恺英网络：产品及IP储备丰富，海外发行初显成效

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.21 CNY per share, compared to the current price of 8.74 CNY [5]. Core Insights - The company reported a revenue of 2.555 billion CNY for the first half of 2024, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million CNY, up 11.72% year-on-year, while the net profit excluding non-recurring items was 801 million CNY, an increase of 18.55% [3][4]. - The company has a rich reserve of IP resources and game products, with upcoming titles expected to contribute to revenue growth. Notable upcoming games include "Douluo Dalu: Zhu Xie Chuan Shuo" and "About My Reincarnation as a Slime: New World" [3]. - The company is actively expanding its overseas market, achieving significant growth in overseas revenue, which reached 126 million CNY in the first half of 2024, a year-on-year increase of 334.95% [3]. Financial Summary - Revenue projections for 2024-2026 are 5.396 billion CNY, 6.478 billion CNY, and 7.334 billion CNY, with year-on-year growth rates of 25.6%, 20.1%, and 13.2% respectively [4]. - The net profit attributable to shareholders is expected to be 1.753 billion CNY, 2.224 billion CNY, and 2.538 billion CNY for 2024-2026, with growth rates of 19.9%, 26.9%, and 14.1% respectively [3][4].