姚记科技：游戏流水波动致业绩阶段性下滑，主业有望稳健发展

Investment Rating - The report maintains a "Buy" rating for the company [5][8][12]. Core Views - The company reported a revenue decline of 18.65% year-on-year for the first half of 2024, with total revenue reaching 1.908 billion yuan and a net profit of 284 million yuan, down 30.29% year-on-year [3][5]. - The company's poker business remains stable, while overseas gaming operations show significant growth. However, revenue declines in digital marketing and gaming segments have contributed to the overall revenue drop [5][6]. - Despite the revenue decline, the gross profit margins for all business segments improved, indicating potential for recovery [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.908 billion yuan, a decrease of 18.65% year-on-year. The net profit was 284 million yuan, down 30.29% year-on-year, with a non-recurring net profit of 269 million yuan, down 32.05% [3][5]. - For Q2 2024, revenue was 927 million yuan, a decline of 19.96% year-on-year, and net profit was 133 million yuan, down 36.30% year-on-year [3][5]. Business Segments - The gaming business generated 513 million yuan in revenue, a decrease of 27.28% year-on-year, accounting for 26.90% of total revenue. Domestic gaming revenue declined due to high base effects from H1 2023, while overseas gaming revenue saw substantial growth [5][6]. - The poker business reported revenue of 491 million yuan, down 4.72% year-on-year, benefiting from improved pricing and sales structure, with a gross margin increase of 4.4 percentage points to 30.45% [5][6]. - Digital marketing revenue was 879 million yuan, down 20.29% year-on-year, representing 46.03% of total revenue, with a slight gross margin increase [5][6]. Future Outlook - The company is expected to achieve net profits of 630 million yuan and 740 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 12.9 and 10.9 [5][6]. - The company is focusing on enhancing its competitive edge in the casual gaming sector and expanding its poker production capacity, which is anticipated to increase market share [5][6].