恺英网络：深度研究报告：深耕游戏细分领域，构建海外发行网络

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company is a leader in the gaming industry, focusing on its core business and has shown a significant recovery in performance. The new management team has rich experience in the gaming and legal sectors, leading to improved internal governance and a return to growth in gaming operations [1][12] - The company reported a revenue of 2.555 billion yuan in the first half of 2024, representing a year-on-year growth of 29.28%, and a net profit attributable to shareholders of 809 million yuan, up 11.72% year-on-year [1][20] - The mobile gaming segment has been the primary revenue source, consistently contributing over 80% of total revenue from 2021 to 2023, with a strong focus on the domestic market [1][24] Summary by Sections Company Overview - The company has established a diversified product matrix by focusing on R&D, publishing, investment, and IP, and has formed strategic partnerships with institutions for creative and aesthetic support [12][14] - The company's stock structure is decentralized, with the largest shareholder holding approximately 14.77% of the shares, indicating a diversified governance model [14][15] - The management team possesses extensive industry experience and a strong educational background, contributing to effective decision-making [17][18] Industry Overview - The gaming market is gradually recovering, with a notable increase in user spending and a growing user base, reaching 674 million gamers in China by mid-2024 [34][36] - The IP market is regaining momentum, and the gaming industry is actively pursuing international expansion, supported by government initiatives to promote cultural exchange [38] Competitive Advantages - The company has a strong market presence and has received multiple awards for its influence and value in the gaming sector, indicating a solid reputation [1][12] - The company is leveraging AIGC technology to enhance its R&D capabilities and has established a comprehensive VR ecosystem, positioning itself for future growth [2][12] Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 5.050 billion yuan, 5.913 billion yuan, and 6.880 billion yuan, respectively, with net profits expected to reach 1.833 billion yuan, 2.426 billion yuan, and 2.643 billion yuan [2][4] - The current price-to-earnings ratios for 2024-2026 are 11.3, 8.5, and 7.8, indicating a favorable valuation compared to peers [2][4]