Ultrapower(SZ:300002) Caixin Securities·2024-09-01 07:01Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company is expected to achieve continuous high growth in performance, driven by optimized user acquisition and the launch of new products [1][3] - Revenue for 2024 is projected to reach 69.36 billion yuan, with a year-on-year increase of 16.33% [3] - The net profit for 2024 is estimated at 1,188.67 million yuan, reflecting a growth of 34.0% compared to 2023 [3] Financial Summary - Revenue Forecasts: - 2022A: 4,806.01 million yuan - 2023A: 5,962.24 million yuan - 2024E: 6,936.13 million yuan - 2025E: 7,987.33 million yuan - 2026E: 9,023.66 million yuan [1][3] - Net Profit Forecasts: - 2022A: 541.89 million yuan - 2023A: 887.18 million yuan - 2024E: 1,188.67 million yuan - 2025E: 1,314.66 million yuan - 2026E: 1,450.61 million yuan [1][3] - Earnings Per Share (EPS): - 2022A: 0.28 yuan - 2023A: 0.45 yuan - 2024E: 0.61 yuan - 2025E: 0.67 yuan - 2026E: 0.74 yuan [1][3] - Price-to-Earnings (P/E) Ratio: - 2022A: 31.58 - 2023A: 19.29 - 2024E: 14.40 - 2025E: 13.02 - 2026E: 11.80 [1][3] - Price-to-Book (P/B) Ratio: - 2022A: 3.54 - 2023A: 2.97 - 2024E: 2.51 - 2025E: 2.15 - 2026E: 1.85 [1][3] Key Investment Points - The company has shown a strong performance in the gaming sector, with continuous revenue growth and improved user acquisition efficiency [1][3] - The company plans to launch two new games by the end of the year, which are expected to contribute positively to revenue growth [1][3] - The gaming revenue is projected to account for 73.75% of total revenue in 2024H1, indicating a strong focus on this segment [1][3]