恺英网络：Q3业绩超预期，产品储备丰富

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [1]. Core Insights - The company reported Q3 earnings that exceeded expectations, with a total revenue of 3.928 billion yuan, representing a year-on-year growth of 30.33% [1]. - The net profit attributable to the parent company for Q3 was 471 million yuan, an increase of 31.52% year-on-year, with a non-recurring net profit of 480 million yuan, up 32.53% [1]. - The company has a rich product pipeline, including titles such as "Tomb Raider: Journey," "Douluo Dalu: The Legend of the Evil," and others, which are expected to drive future growth [1]. Financial Performance Summary - Revenue Forecasts: - 2022A: 3,726 million yuan - 2023A: 4,295 million yuan (15% growth) - 2024E: 5,482 million yuan (28% growth) - 2025E: 6,140 million yuan (12% growth) - 2026E: 6,631 million yuan (8% growth) [1][2] - Net Profit Forecasts: - 2022A: 1,025 million yuan - 2023A: 1,462 million yuan (43% growth) - 2024E: 1,598 million yuan (9% growth) - 2025E: 1,820 million yuan (14% growth) - 2026E: 2,146 million yuan (18% growth) [1][2] - Earnings Per Share (EPS): - 2023A: 0.96 yuan - 2024E: 1.05 yuan - 2025E: 1.20 yuan - 2026E: 1.42 yuan [2] - Key Ratios: - Return on Equity (ROE) is projected to be 24% in 2024E and 22% in 2025E and 2026E [1]. - Price-to-Earnings (P/E) ratio is expected to decrease from 19.8 in 2023A to 13.5 in 2026E [1]. Market Position and Strategy - The company has successfully controlled costs while increasing revenue, leading to improved gross and net profit margins [1]. - The R&D expenses have increased, indicating a focus on developing new products for future growth [1]. - The company plans to release several new titles, which are expected to enhance its market position and revenue streams [1].