Ultrapower(300002) Guohai Securities·2024-10-30 07:30Investment Rating - The report maintains a "Buy" rating for the company [2][7][10] Core Views - The company reported a robust revenue growth of 4.53% year-over-year (YOY) in Q3 2024, achieving a total revenue of 1.461 billion yuan. The net profit attributable to shareholders surged by 191.43% YOY to 463 million yuan, primarily due to a 245 million yuan lawsuit compensation received in September 2024 [3][4] - The company's performance in the SLG (Simulation and Strategy Game) segment remains stable, with two new SLG products expected to launch by the end of 2024 [5][7] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 61.19%, a decrease of 2.13 percentage points YOY. The sales, research and development, and management expenses were 214 million, 79 million, and 356 million yuan respectively, with YOY changes of -47.97%, -4.66%, and +51.00% [4] - For the first three quarters of 2024, the company reported total revenue of 4.514 billion yuan, a YOY increase of 11.42%, and a net profit of 1.094 billion yuan, up 94.33% YOY [4] Market Position and Future Outlook - The company is strategically focused on "innovation-driven, global layout," aiming to enhance its game and software information technology services. Revenue projections for 2024-2026 are 6.511 billion, 7.421 billion, and 8.506 billion yuan respectively, with net profits expected to be 1.431 billion, 1.499 billion, and 1.893 billion yuan [7][8] - The average global revenue ranking for the company in the mobile game sector was 10th in Q1, 10th in Q2, and 9th in Q3 of 2024, indicating a stable performance in international markets [5][7]