Ultrapower(SZ:300002) Huaan Securities·2024-10-30 07:48Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first three quarters of 2024 reached 4.51 billion yuan, a year-on-year increase of 11.4%, with a net profit attributable to shareholders of 1.09 billion yuan, up 94.3% year-on-year [2] - The company expects to launch two new games overseas in Q4, which are anticipated to drive performance growth [2] - The company is projected to achieve net profits of 1.302 billion yuan, 1.367 billion yuan, and 1.536 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 46.7%, 5.0%, and 12.4% [2] Financial Performance Summary - For Q3 2024, the company's revenue was 1.46 billion yuan, a year-on-year increase of 4.53%, and the net profit attributable to shareholders was 460 million yuan, up 191.43% year-on-year [2] - The sales expense ratio for Q3 was 14.6%, a decrease of 14.8 percentage points year-on-year, while the management expense ratio increased to 24.4%, up 7.5 percentage points year-on-year [2] - The company's gross profit margin is projected to be 61.6% in 2024, 61.8% in 2025, and 63.2% in 2026 [3][6] Future Projections - The company anticipates revenue growth of 9.6% in 2024, 10.5% in 2025, and 13.7% in 2026 [3][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.66 yuan, 0.70 yuan, and 0.78 yuan, respectively [5][6] - The price-to-earnings (P/E) ratio is projected to be 19.7 in 2024, 18.8 in 2025, and 16.7 in 2026 [3][6]