Ultrapower(300002) 国盛证券·2024-10-30 10:23Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 4.514 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.42%. The net profit attributable to shareholders reached 1.094 billion yuan, up 94.33% year-on-year [1] - The company is focusing on building a product matrix for large models, enhancing its AI capabilities to meet the needs of its operator customers in various intelligent scenarios [1] - The gaming business is performing steadily, with flagship products driving long-term operations and revenue growth [1] Financial Overview - For 2024, the company is projected to achieve revenues of 6.260 billion yuan, 7.074 billion yuan in 2025, and 7.923 billion yuan in 2026, with corresponding net profits of 1.380 billion yuan, 1.593 billion yuan, and 1.820 billion yuan respectively [2][10] - The company's gross margin for Q3 2024 improved slightly to 61.19%, while the sales expense ratio continued to decline [1] - The company’s earnings per share (EPS) is expected to be 0.70 yuan in 2024, 0.81 yuan in 2025, and 0.93 yuan in 2026 [2][10] Business Performance - The company’s flagship game, "Age of Origins," ranked 7th in the overseas revenue chart for Chinese mobile games from July to September 2024, indicating strong performance in the gaming sector [1] - The company has developed multiple large models and received certifications for its AI platforms, enhancing its service capabilities in the ICT sector [1]