三七互娱：流水整体稳健，业绩持续改善，连续季度高分红

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q2 2024 revenue of 4.482 billion (up 12.16% year-on-year, down 5.65% quarter-on-quarter) and a net profit attributable to shareholders of 648 million (up 43.63% year-on-year, up 5.25% quarter-on-quarter) [5][6]. - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, totaling 466 million, which accounts for approximately 72% of the Q2 net profit [5][6]. - The company continues to leverage its advantages in the mini-game sector, with stable performance from existing games and a quarter-on-quarter increase in overseas game revenue [6][8]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.482 billion, with a year-on-year increase of 12.16% and a quarter-on-quarter decrease of 5.65%. The net profit attributable to shareholders was 648 million, reflecting a year-on-year increase of 43.63% and a quarter-on-quarter increase of 5.25% [5][6]. - The company’s non-recurring net profit was 659 million, up 47.99% year-on-year and 6.93% quarter-on-quarter [5]. Dividend Policy - The company proposed a cash dividend of 2.1 yuan per 10 shares, amounting to 466 million, which represents about 72% of the net profit for Q2 [5][6]. Market Position and Product Pipeline - The company maintains a strong competitive position in the mini-game sector, with its product "Seeking the Way to the Universe" ranking high on the WeChat mini-game sales list [6][8]. - The company has launched several new overseas games in H1 2024, contributing to a quarter-on-quarter increase in overseas revenue, which reached approximately 2.9 billion, up from 2.78 billion in H2 2023 [7][8]. - The new game "Time Grocery Store" has been performing well, consistently ranking in the top 50 of iOS bestsellers [8]. Profit Forecast - The company is expected to achieve net profits of 2.64 billion and 3.04 billion in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 11.5 and 10.0 [8].