此事项目前对公司经营的影响较小。 证券时报网讯，神州泰岳(300002)在互动平台表示，公司的产品自智专家系统（Ultra-AIS）已完成 DeepSeek接入，在产品功能上提升了竞争力，主要体现在系统的智能理解和响应能力、自然语言处理 的准确度，以及用户的交互体验。 ...

e公司讯，神州泰岳(300002)在互动平台表示，公司的产品自智专家系统（Ultra-AIS）已完成DeepSeek 接入，在产品功能上提升了竞争力，主要体现在系统的智能理解和响应能力、自然语言处理的准确度， 以及用户的交互体验。 此事项目前对公司经营的影响较小。 ...

Financial Performance - Total revenue for 2024 reached CNY 645,192.62 million, an increase of 8.21% compared to the previous year[5] - Operating profit was CNY 164,960.46 million, reflecting a growth of 56.82% year-over-year[5] - Net profit attributable to shareholders was CNY 144,032.45 million, up 62.35% from the prior year[5] - Basic earnings per share increased to CNY 0.7379, a rise of 62.18% compared to the previous year[5] Assets and Equity - Total assets at the end of the reporting period were CNY 815,221.87 million, a growth of 19.84% year-over-year[8] - Shareholders' equity attributable to the company was CNY 702,524.14 million, up 21.87% from the previous year[8] Non-Recurring Gains - The company achieved non-recurring gains of CNY 280 million, primarily from recovered litigation funds and government subsidies[7] Market Position and Strategy - The company maintained a stable dollar interest rate and exchange rate, contributing positively to performance as an export-oriented enterprise[6] - The gaming business, particularly titles like "Age of Origins" and "War and Order," continued to rank highly in revenue among Chinese game developers[6] - The company is focused on becoming a leading digital economy enterprise with continuous innovation capabilities and a global layout strategy[6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8][15]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.381 to 1.491 billion yuan for the year 2024, representing a year-on-year increase of 55.7% to 68.1% [2]. - The growth in 2024 is primarily driven by the improvement in profit margins of core gaming products, stable growth in AI ICT business, and contributions from non-recurring gains [2]. - The company has initiated a "2+2" new product strategy, focusing on two SLG and two non-SLG games, with new titles already launched for testing [8]. - The computer business is expected to continue its steady growth, and the company is actively exploring AI-related opportunities [8]. - The revenue forecast for 2024-2026 has been adjusted, with expected revenues of 6.38 billion, 7.69 billion, and 8.83 billion yuan respectively [8]. Financial Data and Profit Forecast - Total revenue for 2023 is reported at 5.962 billion yuan, with a projected revenue of 6.377 billion yuan for 2024, reflecting a growth rate of 6.9% [4]. - The net profit attributable to shareholders is expected to be 1.439 billion yuan in 2024, with a year-on-year growth rate of 62.2% [4]. - The earnings per share (EPS) for 2024 is projected to be 0.73 yuan, with a slight increase to 0.74 yuan in 2025 [4]. - The gross profit margin is expected to be around 60.5% in 2024, slightly decreasing in subsequent years [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with a forecasted net profit attributable to shareholders ranging from 1.381 to 1.491 billion yuan, representing a year-on-year increase of 55.66% to 68.06% [4] - The strong performance is driven by successful products such as "Age of Origins" and "War and Order," along with stable growth in ICT operations and cloud services [4][5] - New games are being launched overseas, with expectations for sustained revenue growth due to their long lifecycle and effective marketing strategies [5] - The integration of AI across various business lines is anticipated to further enhance growth potential [6] Financial Summary - The company forecasts revenue growth from 5.962 billion yuan in 2023 to 7.094 billion yuan in 2024, reflecting a year-on-year increase of 19.0% [7] - The net profit attributable to shareholders is projected to grow from 887 million yuan in 2023 to 1.374 billion yuan in 2024, indicating a year-on-year increase of 54.9% [7] - The gross margin is expected to improve from 62.7% in 2023 to 63.0% in 2024, while the net margin is projected to rise from 14.9% to 19.4% [7][11] - The company’s earnings per share (EPS) is forecasted to increase from 0.45 yuan in 2023 to 0.70 yuan in 2024 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is 17.0 for 2024, decreasing to 14.3 by 2026 [7] - The price-to-book (P/B) ratio is projected to decline from 4.0 in 2023 to 2.3 in 2026 [7] - The return on equity (ROE) is expected to be 19.5% in 2024, slightly decreasing to 16.5% by 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.381 to 1.491 billion yuan in 2024, representing a year-on-year growth of 55.66% to 68.06% [1] - The software and information technology services business is experiencing stable growth, driven by innovation and the integration of AI capabilities into various product lines [3] Financial Performance - The company forecasts a net profit of 1.420 billion yuan for 2024, with an EPS of 0.72 yuan, corresponding to a PE ratio of 16 [4] - Revenue is projected to grow from 5.962 billion yuan in 2023 to 6.621 billion yuan in 2024, reflecting a year-on-year increase of 11.05% [6] - The company’s net profit is expected to grow significantly, with a forecast of 1.420 billion yuan in 2024, 1.445 billion yuan in 2025, and 1.688 billion yuan in 2026 [4] Business Segments - The gaming segment is performing well, with mature products like "Age of Origins" and "War and Order" showing strong revenue performance, and new products like "Stellar Sanctuary" and "LOA" starting commercialization overseas [2] - The software business is stable, with growth in ICT operations, information security, cloud services, and IoT, supported by innovative AI-driven products [3]

