神州泰岳(300002)：老游戏运营稳健 关注新游周期及AI产品落地表现

Core Insights - The company reported a revenue of 4.068 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.86% [1] - The net profit attributable to shareholders was 724 million yuan, down 33.77% year-on-year, primarily due to the high base from the previous year when a lawsuit receivable of 245 million yuan was recovered [1] - The company has a strong pipeline of new SLG games, with two titles, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing and expected to contribute positively to revenue [2] - The company is expanding its AI product offerings, including the avavox intelligent voice robot, which aims to enhance customer satisfaction and engagement [3] - Revenue projections for 2025-2027 are 5.65 billion, 7.04 billion, and 7.49 billion yuan, with corresponding growth rates of -12.5%, 24.7%, and 6.37% [4] Financial Performance - Revenue for Q3 2025 was 1.384 billion yuan, a decrease of 5.29% year-on-year [1] - The net profit for Q3 2025 was 215 million yuan, reflecting a significant decline of 53.55% year-on-year [1] - The company’s operating costs, management fees, and financial expenses increased quarter-on-quarter, contributing to the decline in net profit despite a slight revenue increase [1] Game Development and Pipeline - The company has two new SLG games, "Stellar Sanctuary" and "Next Agers," which are in the final stages of commercialization testing in the US market [2] - The Chinese versions of these games have received domestic game licenses and are planned for release in China [2] - Additional SLG games are expected to launch from late this year to the second quarter of next year, indicating a robust pipeline [2] AI Product Development - The company is developing three AI vertical products aimed at specific industries, including the avavox intelligent voice robot for B-end clients [3] - The avavox product offers quick setup and on-demand billing for high-frequency usage scenarios [3] - A global elite partner program has been launched to expand the AI voice digital employee market [3] Revenue and Profit Forecast - The company anticipates revenue of 5.65 billion yuan in 2025, with a projected decline of 12.5% [4] - Net profit is expected to be 1.09 billion yuan in 2025, with a year-on-year decrease of 24.0% [4] - The company is rated as "Accumulate" based on its core game contributions and the potential of new game launches and AI products [4]