Ultrapower(SZ:300002) AVIC Securities·2024-09-09 03:02Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Views - The company has shown impressive performance in H1 2024, with revenue reaching 3.053 billion yuan, a year-on-year increase of 15.04%, and a net profit attributable to shareholders of 631 million yuan, up 56.18% year-on-year [2][3]. - The dual business model of "Games + Computer" is driving high growth, positioning the company as a leader in the digital economy [2]. - The gaming segment is focusing on domestic strategy games and global market distribution, contributing significantly to revenue [2][3]. - The AI and ICT management business is expanding, with a focus on natural language processing (NLP) technology, enhancing operational efficiency across various sectors [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.053 billion yuan, with a net profit of 631 million yuan, reflecting a net profit margin of 20.41%, an increase of 5.44 percentage points year-on-year [2]. - The gaming business generated revenue of 2.426 billion yuan, a year-on-year increase of 12.03%, primarily driven by the success of the game "Age of Origins" [2][3]. - The AI/ICT management business reported revenue of 543 million yuan, up 27.06% year-on-year [2]. Business Segments - The gaming segment is expected to launch two new SLG games in the second half of the year, which could enhance revenue streams [3]. - The computer business, particularly the "Taiyue Smart Call" platform, is gaining traction, improving productivity and efficiency for B-end clients [3]. Future Outlook - The company anticipates continued growth in net profit, projecting 1.128 billion yuan for 2024, 1.328 billion yuan for 2025, and 1.529 billion yuan for 2026, with corresponding EPS of 0.57, 0.68, and 0.78 yuan [4].