智通财经网·2025-09-17 00:53Core Viewpoint - Citic Securities maintains a "buy" rating for NetDragon (00777), projecting growth in the gaming business and recovery in Mynd.ai following tariff policy implementation, with a target price of HKD 16 for 2025 [1] Group 1: Financial Performance - The company is expected to achieve a revenue of HKD 2.38 billion in mid-2025, with an adjusted net profit of HKD 280 million after excluding impairment losses and one-time employee severance compensation [1] - The gaming and application services segment is projected to generate revenue of HKD 1.74 billion in the first half of 2025, with a gross margin of 86.2% [1] - Sales, management, and R&D expenses have decreased by 4.6%, 14.0%, and 22.4% year-on-year, indicating significant optimization [1] Group 2: Earnings Forecast - Citic Securities forecasts EPS for 2025, 2026, and 2027 to be HKD 0.64, HKD 1.10, and HKD 1.82 respectively [2] - The gaming and application services business is expected to generate a net profit of HKD 690 million in 2025, with a valuation of HKD 6.19 billion based on a 9x PE ratio [2] - Mynd.ai is projected to have a revenue of HKD 1.72 billion in 2025, with a valuation of HKD 900 million based on a 0.7x PS ratio [2] Group 3: Strategic Developments - The company has made significant advancements in the technology and AI sectors, including a strategic partnership between its subsidiary Chuangqi and Zhongke Wenge to promote AI models and applications outside mainland China [3] - Recent investments in AI edge device companies have led to the successful launch of a new generation of AI glasses, marking a key breakthrough in the consumer market [3]