Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit of 11.7 billion yuan, 13.6 billion yuan, and 15.7 billion yuan for the years 2024-2026, corresponding to PE ratios of 15x, 13x, and 11x respectively. The core products are performing steadily, and the software service business is contributing to performance elasticity and potential new growth points [3][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 30.5 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 6.3 billion yuan, up 56.2% year-on-year. The second quarter alone saw revenue of 15.6 billion yuan, a year-on-year increase of 8.5%, and a net profit of 3.4 billion yuan, up 48.7% year-on-year [5] - The company's game products generated revenue of 24.3 billion yuan in the first half of 2024, a year-on-year increase of 12.0%, with a gross margin of 72.9%, an increase of 2.7 percentage points from the previous year [5] Business Strategy - The company is focusing on a long-term development strategy through its subsidiary, Kemu Games, which emphasizes high-quality SLG game products and collaboration between R&D and distribution. The main products include "Age of Origins," "War and Order," and "Infinite Galaxy," with a customer base spanning over 150 countries and regions [5] - The company has two upcoming SLG fusion games, "Dreamland" and "LOA," expected to launch overseas in the second half of 2024, both developed using the Unity3D engine [5] Earnings Forecast - The company anticipates revenue growth rates of 14%, 13%, and 13% for its software and information technology services from 2024 to 2026, with a stable gross margin of 30%. For its gaming business, revenue growth rates are expected to be 16%, 15%, and 15% during the same period, with a stable gross margin of 72% [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company is expected to achieve continuous high growth in performance, driven by optimized user acquisition and the launch of new products [1][3] - Revenue for 2024 is projected to reach 69.36 billion yuan, with a year-on-year increase of 16.33% [3] - The net profit for 2024 is estimated at 1,188.67 million yuan, reflecting a growth of 34.0% compared to 2023 [3] Financial Summary - **Revenue Forecasts**: - 2022A: 4,806.01 million yuan - 2023A: 5,962.24 million yuan - 2024E: 6,936.13 million yuan - 2025E: 7,987.33 million yuan - 2026E: 9,023.66 million yuan [1][3] - **Net Profit Forecasts**: - 2022A: 541.89 million yuan - 2023A: 887.18 million yuan - 2024E: 1,188.67 million yuan - 2025E: 1,314.66 million yuan - 2026E: 1,450.61 million yuan [1][3] - **Earnings Per Share (EPS)**: - 2022A: 0.28 yuan - 2023A: 0.45 yuan - 2024E: 0.61 yuan - 2025E: 0.67 yuan - 2026E: 0.74 yuan [1][3] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 31.58 - 2023A: 19.29 - 2024E: 14.40 - 2025E: 13.02 - 2026E: 11.80 [1][3] - **Price-to-Book (P/B) Ratio**: - 2022A: 3.54 - 2023A: 2.97 - 2024E: 2.51 - 2025E: 2.15 - 2026E: 1.85 [1][3] Key Investment Points - The company has shown a strong performance in the gaming sector, with continuous revenue growth and improved user acquisition efficiency [1][3] - The company plans to launch two new games by the end of the year, which are expected to contribute positively to revenue growth [1][3] - The gaming revenue is projected to account for 73.75% of total revenue in 2024H1, indicating a strong focus on this segment [1][3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant increase in net profit and an increase in overseas revenue contribution, with a total revenue of 3.053 billion yuan for the first half of 2024, representing a year-on-year growth of 15.04%. The overseas revenue grew by 22.76% to 2.549 billion yuan, accounting for 83.5% of total revenue, an increase of 5.25 percentage points year-on-year [6][10] - The gaming business showed strong performance with a revenue of 2.426 billion yuan, up 12.03% year-on-year, and a gross margin increase to 72.86%. The core products, such as "Age Of Origins," saw a revenue increase of 21.43% to 1.789 billion yuan [6][10] - The software and IT services segment also grew, with a revenue of 627 million yuan, up 28.41%, contributing 20.53% to total revenue. The company has a strong R&D capability, with 361 patents filed in the AI field [6][10] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a net profit of 631 million yuan, a year-on-year increase of 56.18%, with a non-recurring net profit of 618 million yuan, up 61.60%. In Q2 2024, revenue was 1.564 billion yuan, a growth of 8.53%, and net profit was 336 million yuan, up 48.73% [6][10] - The company expects revenues of 7.118 billion yuan, 8.689 billion yuan, and 10.067 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.080 billion yuan, 1.347 billion yuan, and 1.553 billion yuan for the same years [10][11] Product Performance - The gaming segment's revenue is projected to grow from 5.360 billion yuan in 2024 to 7.535 billion yuan in 2026, with a gross margin of approximately 71.14% [8][10] - The company is set to launch new self-developed games, "Code LOA" and "Code DL," in 2024, which are expected to contribute to future revenue growth [6][10] Valuation and Forecast - The company is valued at a dynamic PE of 20-23 times for 2024, corresponding to a reasonable price range of 11.00-12.65 yuan per share [6][10] - The expected EPS for 2024, 2025, and 2026 is 0.55 yuan, 0.69 yuan, and 0.79 yuan respectively, indicating a strong growth trajectory [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.58 CNY [1] Core Views - The company's 2024 interim report shows strong performance, with total revenue of 3.053 billion CNY, up 15.04% YoY, and net profit attributable to shareholders of 631 million CNY, up 56.18% YoY [3] - The company's game business, particularly the core product "Age of Origins," drove revenue growth, with game business revenue reaching 2.426 billion CNY, up 12.03% YoY, and a gross margin of 72.86% [3] - The subsidiary Shellwood Games saw a significant increase in net profit margin, reaching 33.9%, up 8.6 percentage points YoY, due to increased revenue and reduced promotion expenses [3] - Non-game business revenue grew 34.5% YoY to 627 million CNY, driven by new cloud service clients, but overall gross margin declined by 9.5 percentage points due to lower-margin cloud business [3] - Sales expense ratio dropped significantly to 18.02%, down 8.43 percentage points YoY, reflecting improved cost control [3] Financial Forecasts - Revenue is expected to grow 12% in 2024 to 6.651 billion CNY, with net profit attributable to shareholders projected at 1.183 billion CNY, up 33% YoY [4] - For 2025 and 2026, revenue is forecasted to grow 10% and 7% respectively, reaching 7.347 billion CNY and 7.888 billion CNY, with net profit growing 9% and 16% respectively [4] - The company's P/E ratio is expected to be 14x, 13x, and 11x for 2024, 2025, and 2026 respectively, based on current market valuation [4] Key Financial Metrics - The company's EPS is projected to be 0.60 CNY, 0.65 CNY, and 0.76 CNY for 2024, 2025, and 2026 respectively [1] - ROE is expected to remain strong at 17%, 16%, and 16% for 2024, 2025, and 2026 respectively [1] - The company's net profit margin is forecasted to improve to 17.78%, 17.47%, and 18.86% for 2024, 2025, and 2026 respectively [7] Business Highlights - The company's core game product "Age of Origins" achieved revenue of 1.789 billion CNY in H1 2024, up 21.5% YoY, while promotion expenses decreased by 24.3% [3] - A new game, "Dreamland," is under development with a cumulative development expenditure exceeding 35 million CNY and is expected to be completed by October 2024 [3] - The company's operating cash flow in H1 2024 was 590 million CNY, up 48.97% YoY, reflecting strong cash generation capabilities [3]

