Ultrapower(300002) Caixin Securities·2024-11-04 10:41Investment Rating - The investment rating for the company is "Buy" [1][7][10] Core Views - The company reported a revenue of 4.514 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.42%, with a net profit attributable to shareholders of 1.094 billion yuan, up 94.33% year-on-year [5][6] - The company plans to launch two new games overseas by the end of the year, which are expected to contribute to revenue growth [7][8] - The sales expense ratio has decreased, indicating improved cost management, while the company maintains a stable R&D expense ratio [6][8] Financial Summary - The company achieved a revenue of 5,962.24 million yuan in 2023, with projections of 6,874.80 million yuan for 2024, 7,783.56 million yuan for 2025, and 8,628.35 million yuan for 2026 [4][8] - The net profit attributable to shareholders is expected to reach 1,202.25 million yuan in 2024, 1,342.33 million yuan in 2025, and 1,461.92 million yuan in 2026 [4][8] - Earnings per share (EPS) are projected to be 0.61 yuan in 2024, 0.68 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 21.07, 18.88, and 17.33 respectively [7][8]