三七互娱：多元储备开启新产品周期，AGI投资布局加码提速

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company has launched multiple new products, including "Time Grocery Store" and "Mecha Domination," which have shown strong market performance [2][3]. - The company is enhancing its long-term operational capabilities for existing games and has a robust pipeline of over twenty self-developed and agency products [2][3]. - The company is accelerating its investment in AGI-related technologies, including edge cloud services and AI hardware, to capture innovation opportunities [3]. Financial Overview - For the first three quarters of 2024, the company achieved revenue of 13.339 billion yuan, a year-on-year increase of 10.76%, while net profit attributable to shareholders was 1.897 billion yuan, down 13.45% year-on-year [1]. - In Q3 2024, the company reported revenue of 4.107 billion yuan, a decrease of 4.09% year-on-year, and a net profit of 633 million yuan, down 34.51% year-on-year [1]. - The gross margin for Q3 2024 improved to 77.98%, with a reduction in sales and management expenses [1]. Earnings Forecast - The company is expected to generate revenues of 18.036 billion yuan, 20.020 billion yuan, and 22.623 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.0%, 11.0%, and 13.0% [3][4]. - The forecasted net profit for the same years is 2.588 billion yuan, 3.036 billion yuan, and 3.620 billion yuan, with growth rates of -2.6%, 17.3%, and 19.2% [3][4].