Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.0 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [4][14]. Core Insights - The company reported a revenue of 5.962 billion CNY for 2023, representing a year-over-year increase of 24.06%. The gaming segment generated 4.497 billion CNY, up 26.5% year-over-year, while the computer business achieved 1.465 billion CNY, growing by 17.1% [2][8]. - The overall gross margin for the company was 62.73%, an increase of 2.34 percentage points year-over-year, with the gaming segment's gross margin reaching 71%, up 3.61 percentage points [2][8]. - The net profit attributable to shareholders was 888 million CNY, reflecting a significant year-over-year growth of 63.72%, with a net profit margin of 14.88% [2][8]. - The company expects continued revenue growth driven by its main games, "Age of Origins" and "War and Order," with projected revenues of 6.85 billion CNY, 7.722 billion CNY, and 8.32 billion CNY for 2024, 2025, and 2026, respectively [14][21]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 5.962 billion CNY, with a gross margin of 62.73% and a net profit of 888 million CNY [2][8]. - The fourth quarter of 2023 saw a revenue of 1.911 billion CNY, a year-over-year increase of 21.7% and a quarter-over-quarter increase of 36.7% [8][12]. Gaming Business - The primary game "Age of Origins" saw record revenue in Q4 2023, with a monthly average revenue of approximately 39.4 million USD, indicating a strong growth trajectory [12][14]. - The company is focusing on the international expansion of its gaming business, particularly in the SLG (Simulation and Strategy Game) segment, with new titles expected to launch in the second half of 2024 [14][21]. Computer Business - The computer business segment is evolving towards productization and internationalization, leveraging ICT operations and information security as its technological foundation [2][14]. - The company is also developing AI collection and cloud services, which are expected to improve overall business performance [14][21].

[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% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7][11]. Core Insights - The company has demonstrated strong long-term operational capabilities, with its gaming business achieving a revenue of 4.497 billion yuan, reflecting a year-on-year growth of 26.51%. The company plans to launch two new games in overseas markets in H2 2024, which are expected to contribute to revenue growth [2][7]. - The software and information technology services segment has also shown continuous growth, with revenue reaching 1.465 billion yuan, a year-on-year increase of 17.08%. The company has been actively developing its digital technology base, evidenced by the filing of 90 patents and the authorization of 92 patents during the reporting period [2][7]. - The company reported a total revenue of 5.962 billion yuan for 2023, marking a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 888 million yuan, up 63.84% year-on-year [2][7]. Financial Performance Summary - Revenue for 2023: 5.962 billion yuan, with a growth rate of 24.06% [8]. - Net profit for 2023: 888 million yuan, with a growth rate of 63.84% [8]. - Q4 2023 revenue: 1.911 billion yuan, with a year-on-year growth of 21.67% [2]. - Q4 2023 net profit: 324 million yuan, with a year-on-year growth of 104.55% [2]. - Forecasted revenue for 2024-2026: 7.064 billion yuan (2024), 8.074 billion yuan (2025), and 8.992 billion yuan (2026) [7][8]. - Forecasted net profit for 2024-2026: 1.048 billion yuan (2024), 1.216 billion yuan (2025), and 1.355 billion yuan (2026) [7][8].

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].

[Table_Title] 证券研究报告 神州泰岳(300002.SZ)年报点评：营收及净利 公司研究 润均创历史新高，新品预计 24H2 海外上线 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年4月19日 神州泰岳(300002.SZ) [T事ab件le：_神Su州mm泰ar岳y]于 2024年4月18日发布2023年度报告，公司全年实现营 投资评级 业收入59.62亿元，同比增长24.06%；实现归母净利润8.87亿元，同比增 上次评级 长63.84%，扣非归母净利润8.29亿元，同比增长85.77%。 点评： [T[aT冯balb翠el_e婷A_uA tu传htoh媒ro]r互 ] 联网及海外 首席分析 ➢ 公司营收及净利润全面创历史新高。公司全年实现营业收入59.62亿 师 元，同比增长24.06%，创历史新高；实现归母净利润8.87亿元，同 执业编号：S1500522010001 比增长63.84%，扣非归母净利润8.29亿元，同比增长85.77%，均创 邮 箱：fengcuiting@cindasc.com 历史新高。单拆23Q4，公司实现营业收入 ...