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.85 CNY and a fair value of 15.98 CNY [4]. Core Insights - The company's gaming revenue performance is outstanding, significantly releasing profits. Major products like "Age of Origins" and "War and Order" continue to rank high in the revenue charts for Chinese game developers overseas. The company is expected to see substantial growth in net profit for 2024, with estimates ranging from 1.38 billion to 1.49 billion CNY, representing a year-on-year increase of 55.66% to 68.06% [8]. - The software and information technology revenue is also on the rise, with stable growth in ICT operations and information security, alongside advancements in cloud services and IoT. The integration of AI is anticipated to drive revenue and improve profitability [8]. - The company maintains a strong focus on the SLG overseas market, with new games expected to contribute to revenue growth. The financial forecasts for 2024-2026 predict revenues of 64.02 billion CNY, 73.92 billion CNY, and 84.80 billion CNY, with respective growth rates of 7.4%, 15.5%, and 14.7% [8]. Financial Summary - Revenue projections for the company are as follows: - 2022: 4,806 million CNY - 2023: 5,962 million CNY (growth rate: 24.1%) - 2024: 6,402 million CNY (growth rate: 7.4%) - 2025: 7,392 million CNY (growth rate: 15.5%) - 2026: 8,480 million CNY (growth rate: 14.7%) [3]. - The forecasted net profit for the company is: - 2024: 1,427 million CNY - 2025: 1,431 million CNY - 2026: 1,646 million CNY [3]. - The company's earnings per share (EPS) is projected to be: - 2024: 0.73 CNY - 2025: 0.73 CNY - 2026: 0.84 CNY [3].

