姚记科技：收入结构优化，经营业绩重返增长，积极布局卡牌等景气赛道

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 881 million yuan in Q3 2024, representing a year-on-year decline of 28.08% and a quarter-on-quarter decline of 4.92%. The net profit attributable to the parent company was 140 million yuan, down 6.72% year-on-year but up 4.92% quarter-on-quarter. The non-recurring net profit was 137 million yuan, showing a year-on-year increase of 7.55% and a quarter-on-quarter increase of 14.62% [3][4]. - The decline in revenue is attributed to fluctuations in game revenue and optimization of marketing operations, while the adjustment in revenue structure has led to an increase in gross margin, contributing to the growth in operating performance [4][5]. - The company's main business is expected to remain stable and improve efficiency, with the high-growth card game business continuing to expand [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 881 million yuan, with a year-on-year decrease of 28.08% and a quarter-on-quarter decrease of 4.92%. The net profit attributable to the parent company was 140 million yuan, down 6.72% year-on-year but up 4.92% quarter-on-quarter. The non-recurring net profit was 137 million yuan, reflecting a year-on-year increase of 7.55% and a quarter-on-quarter increase of 14.62% [3][4]. - The gross margin for Q3 2024 improved to 40.2%, up 4.5 percentage points quarter-on-quarter and 9.9 percentage points year-on-year, due to a decrease in the proportion of low-margin marketing business [5]. Business Outlook - The company is expected to further expand its poker production capacity, addressing capacity bottlenecks and increasing market share. The casual gaming segment is performing well, with overseas operations showing competitive strength [6]. - Strategic investments in card-related businesses are anticipated to maintain high growth rates, with potential expansion into other intellectual properties [6]. Profit Forecast - The company is projected to achieve net profits attributable to the parent company of 600 million yuan and 730 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 18.5 and 15.2 [6].