[Table_Header] 公司点评●游戏 II 2024年 04 月19 日 [Table_Title] [Table_StockCode] 神州泰岳(300002.SZ) 老游稳健运营，新游上线或推动增长 [Table_InvestRank] 推荐 (维持) --公司 2023 年报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023年度报告：2023年公司实现营业收入 59.62亿元，同比 [岳Ta铮b le_Authors] ：010-8092-7630 增长 24.06%；归属于上市公司股东的净利润 8.87亿元，同比增长 63.84%；扣 ：yuezheng_yj@chinastock.com.cn 非归母净利润 8.29亿元，同比增长 85.77%。其中，2023 第四季度实现营业收 分析师登记编码：S0130522030006 入 19.11亿元，同比增长 21.67%；归母净利润 3.24亿元，同比增长 104.55%； 扣非归母净利润 2.92亿元，同比增长 160.45%。 研究助理 祁天睿 ：010-8092-7603 ⚫ 出海老游表现亮眼，增 ...

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 [2][23]. 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 of 889 million yuan, up 64% year-over-year [2][3]. - The gaming segment, particularly the core product "Age of Origins," set new records, contributing to a net profit that slightly exceeded market expectations [2]. - The artificial intelligence business showed substantial growth, with revenue from the subsidiary Dingfu Intelligent reaching 140 million yuan, a year-over-year increase of 114% [2]. Financial Performance Summary - Total revenue for 2023 was 5.96 billion yuan, with a year-over-year growth of 24.1% [3]. - The net profit attributable to shareholders was 889 million yuan, reflecting a year-over-year growth of 63.7% [3]. - The company forecasts revenue of 6.98 billion yuan for 2024, representing a year-over-year growth of 17% [3]. - The projected net profit for 2024 is 1.10 billion yuan, with a year-over-year growth of 24.3% [3]. - The earnings per share (EPS) for 2023 was 0.45 yuan, expected to rise to 0.56 yuan in 2024 [3]. Business Segment Analysis - **Gaming Business**: Generated 4.5 billion yuan in revenue for 2023, with a year-over-year increase of 27%. The gross margin improved to 71.1%, up 3.6 percentage points year-over-year [2]. - **Computer Business**: Achieved revenue of 1.47 billion yuan, a year-over-year increase of 17%. The AI segment is expected to continue its growth trajectory into 2024 [2]. Valuation and Price Target - The report sets a target price range for the company's stock between 11.25 and 13.28 yuan, based on a price-to-earnings (P/E) ratio of 20x for the gaming business [2][5].

