神州泰岳 20250513 摘要 • 神州泰岳 2024 年归母净利润增长超 60%至 14.28 亿元，营收增长 8.22%至 64.52 亿元，主要得益于游戏业务，特别是策略类手游（SLG） 的持续表现和长线运营，如《旭日之城》上线五年流水持续增长。 • 公司坚持出海战略，核心用户为北美玩家，并进行微创新和题材创新，计 划年底至明年初推出三款新的 SLG 游戏，包括城建末日题材和冰雪末日题 材，以满足市场需求。 • 国内政策面偏暖，版号发放常态化，鼓励文化出海，有助于提升行业及上 市公司估值。公司将继续加强海外服务业务线，包括云服务与跨境数据流 量服务，为中国企业提供支持。 • AI 技术显著影响公司业务，游戏美术方面，2D 制作成本降低 40%，3D 制作成本降低 20%。软件业务线则侧重于创造 AI 工具，如"开小催"人 机对话工具，并强调 AI 与云业务紧密结合，为出海企业提供深度服务。 • 公司在游戏美术方面引入 AI 技术，减少对外包依赖，推动业务模式转型。 软件业务线则希望将项目制软件服务转变为线上、产品化、可定制的订阅 式服务，云业务和 AI 技术加速了这一进程。 神州泰岳近年来业绩表现优异 ...

神州泰岳 20250506 摘要 • 神州泰岳 2024 年游戏营收 46.62 亿元，海外收入占比超 50%，《旭日 之城》和《战火与秩序》分别贡献 34 亿元和 10 亿元营收。2025 年一季 度营收 13.23 亿元，归母净利润 3.29 亿元，为上市以来第二高一季度业 绩，但同比略降，因去年同期流水达峰值。 • 公司计划下半年大规模推广代号 DL 和 LVA 的两款 SLG 手游，年底至明年 二季度陆续推出三款 SLG 新游，发行节奏加快至一年五款。坚持 SLG 长 线运营战略，预期新游带来中长期稳定营收和利润。 • 服务器集群业务持续改善，去年实现盈亏平衡，预计今年向好。自然之木 云业务和 AI 业务融合，提供云上 AI 服务，有望成为新的增长点。云业务 核心是帮助中国企业出海，已服务超过 300 家中国出海企业。 • 国家鼓励游戏出海政策直接促进业务发展，改善行业整体看法，提高市场 Beta 值。政策细化明确利好手游产业，提升市场对行业估值的信心。公司 关注美国裁决允许绕过苹果 iOS 商店充值，有望减少成本，提高盈利能力。 • 手游产业链利益分配可能重构，利好出海游戏厂商，利润分配将更偏向厂 ...

Group 1 - The core viewpoint highlights the significant growth and investment interest in the Artificial Intelligence ETF, which has reached a new high in scale and liquidity, indicating strong market confidence in the AI sector [3][4] - The Artificial Intelligence ETF has recorded a turnover of 3.06% during trading, with a transaction volume of 106 million yuan, and its latest scale has reached 3.403 billion yuan, marking a one-year high [3] - Over the past seven trading days, the Artificial Intelligence ETF has seen net inflows on four occasions, totaling 232 million yuan, with an average daily net inflow of approximately 33.08 million yuan [3] Group 2 - Leverage funds are increasingly being allocated to the Artificial Intelligence ETF, with the latest margin buying amounting to 18.716 million yuan and the latest margin balance reaching 132 million yuan [3] - The Guangdong provincial government has issued measures to stimulate market vitality and accelerate the construction of a modern industrial system, emphasizing the development of AI applications in various sectors [3] - The recent political bureau meeting underscored the investment value of the computer industry, particularly in the AI sector, indicating government support and signaling new development opportunities in AI, robotics, and other related fields [3]

Market Overview - The Shanghai Composite Index is at 3305.11 points, above the annual line, with an increase of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Annual Line - A total of 233 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Jinkai Biological Science and Technology (10.11%) - Disen Power (9.84%) - Hanbo High-tech (8.84%) [1] Stock Performance Details - The top stocks with their respective performance metrics are as follows: - Jinkai Biological: Price increased by 10.32%, turnover rate 13.55%, latest price 33.02 yuan [1] - Disen Power: Price increased by 10.04%, turnover rate 1.77%, latest price 4.93 yuan [1] - Hanbo High-tech: Price increased by 9.42%, turnover rate 3.54%, latest price 15.33 yuan [1] - Other notable stocks include: - Jiashitang (9.97%, 3.57%, 13.13 yuan) - Sanmu Group (9.94%, 7.78%, 3.54 yuan) [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Yongqing Environmental Protection - Dongjian Technology - Aishide [1]

