恺英网络：收入延续高增，现金流回收较好

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [1][9]. Core Insights - The company reported a total revenue of 2.555 billion yuan for the first half of 2024, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million yuan, up 11.72% year-on-year [4]. - The company has a strong cash flow, with net cash generated from operating activities reaching 923 million yuan, a significant increase of 63.17% year-on-year [4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, with a total dividend payout of approximately 213 million yuan for the 2023 fiscal year [4]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 5.230 billion yuan in 2024 to 6.616 billion yuan in 2026, with year-on-year growth rates of 22%, 15%, and 10% respectively. Net profit is expected to increase from 1.642 billion yuan in 2024 to 2.249 billion yuan in 2026, with growth rates of 12%, 18%, and 16% [1][6]. - Earnings Per Share (EPS): - EPS is forecasted to rise from 0.76 yuan in 2024 to 1.04 yuan in 2026 [1][6]. - Valuation Metrics: - The current market price is 8.71 yuan, with corresponding P/E ratios of 11x for 2024, 10x for 2025, and 8x for 2026 [1][6]. - Revenue Breakdown: - Mobile game revenue reached 2.095 billion yuan, growing 23.42% year-on-year, while information services revenue surged 76.59% to 397 million yuan, with a high gross margin of 88.9% [5]. - Cost and Margin Analysis: - The overall gross margin slightly decreased to 82.01%, primarily due to lower margins in mobile games and information services [5]. - New Product Pipeline: - The company has a rich pipeline of new games, including titles based on popular IPs, which are expected to drive future growth [5]. - Sales and Marketing Expenses: - Sales expenses increased significantly, with a sales expense ratio of 37.5%, reflecting the company's strategy to expand its market presence [5].