神州泰岳20240418 全文概要 该会议讨论了神州泰岳2023年的财务表现、业务板块成绩以及 未来发展战略。神州泰岳2023年营收达到59.62亿元，同比增 长24.06%,净利润8.87亿元，同比增长63.84%,扣非净利润 8.29亿元，同比增长85.77%。基本每股收益0.4550元，同比 增长60.14%。游戏业务是公司收入的主要来源，实现44.97亿 元的收入，同比增长26.51%,软件业务也有所增长，收入为14.65 亿元，同比增长17.08%。 公司的游戏业务因精品策略和长线运营战略实现显著增长，核心 产品《旭日之城》和《战火与秩序》季度环比增长，充值流水分 别达到9.26亿元和2.90亿元。计算机业务方面，云服务和 Al 领域的快速发展带来了营收增长和结构调整的成果，特别是与亚 马逊云合作，服务超过400家中国出海企业，并计划提供更多增 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's core game revenue reached a new high, driven by the strong performance of "Age of Origins" and "War and Order" [5] - AI-related businesses and new games are expected to drive long-term growth [5] - The company's 2023 revenue was 5.962 billion yuan, a year-on-year increase of 24.06%, with net profit attributable to shareholders reaching 887 million yuan, up 63.84% year-on-year [5] - Gross margin improved to 62.73%, and net margin increased to 14.88% due to cost-saving measures and improved operational efficiency [5] - The company's long-term operational capabilities were validated, with "Age of Origins" generating 3.154 billion yuan in revenue and "War and Order" generating 1.135 billion yuan [6] - Two new SLG games, one with a sci-fi theme and the other with a civilization theme, are expected to be launched overseas in 2024, further driving growth [6] - AI technology is being applied across the company's businesses, including game development and intelligent debt collection, which is expected to contribute to rapid revenue growth [7] Financial Performance and Projections - 2023 Q4 revenue was 1.911 billion yuan, up 21.67% year-on-year, with net profit attributable to shareholders reaching 324 million yuan, up 105.25% year-on-year [5] - The company's 2024-2026 net profit is projected to be 1.073 billion yuan, 1.249 billion yuan, and 1.474 billion yuan, respectively, with EPS of 0.55 yuan, 0.64 yuan, and 0.75 yuan [5] - The current P/E ratio is 16.0x for 2024, 13.8x for 2025, and 11.7x for 2026 [5] - Revenue is expected to grow by 19.0% in 2024, 15.2% in 2025, and 13.2% in 2026 [8] - Net profit is projected to grow by 21.0% in 2024, 16.4% in 2025, and 18.0% in 2026 [8] - Gross margin is expected to remain stable, with slight increases from 63.0% in 2024 to 64.4% in 2026 [8] Business Segments - The company's game business continues to perform well, with "Age of Origins" and "War and Order" maintaining high revenue levels [6] - The company is leveraging AI tools to improve game development efficiency and reduce costs, while also enhancing the user experience [7] - The "Taiyue Xiaocui" platform has been upgraded to "Taiyue Zhihu," focusing on intelligent sales and debt collection, which is expected to drive growth in AI-related businesses [7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - In 2023, the company achieved a record high performance with revenue of 5.962 billion yuan, a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 887 million yuan, up 63.84% year-on-year [1]. - The gaming business showed significant improvement with a revenue of 4.497 billion yuan, a 26.51% increase year-on-year, and a net profit of 1.105 billion yuan, growing 44.46% year-on-year [1]. - The company is set to launch two new SLG games overseas in 2024, which are expected to drive further growth in the gaming sector [2]. - The AI/ICT operations management business saw a revenue increase of 20.08% year-on-year, with innovative business revenue growing by 45.10% [2]. - The company is focused on enhancing its core AI technologies, with the "Taiyue Xiaocui" platform significantly improving operational efficiency for collection agencies [2]. Financial Overview - The company reported a total revenue of 5.962 billion yuan in 2023, with a year-on-year growth rate of 24.1% [3]. - The net profit attributable to shareholders for 2023 was 887 million yuan, reflecting a year-on-year growth of 63.8% [3]. - The projected revenues for 2024, 2025, and 2026 are 7.035 billion yuan, 8.091 billion yuan, and 9.062 billion yuan respectively, with corresponding net profits of 1.003 billion yuan, 1.191 billion yuan, and 1.353 billion yuan [3][11]. - The company's P/E ratios for the next three years are projected to be 18x, 15x, and 13x respectively [2]. Business Segments - The gaming segment is expected to continue its growth trajectory with the successful performance of existing titles and the introduction of new games [1][2]. - The software and information technology services segment is expanding, particularly in ICT operations management and cloud services, contributing to overall revenue growth [2]. - The company is leveraging its AI capabilities to enhance service offerings, particularly in the financial sector, which is expected to drive future revenue [2].