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a 60.92% increase year-on-year [2]. - The gaming business continues to show stable growth, with the main mobile games generating significant revenue, while new games are expected to contribute to future performance [3]. - The software and IT services segment also demonstrated stable growth, integrating advanced technologies such as AI and IoT into its offerings [4]. Financial Performance Summary - In 2024, the company reported a revenue of 64.52 billion yuan, with a year-on-year growth of 8.22%, and a net profit of 14.28 billion yuan, up 60.92% year-on-year [2]. - For Q1 2025, the company recorded a revenue of 1.323 billion yuan, a decrease of 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]. Business Segment Performance - The gaming segment, particularly through its subsidiary Shellwood Games, ranked 9th globally among mobile game publishers in 2024, with significant revenue contributions from established titles [3]. - The software and IT services segment generated revenues of 1.478 billion yuan from AI/ICT, 133 million yuan from IoT/communications, and 150 million yuan from innovative services, showing year-on-year growth rates of 20.53%, 62.30%, and 27.05% respectively [4]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.67 yuan, 0.75 yuan, and 0.81 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16, 15, and 14 [5].

Group 1 - The company achieved significant growth in 2024, with operating revenue of 6.452 billion yuan (up 8.22% year-on-year) and net profit attributable to shareholders of 1.428 billion yuan (up 60.92% year-on-year) [1] - In Q1 2025, the company reported operating revenue of 1.323 billion yuan (down 11.07% year-on-year, down 31.74% quarter-on-quarter) and net profit attributable to shareholders of 239 million yuan (down 19.09% year-on-year, down 28.53% quarter-on-quarter) [1] - The company is optimistic about new game launches and AI-related business driving future growth, maintaining a "buy" rating [1] Group 2 - The company plans to increase promotional investment for new games, which are currently in the commercialization testing phase overseas, with potential for significant revenue growth upon domestic launch [2] - Both new games have received domestic game licenses and will be launched in app and mini-program versions, further expanding growth opportunities [2] Group 3 - The company's software and information technology services business generated revenue of 1.790 billion yuan in 2024 (up 22.21% year-on-year), with AI/ICT operations contributing 1.478 billion yuan (up 20.53% year-on-year) [3] - The company has developed various industry solutions leveraging Amazon's cloud technology and generative AI products, enhancing its service offerings [3] - The commercial progress of the Taiyue Zhihua platform continues, with AI technology increasingly integrated into the company's products and services [3]

近日，神州泰岳对外发布了2024年全年财务报告。 报告显示，公司全年实现总营业收入64.52亿元，同比稳健增长8.22%；归属于母公司股东的净利润达14.28亿元，同比飙升60.92%。这一亮眼的盈利表现 主要得益于公司实施的精准营销策略，有效控制了市场推广支出，优化了整体成本结构，从而显著提升了利润率水平。 | | 2024 年 | 2023 年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 6,452,399,099.15 | 5.962,244,473.08 | 8.22% | 4.806,013.816.09 | | 归属于上市公司股东的净利润(元) | 1.427.670.670.61 | 887,180,309.72 | 60.92% | 541.476.100.89 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 1,146,504,663.41 | 829.080.678.58 | 38.29% | 446,295,695.34 | | 经营活动产生的现金流量净额(元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue of 64.52 billion yuan, representing a year-on-year increase of 8.22%. The net profit attributable to the parent company was 14.28 billion yuan, up 60.92% year-on-year [4] - The company is expected to continue its growth trajectory driven by new game launches and AI-related business developments [4][5] - The first quarter of 2025 saw a decline in revenue and net profit, attributed to the maturity of core game products and adjustments in marketing strategies [4][5] Financial Summary - Revenue for 2024 is projected at 64.52 billion yuan, with a year-on-year growth of 8.22%. The net profit for 2024 is expected to be 14.28 billion yuan, reflecting a 60.92% increase [4] - The company forecasts net profits of 13.60 billion yuan, 15.03 billion yuan, and 16.62 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69, 0.77, and 0.85 yuan [4] - The company's gross margin is expected to be around 62.3% in 2025, with a net margin of 18.6% [8][9] Game Development and AI Integration - The company has launched two new games overseas, "Stellar Sanctuary" and "Next Agers," which are currently in the commercialization testing phase. These games are expected to enhance user engagement and revenue streams [5] - The AI/ICT operations management business generated 14.78 billion yuan in revenue in 2024, marking a year-on-year increase of 20.53% [6] - The integration of AI into products and services is becoming a significant growth engine for the company, with ongoing development of various industry solutions [6]