恺英网络：业绩超预期，新品周期值得关注

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 39.28 billion yuan for the first three quarters, representing a year-on-year growth of 29.65%. The net profit attributable to the parent company was 12.80 billion yuan, up 18.27% year-on-year, with a net profit margin of 32.6% [1]. - In Q3, the company achieved a revenue of 13.72 billion yuan, with a quarter-on-quarter growth of 10.0% and a year-on-year growth of 30.33%. The net profit attributable to the parent company was 4.71 billion yuan, reflecting a quarter-on-quarter increase of 22.97% and a year-on-year increase of 31.52% [1]. - The company is actively expanding its overseas business, with several new game releases achieving significant rankings in various regions [1]. Financial Summary - The total revenue for 2022 was 3,726 million yuan, with a year-on-year growth rate of 56.8%. The projected revenues for 2023, 2024, 2025, and 2026 are 4,295 million yuan, 5,275 million yuan, 6,231 million yuan, and 7,153 million yuan, respectively [2]. - The net profit attributable to the parent company for 2022 was 1,025 million yuan, with a year-on-year growth of 77.8%. The projected net profits for the following years are 1,462 million yuan in 2023, 1,746 million yuan in 2024, 2,082 million yuan in 2025, and 2,396 million yuan in 2026 [2]. - The gross profit margin for 2022 was 75.0%, with projections of 83.5% for 2023, 82.2% for 2024, 81.7% for 2025, and 81.4% for 2026 [2].