三七互娱(002555)：新征途、新起点、新三七

Group 1 - The company is expected to maintain steady growth in performance due to strong issuance capabilities and a rich reserve of new games, with projected P/E ratios for 2025 and 2026 at 14.9x and 13.5x, respectively, below the industry average of 26x and 17x, maintaining a "strong buy" investment rating [1] - The company has successfully transitioned from simple product exports to deep localized operations, achieving significant success in global markets with its flagship product "Puzzles & Survival," which combines innovative gameplay and precise regional strategies [1] - The company has established a diverse product matrix covering various genres such as SLG, MMO, card games, and simulation management, implementing differentiated operational strategies for different regional markets, providing strong momentum for overseas business growth [1] Group 2 - The domestic mini-program game market has experienced explosive growth, with a projected scale of nearly 40 billion in 2024 and a compound annual growth rate of 143.77% from 2021 to 2024, positioning the company as a leader in this space with successful products like "Seeking the Dao of the Universe" and "Time Explosion" [2] - The company has built a complete mini-game ecosystem by leveraging its "research and operation integration" advantage, creating a refined operational model that includes user acquisition, community operation, and cross-industry collaboration [2] - The company has innovated a monetization model that combines in-app purchases and advertising, successfully balancing user expansion and maximizing commercial value, making mini-program games a key driver of revenue growth [2] Group 3 - The domestic SLG mobile game market continues to grow, with a high growth rate of 33.3% expected in the first half of 2025, presenting opportunities for innovative products despite high concentration among leading products [3] - The company has solidified its core advantages in SLG through a "self-research + co-research" model, establishing a dedicated studio for SLG development and deep partnerships with quality development partners [3] - The company has a reserve of 10 SLG products by the first half of 2025, exploring both classic 4X SLG advantages and innovative gameplay such as "survival building + SLG," benefiting from category growth [3] Group 4 - The company has maintained steady revenue growth, with projected revenue of 17.44 billion in 2024, reflecting a year-on-year increase of 5.4%, and a significant improvement in profit with a 49.24% year-on-year increase in net profit attributable to shareholders in Q3 2025 [4] - The company emphasizes shareholder returns, with a total dividend and repurchase amount of 2.3 billion in 2024 and a quarterly dividend plan for 2025, having already implemented approximately 1.386 billion in dividends in the first three quarters, resulting in a dividend rate of about 59% [4] - The company projects revenues of 16.36 billion, 19.17 billion, and 20.63 billion for 2025 to 2027, with corresponding year-on-year growth rates of -6%, 17%, and 8%, and net profits of 3.06 billion, 3.37 billion, and 3.69 billion, with P/E ratios of 14.9x, 13.5x, and 12.4x, indicating undervaluation and potential for valuation recovery [4]