姚记科技：基本盘稳健，卡牌布局深度推进

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company, Yaoji Technology, is a leader in the Chinese playing card industry, leveraging its fully automated production capabilities and strong brand reputation to capture market share. The company aims to increase its market share from 25% in 2021 to 32% by 2028 with the completion of a new production base [2]. - The gaming business is also performing well, with popular titles maintaining user engagement and market competitiveness. The company is expanding its overseas market presence, which presents significant growth potential [2]. - The advertising and marketing segment is expected to benefit from the growth of TikTok, as the company has established deep partnerships with ByteDance, enhancing its online marketing solutions [2]. - The company is advancing its card game strategy through investments in card-related businesses, aiming to create a comprehensive card ecosystem [2]. Financial Projections - The projected net profits for the company from 2024 to 2026 are estimated at 580 million, 700 million, and 800 million yuan, respectively, with year-on-year growth rates of 3.3%, 20.0%, and 15.3% [2]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 22.5, 18.8, and 16.3 for the years 2024, 2025, and 2026, respectively [2]. - The company’s revenue is expected to grow from 4,353 million yuan in 2024 to 5,229 million yuan in 2026, with corresponding growth rates of 1.07% and 11.55% [4].