Investment Rating - The report maintains a "Buy" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company's performance is impressive, with a double-digit growth in Q2 2024. For H1 2024, revenue reached 3.053 billion yuan, a year-on-year increase of 15.04%, and net profit attributable to shareholders was 631 million yuan, up 56.18% year-on-year [1] - The gaming business shows stable performance from older products, while new products are set to launch in the second half of the year [1] - AI-enabled computer business and contributions from IoT and innovative services are driving additional revenue growth [1] - The company is expected to achieve net profits of 1.186 billion yuan, 1.343 billion yuan, and 1.525 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.60, 0.68, and 0.78 yuan [2][1] Financial Performance - In H1 2024, the gaming segment generated revenue of 2.426 billion yuan, a year-on-year increase of 12.03%. The older product "City of the Rising Sun" contributed 1.789 billion yuan, up 21.43% year-on-year [1] - The computer business achieved revenues of 543 million yuan, 20 million yuan, and 45 million yuan from AI/ICT operations, IoT/communications, and innovative services respectively, with year-on-year growth rates of 27.06%, 107.96%, and 43.71% [1] - The company’s operating expenses for H1 2024 were 18.02%, 16.36%, and 6.33% for sales, management, and R&D respectively, showing a mixed trend compared to the previous year [1] Future Outlook - The company plans to launch two new games in the overseas market by the end of the year, which are expected to support long-term growth [1] - The report forecasts a steady increase in revenue and profit margins, with a projected revenue of 7.071 billion yuan for 2024, reflecting an 18.59% year-on-year growth [2][8]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 11.16 CNY, corresponding to an 18x PE ratio [7][10]. Core Insights - The company reported a revenue of 3.053 billion CNY for the first half of 2024, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 631 million CNY, up 56.18% year-on-year [2]. - The gaming and ICT business segments continue to show strong growth, with significant optimization in sales expense ratios [3][4]. Financial Performance - The company's gross margin stood at 62.31%, with a net profit margin of 20.67%, benefiting from effective cost control. The sales expense ratio decreased to 18.02%, a reduction of 8.43 percentage points year-on-year [3]. - The gaming segment generated revenue of 2.426 billion CNY, a 12.03% increase year-on-year, while the ICT operations management revenue surged by 27.06% to 543 million CNY [4]. Business Segments - The subsidiary, Kemu Games, achieved a revenue of 2.427 billion CNY, with a net profit increase of 50.11% year-on-year. The main games, "Age of Origins" and "War and Order," showed stable performance [5]. - The company expects revenue growth of 16.2%, 14.9%, and 11.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 37.5%, 13.9%, and 13.3% for the same periods [6]. Valuation Metrics - The total market capitalization is approximately 15.877 billion CNY, with a circulating market cap of 14.729 billion CNY. The stock price as of August 26, 2024, was 8.09 CNY [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 CNY, 0.71 CNY, and 0.80 CNY, respectively [6][11].

