）；2023Q4公司实现营收19.11 证券分析师：潘琪 亿元（yoy+21.67%），实现归母净利润3.24亿元（yoy+104.55%）。 证书编号：S1160524040001  长线运营能力瞩目，储备新游H2有望上线。2023年，公司游戏业务 联系人：潘琪 电话：021-23586487 实现收入 44.97 亿元（ ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 5.96 billion yuan, a year-over-year increase of 24%, and a net profit attributable to shareholders of 889 million yuan, up 64% year-over-year [1][2]. - The gaming segment, particularly the core product "Sunrise City," set new records, while the AI business saw substantial revenue growth [1]. - The report projects revenue for 2024 and 2025 to be 6.97 billion yuan and 8.09 billion yuan, respectively, with year-over-year growth rates of 17% and 16% [2]. Financial Performance Summary - **Revenue**: 2023 revenue was 5.96 billion yuan, with a year-over-year growth of 24.1%. Forecasts for 2024 and 2025 are 6.97 billion yuan and 8.09 billion yuan, respectively [2]. - **Net Profit**: The net profit for 2023 was 889 million yuan, reflecting a 63.7% increase year-over-year. Expected net profits for 2024 and 2025 are 1.10 billion yuan and 1.28 billion yuan [2]. - **Earnings Per Share (EPS)**: EPS for 2023 was 0.45 yuan, with projections of 0.56 yuan and 0.65 yuan for 2024 and 2025 [2]. - **Valuation Metrics**: The report assigns a target price range of 11.25 to 13.28 yuan based on a 20x price-to-earnings (PE) ratio for the gaming business [1][3]. Business Segment Analysis - **Gaming Business**: Generated 4.5 billion yuan in revenue for 2023, with a year-over-year growth of 27%. The flagship game "Sunrise City" contributed significantly to this growth, achieving a revenue of 3.15 billion yuan, up 42% year-over-year [1]. - **Computer Business**: Revenue reached 1.47 billion yuan, a 17% increase year-over-year, driven by stable growth in ICT operations and cloud services [1]. - **AI Business**: The AI subsidiary, Dingfu Intelligent, reported revenue of 140 million yuan, a remarkable 114% increase year-over-year, primarily due to the expansion of smart telemarketing and collection services [1].