心动公司：实现扭亏，新游驱动业绩超预期增长

Investment Rating - Buy (Maintained Rating) [1] Core Views - The company achieved a turnaround in 2024H1, with revenue expected to reach 2.18-2.23 billion yuan, a year-on-year increase of 24.4%-27.2%, and net profit expected to be 220-270 million yuan, a year-on-year increase of 114%-162.7% [2] - New games, particularly Departure, Muffin and Heartbeat Town, drove significant growth in the gaming business, with Departure, Muffin maintaining a top 10 position on the iOS game bestseller list in mainland China for most of its first month [2] - TapTap platform is expected to benefit from the launch of new games, with Departure, Muffin and Heartbeat Town driving user growth, as both games are exclusive to TapTap on Android [2] Financial Performance and Projections - Revenue for 2024/2025/2026 is projected to be 4.97/5.68/6.34 billion yuan, with net profit attributable to the parent company expected to be 505/664/764 million yuan [3] - The current stock price corresponds to a PE ratio of 20.28/15.42/13.4X for 2024/2025/2026 [3] - Revenue growth rates for 2024/2025/2026 are projected at 46.61%, 14.25%, and 11.73%, respectively, with net profit growth rates at 708.09%, 31.53%, and 15.05% [5] Key Financial Metrics - Gross margin improved significantly, reaching 62.9% in 2024E, up from 53.5% in 2022A [6] - ROE (Return on Equity) is expected to rise to 22.81% in 2024E, compared to -29.31% in 2022A [5] - Operating cash flow per share is projected to increase to 1.83 yuan in 2024E, up from -0.68 yuan in 2022A [5] Game Performance and Strategy - Departure, Muffin achieved 1.97 million downloads on TapTap with a rating of 7.1, while Heartbeat Town reached 19.87 million downloads with a rating of 8.7 [2] - The company's strategy for Heartbeat Town focuses on user accumulation in the early stages, with expectations of increased revenue as user acquisition progresses [2] - TapTap is expected to benefit from the launch of major games like DNF Mobile, Eternal Calamity Mobile, and Zenless Zone Zero in 2024 [2]