Ultrapower(300002) Xinda Securities·2024-10-30 12:01Investment Rating - The investment rating for the company is "Buy" based on the expected performance and growth potential [2]. Core Insights - The company achieved a revenue of 4.514 billion yuan in the first three quarters, representing a year-on-year growth of 11.42%. The net profit attributable to shareholders reached 1.094 billion yuan, with a significant year-on-year increase of 94.33%, resulting in a net profit margin of 24.2% [2]. - In Q3, the company reported a revenue of 1.461 billion yuan, a quarter-on-quarter decrease of 6.62% but a year-on-year increase of 4.53%. The net profit attributable to shareholders was 463 million yuan, showing a quarter-on-quarter growth of 37.72% and a year-on-year increase of 191.43%, with a net profit margin of 31.67% [2]. - The company has stable performance from existing products and anticipates the launch of new products in Q4, which are expected to support future growth [2]. Revenue and Profit Analysis - The company’s revenue for 2024 is projected to be 6.891 billion yuan, with year-on-year growth rates of 15.57%, 15.96%, and 12.67% for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be 1.226 billion yuan in 2024, with growth rates of 38.16%, 12.08%, and 14.13% for the same years [2]. - The company has maintained good cost control, with a significant increase in management expenses attributed to one-time legal fees related to contract disputes, which are not expected to recur [2]. Product Performance - Existing games such as "Sunrise City" and "War Fire and Order" have shown stable revenue performance, ranking in the top 10 and top 30 of the SensorTower overseas game revenue charts from July to September [2]. - The company is set to launch two new SLG games, "Code LOA" and "Code DL," which are currently in overseas testing and are expected to be launched by the end of the year [2].