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中航证券:给予浙数文化买入评级

Core Viewpoint - The report indicates that Zhejiang Shuju Culture (浙数文化) has a solid fundamental base, with growth opportunities in AI and consumer sectors, leading to a "buy" rating for the stock [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.414 billion yuan, a year-on-year increase of 0.09%, and a net profit attributable to shareholders of 377 million yuan, a significant increase of 156.26% year-on-year [2]. - The gross profit margin for the first half of 2025 was 55.67%, down 7.13 percentage points year-on-year, while the net profit margin was 26.27%, up 17.24 percentage points year-on-year [2][4]. - For Q2 2025, the company reported revenue of 708 million yuan, a decrease of 3.66% year-on-year, but the net profit attributable to shareholders surged by 386.45% to 234 million yuan [2][3]. Business Segments - The online gaming operation generated revenue of 706 million yuan in the first half of 2025, reflecting a year-on-year increase of 9.02%. However, digital marketing services, technical information services, and online social business saw revenue changes of +13.92%, -9.49%, and -52.54% respectively [3]. Profitability Analysis - The overall expense ratio for the first half of 2025 was 39.09%, a decrease of 4.29 percentage points year-on-year, with a sales expense ratio of 11.68%, down 8.12 percentage points due to reduced marketing expenses [4]. - The financial performance indicates that while the gross profit margin has decreased, the net profit margin has improved significantly, suggesting a strong bottom line despite some pressures on revenue growth [4]. Market Sentiment - Over the past 90 days, 11 institutions have rated the stock, with 10 giving a "buy" rating and 1 an "accumulate" rating. The average target price from these institutions is 16.15 yuan [7].