Ultrapower(SZ:300002)2024-10-30 10:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its performance relative to the market [2][4]. Core Insights - The company reported a revenue of 1.461 billion yuan for Q3 2024, a year-on-year increase of 4.53%, with a net profit attributable to shareholders of 463 million yuan, reflecting a significant growth of 191.43% [1]. - The gaming segment remains robust, with key titles like "City of the Rising Sun" and "Fire and Order" sustaining long-term operations, while new games are expected to launch soon, potentially boosting overseas revenue [1]. - The company has optimized its cost structure, achieving a total expense ratio of 40.78% for the first three quarters, a decrease of 5.8 percentage points from the previous year, indicating improved operational efficiency [2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 4.514 billion yuan, a year-on-year increase of 11.42%, and a net profit of 1.094 billion yuan, up 94.33% [1]. - The projected revenues for 2024 to 2026 are 7.042 billion yuan, 8.107 billion yuan, and 9.123 billion yuan, respectively, with corresponding net profits of 1.484 billion yuan, 1.377 billion yuan, and 1.549 billion yuan [3]. - The company’s PE ratios for the next three years are projected at 17x, 19x, and 16x, respectively, indicating a favorable valuation trend [2][3].