智通财经网·2025-10-20 03:59Group 1 - The core viewpoint of the report highlights the robust growth of NetDragon's gaming business, particularly the strong long-term operational capabilities of the "Magic Domain" IP series, supported by AI production centers that enhance cost efficiency and gaming experience [1] - The company is expected to achieve revenue of 4.86 billion, 5.31 billion, and 5.84 billion CNY, and net profits of 450 million, 650 million, and 830 million CNY for the years 2025 to 2027 [1] - The report assigns a target price of 16.7 HKD for 2025, based on a valuation of 18x PE, and initiates coverage with a "Buy" rating [1] Group 2 - The company is strategically investing in multiple lines within AI technology and the broader entertainment sector, including a partnership with Zhongke Wenge to develop AI models and applications outside mainland China [2] - In 2023, NetDragon invested 20 million USD in Rokid and signed a five-year strategic cooperation agreement to enhance the interaction between high-quality education and gaming with Rokid's hardware ecosystem [2] - The company is positioning itself in the group broadcasting sector by holding a 46% stake in Hangzhou ShuaiKu Network Technology, which is a leading international MCN agency with over 700 million fans and significant monthly engagement [2]