三七互娱：Q2净利率回升，多次分红回馈投资者

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported H1 2024 revenue of 9.23 billion, a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 1.26 billion, up 3.2% year-on-year [2] - The strong performance in mobile games, particularly from mini-program games, is expected to continue driving growth [3] - The company has a robust pipeline with 25 reserve products, including 8 self-developed and 15 for overseas distribution, covering various genres [3] Revenue Analysis - H1 mobile game revenue reached 8.96 billion, a 19.8% increase year-on-year, driven by successful titles like "Seeking the Great Thousand" and "Soul Chapter" [2] - Domestic revenue contributed significantly, with 6.33 billion from the domestic market, up 33.8% year-on-year, while overseas revenue was 2.90 billion, down 4.3% [2] - Q2 revenue was 4.48 billion, reflecting a 12.2% year-on-year growth, although it showed a sequential decline of 5.65% due to a high base from the previous year [2] Profitability Analysis - The net profit margin for H1 2024 was 13.7%, a decrease of 1.9 percentage points year-on-year, primarily due to increased sales expenses [2] - Q2 saw a reduction in sales expense ratio, leading to a recovery in net profit margin, which increased by 3.2 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.21 yuan per share for H1 2024, totaling 0.42 yuan per share for the year [2] Future Outlook - Continued growth is anticipated from mini-program games, with a competitive edge established by successful titles [3] - The company is actively integrating AI into game development and operations, which is expected to enhance future growth [3] - Profit forecasts for 2024-2026 are 2.56 billion, 3.39 billion, and 3.65 billion respectively, with corresponding P/E ratios of 11.3, 8.1, and 7.6 [3]