Ultrapower(300002) 东吴证券·2024-10-31 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2024 met expectations, with total revenue of 4.514 billion yuan, a year-on-year increase of 11.42%, and a net profit attributable to shareholders of 1.094 billion yuan, a year-on-year increase of 94.33% [2] - The core gaming business remains stable, while the computer business shows seasonal fluctuations. The revenue in Q3 2024 was 1.461 billion yuan, a year-on-year increase of 4.53% but a quarter-on-quarter decrease of 6.62% [3] - The company expects new games to contribute to revenue growth, with two new titles set to launch in Q4 2024 [5] Financial Performance Summary - For Q3 2024, the company reported a net profit of 463 million yuan, with non-recurring gains contributing 248 million yuan, primarily from the recovery of a lawsuit receivable [4] - Management expenses increased significantly, reaching 356 million yuan in Q3 2024, a year-on-year increase of 51% [4] - The company has adjusted its earnings forecast, expecting EPS of 0.71, 0.72, and 0.80 yuan for 2024, 2025, and 2026 respectively, reflecting a positive outlook on the gaming business and non-recurring gains [5]