Financial Projections - The estimated net profit for 2024 is projected to be between 138,100.00 million and 149,100.00 million RMB, representing a year-on-year growth of 55.66% to 68.06% compared to 88,718.03 million RMB in the previous year[3]. - The net profit after deducting non-recurring gains and losses is expected to be between 109,800.00 million and 120,800.00 million RMB, reflecting a growth of 32.44% to 45.70% from 82,908.07 million RMB in the same period last year[3]. Performance Drivers - The growth in net profit is attributed to the strong performance of key gaming products like "Age of Origins" and "War and Order," which rank high in the revenue charts for Chinese game developers abroad[6]. - The software and IT services segment has shown stable growth in ICT operations and information security, with significant advancements in cloud services and IoT[6]. - The stable USD interest rates and exchange rates have positively impacted the company's performance as an export-oriented enterprise, contributing to interest income and foreign exchange gains[6]. Non-Recurring Gains - The company achieved non-recurring gains of 280 million RMB, primarily from recovered litigation funds and government subsidies[6]. Commitment to Innovation - The company emphasizes its commitment to innovation and enhancing the core competitiveness of its products and services[6]. Financial Reporting - The financial data presented is preliminary and has not been audited by the accounting firm, with detailed financials to be disclosed in the 2024 annual report[7].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [4][7]. Core Insights - The company is positioned as a multi-faceted player in the industry, with gaming as its core business, supported by ICT, IoT, and AI developments. The gaming segment is expected to drive significant revenue growth, particularly with the launch of new games [6][9]. - The company has a strong competitive advantage due to its extensive experience in the SLG gaming sector, which has led to the sustained success of its flagship games, "War and Order" and "Age of Z Origins" [6][9]. - The report highlights the potential of new games, "Leap of Ages" and "Starlit Eden," which are expected to attract a broader audience and contribute to revenue growth [9][134]. Summary by Sections Company Overview - The company has evolved from an ICT giant to a diversified player in multiple sectors, including gaming, IoT, and AI, since its establishment in 2001 [20][22]. - The gaming business has become the core revenue driver, with mobile games accounting for over 79% of total revenue as of H1 2024 [22][33]. Financial Analysis - The company has shown consistent revenue growth, with a projected increase in operating income from 5,962 million RMB in 2023 to 8,617 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12.93% [5][34]. - The net profit attributable to shareholders is expected to grow from 887 million RMB in 2023 to 1,662 million RMB in 2026, with a significant growth rate of 63.72% in 2023 [5][34]. Gaming Business - The gaming segment is characterized by a strong performance of existing titles and the anticipated success of new releases. The company has successfully launched games that have maintained long-term popularity and revenue stability [9][94]. - The report emphasizes the strategic importance of international markets for growth, as domestic competition intensifies [76][79]. AI and ICT Business - The company has been actively developing its AI capabilities, particularly in NLP, which has shown promising commercial applications in debt collection and telemarketing [68][75]. - The ICT business remains robust, with a focus on providing comprehensive IT solutions across various sectors, including telecommunications and finance [40][44]. Profitability and Valuation - The report projects a stable gross margin of over 60% and a return on equity (ROE) that is expected to reach 19.41% by 2024 [34][134]. - The current price-to-earnings (P/E) ratio is projected to decrease from 25.51 in 2024 to 13.62 in 2026, indicating an attractive valuation relative to expected earnings growth [5][134].

Company and Industry Summary Company Overview - The company is involved in the gaming industry, with a focus on both domestic and international markets. It has recently launched new products and is in the process of commercializing them. [1][2] Key Points Product Launch and Performance - The company has two new games, DL and LOA, which began commercialization in late December. Initial expectations for revenue from these games are cautious, as they are still in the early stages of market entry. [1][2] - The performance of existing products remains stable, with consistent revenue streams observed in November and December. [1] Marketing and Investment Strategy - Recent marketing expenditures have not significantly changed compared to the previous quarter, indicating a stable approach to customer acquisition. [3] - The company is monitoring the competitive landscape in overseas markets, with no major adverse factors affecting overall marketing trends. [4] Domestic Market Plans - The company plans to launch its first game, DL, in the domestic market by the second half of 2025, focusing on smaller cities where demand for HOT products is strong. [5] - There is an expectation of increasing product launch frequency, with one to two larger products anticipated annually moving forward. [5] Computer Business Outlook - The computer business is expected to maintain stability, with no significant expansion anticipated. However, there are efforts to improve profitability through enhanced cloud services. [6][7] - The company has a strategic focus on deepening cloud service offerings to existing clients, which is expected to improve profit margins over time. [8] AI and Future Developments - The company has been proactive in AI development, launching its self-developed NLP-based model, which aims to reduce labor costs in game development. [9][10] - Future AI initiatives will focus on collaboration with cloud service providers and enhancing service offerings to existing clients. [10][11] Personnel and Organizational Structure - The company has approximately 2,200 employees, with a significant portion dedicated to operations related to telecommunications. [14] - There is no immediate pressure for personnel expansion in the gaming sector, and recent stock sales by executives do not indicate any forthcoming pressure on the company. [13][15] Conclusion - The company is positioned to maintain steady growth in both gaming and computer services, with strategic plans for product launches and market expansion. The focus on AI and cloud services is expected to enhance profitability and operational efficiency in the coming years. [12][16]