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：2024-005 | --- | --- | --- | |----------------|---------------|-------------| | | □特定对象调研 | □分析师会议 | | | | □业绩说明会 | | 投资者关系活动 | | | | | | □路演活动 | | 类别 | | | | | | | ☑其他 电话会议 | --- | |--------------------------------------------------------| | 安信基金、北京国际信托、诺昌投资、志开投资、财信证券、 | | 创金合信基金、大成基金、德邦证券、东北证券、东方证券、 | | 东吴证券、东兴基金、方正富邦基金、方正证券、耕霁投资、 | | 光大保德信基金、正圆私募基金、广发基金、广发证券、国 | | 海证券、国金证券、国联证券、国盛证券、国泰君安、国元 | | 证券、鸿盛私募基金、新物种私募基金、海通证券、杭银理 | | 财、鸿运私募基金、华创证券、华福证券、华泰保兴基金、 | ...

[Table_Main] 证券研究报告 | 公司点评 神州泰岳(300002.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：传媒/游戏Ⅱ 当前价格(元)：8.09 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 王晶晶 资格编号：S0120524080001 邮箱：wangjj5＠tebon.com.cn 市场表现 神州泰岳 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 1.12 | -2.88 | -5.72 | | 相对涨幅(%) | 3.62 | 1.60 | 1.98 | 资料来源：德邦研究所，聚源数据 相关研究 1.《神州泰岳 2023 及 24Q1 业绩点评： 核心产品流水基本盘稳定，深耕 SLG 出海打造护城河》，2024.5.10 2.《23 ...

传媒/游戏Ⅱ 净利率提升驱动业绩大增，关注后续新游戏上线 神州泰岳（300002.SZ） 2024 年 08 月 27 日 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 ——公司信息更新报告 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 神州泰岳 沪深300 -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 业绩大幅增长，盈利能力或持续 提升—公司信息更新报告》-2024.4.24 《核心游戏流水创新高，AI 业务与新 游驱动长期成长—公司信息更新报 告》-2024.4.19 《2023 业绩大增，验证游戏长生命周 期—公司信息更新报告》-2024.1.11 | --- | --- | |--------------------|------------| | 日期 | 2024/8/26 | | 当前股价(元) | 8.09 | | 一 ...

证券代码：300002 证券简称：神州泰岳 公告编号：2024-043 北京神州泰岳软件股份有限公司 关于"质量回报双提升"行动方案的公告 作为民营高新技术企业，神州泰岳始终将创新作为驱动业务发展的源动力。 截至 2024 年 6 月 30 日，公司已申请专利 1698 项，授权专利 982 项，申请软件 著作权 1994 项。在软件和信息技术服务领域，公司是国家企业技术中心，承担 了"核高基"、"新一代无线宽带"、"工业互联网创新发展工程"等国家重大科技课 题及专项。在手机游戏领域，公司以工程化创新的战术和持续探索的勇气，构筑 产业竞争的护城河。公司深耕 SLG 赛道，并在题材、玩法和美术风格上持续"微 创新"，同时也是业内较早将 AIGC 类工具引入产品创作流程的手游厂商。 创新驱动神州泰岳持续成长。2021-2023 年，公司归母净利润复合增长率达 到 51.82%；2024 年上半年，公司营业收入 30.53 亿元，同比增长 15.04%；归母 净利润 6.31 亿元，同比增长 56.18%。 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 ...