研报掘金丨东吴证券：世纪华通以创新持续推动品类突破，首予“买入”评级

Core Viewpoint - Century Huatong is positioned as a leader in mobile game globalization, driven by innovation and high growth [1] Group 1: Company Overview - Century Huatong's subsidiary, Diandian Interactive, has gained extensive global marketing, community operation, and publishing experience through the agency distribution of KingsGroup's hit games, "King of Avalon" and "Gunfire Reborn" [1] - The company has transitioned from agency publishing to self-research and self-publishing from 2019 to 2022, employing a multi-track "trial and error" approach to expand its game categories and solidify its methodologies [1] Group 2: Growth Strategy - The company has clarified its positioning and strategy, believing that a mature framework can reduce development costs and trial risks for new projects, thereby improving product ROI [1] - Century Huatong is deeply engaged in the global market, continuously iterating and expanding its game categories, with the dual hit games validating its framework and marking its entry into a new growth phase [1] Group 3: Financial Projections - Comparable companies are projected to have average P/E ratios of 31.6, 19.7, and 17.3 times for the years 2025 to 2027 respectively [1] - The company is expected to gradually release profits as the user acquisition phase for its hit games concludes, while continuing to drive category breakthroughs through innovation [1] - The initial coverage of the company has been rated as "Buy" [1]