神州泰岳：游戏与ICT业务增势仍足，销售费用率优化显著

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 11.16 CNY, corresponding to an 18x PE ratio [7][10]. Core Insights - The company reported a revenue of 3.053 billion CNY for the first half of 2024, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 631 million CNY, up 56.18% year-on-year [2]. - The gaming and ICT business segments continue to show strong growth, with significant optimization in sales expense ratios [3][4]. Financial Performance - The company's gross margin stood at 62.31%, with a net profit margin of 20.67%, benefiting from effective cost control. The sales expense ratio decreased to 18.02%, a reduction of 8.43 percentage points year-on-year [3]. - The gaming segment generated revenue of 2.426 billion CNY, a 12.03% increase year-on-year, while the ICT operations management revenue surged by 27.06% to 543 million CNY [4]. Business Segments - The subsidiary, Kemu Games, achieved a revenue of 2.427 billion CNY, with a net profit increase of 50.11% year-on-year. The main games, "Age of Origins" and "War and Order," showed stable performance [5]. - The company expects revenue growth of 16.2%, 14.9%, and 11.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 37.5%, 13.9%, and 13.3% for the same periods [6]. Valuation Metrics - The total market capitalization is approximately 15.877 billion CNY, with a circulating market cap of 14.729 billion CNY. The stock price as of August 26, 2024, was 8.09 CNY [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 CNY, 0.71 CNY, and 0.80 CNY, respectively [6][11].