神州泰岳(300002)：静待新游大规模推广后进展

Core Viewpoint - The company reported a significant decline in net profit for Q3 2025, primarily due to a high profit base from the previous quarter and a decrease in gaming revenue and net profit [1][3] Financial Performance - In Q3 2025, the company achieved operating revenue of 1.384 billion yuan, a year-on-year decrease of 5.29% and a quarter-on-quarter increase of 1.7% [1] - The net profit attributable to shareholders was 215 million yuan, down 53.55% year-on-year [1] - The non-recurring net profit was 208 million yuan, a year-on-year decrease of 3.20% and a quarter-on-quarter decrease of 20.6% [1] - For the first three quarters of 2025, the company reported total operating revenue of 4.068 billion yuan, a year-on-year decline of 9.86% [1] Gaming Business - Existing games like "Age of Origins" and "War and Order" have seen a decline in revenue but still show resilience [2] - The company has several new "SLG+X" products in the pipeline, including "DL" and "LOA," which have received approval for domestic release [2] - The revenue decline from new games is expected to impact short-term performance, but future product releases may drive growth [2] AI Product Development - The company launched the AI voice digital employee product OurWorks in July, targeting cost reduction for small and medium enterprises [3] - The product's international version was launched in October, focusing on B2B users, with revenue growth expected to develop over time [3] - Q4 is anticipated to see seasonal growth in the computer business, potentially improving overall revenue and profit [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025-2027 to 960 million, 1.4 billion, and 1.61 billion yuan, reflecting a decrease of 16.46%, 17.92%, and 20.63% respectively [4] - Based on relative valuation, the target price for 2026 is set at 16.37 yuan, corresponding to a PE ratio of 23 times [4] - The company maintains a "buy" rating despite the adjustments in profit forecasts [4]