Ultrapower(300002) ZHONGTAI SECURITIES·2024-10-30 03:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown significant profit growth, with stable revenue from core products. The total revenue for Q3 2024 reached 4.514 billion, a year-on-year increase of 11.42%, while the net profit attributable to the parent company was 0.463 billion, up 191.43% year-on-year [1] - The company's key games, "Sunrise City" and "War Fire and Order," have maintained stable revenue contributions, ranking in the top 30 for domestic game overseas revenue [1] - The company is expected to launch new products in Q4, which will enhance its game portfolio and potentially drive further revenue growth [1] Financial Performance Summary - Revenue Forecast: - 2022A: 4,806 million - 2023A: 5,962 million - 2024E: 6,651 million - 2025E: 7,855 million - 2026E: 8,733 million - Year-on-year growth rates are projected at 24% for 2023A and 12% for 2024E [1] - Net Profit Forecast: - 2022A: 542 million - 2023A: 887 million - 2024E: 1,349 million - 2025E: 1,424 million - 2026E: 1,702 million - Year-on-year growth rates are projected at 64% for 2023A and 52% for 2024E [1] - Earnings Per Share (EPS): - 2022A: 0.28 - 2023A: 0.45 - 2024E: 0.69 - 2025E: 0.73 - 2026E: 0.87 [1] - Valuation Ratios: - P/E ratio is projected to decrease from 28.8 in 2023A to 15.0 in 2026E - P/B ratio is expected to decline from 4.4 in 2023A to 2.8 in 2026E [1] Market Position - The company has a market capitalization of approximately 25.53 billion, with a circulating market value of about 23.69 billion [1] - The company has demonstrated strong cash flow from operating activities, with a net cash flow of 6.48 billion for Q3 2024 [1]