Giant Network(002558) Huajin Securities·2024-12-17 11:35Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has launched the "QianYing" voice game generation model, which accelerates the transformation of AI+ from cost reduction and efficiency enhancement to disruptive innovation [3] - The company is focusing on enhancing user experience through AI-driven personalized character interactions and advanced video generation capabilities [2] - The management aims to lower game development barriers and explore AI game development technologies, potentially creating an AI game incubation platform [2] Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are estimated at 32.97 billion, 36.73 billion, and 40.18 billion respectively, with year-on-year growth rates of 12.7%, 11.4%, and 9.4% [3] - Net profit attributable to the parent company is forecasted to be 13.95 billion, 17.16 billion, and 19.47 billion for the same years, with corresponding growth rates of 28.4%, 23.1%, and 13.4% [3] - Earnings per share (EPS) are expected to be 0.72, 0.89, and 1.01 for 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 17.9, 14.5, and 12.8 respectively [3] - The company reported a gross margin of 88.9% in 2023, with projections of 88.5% for 2024 and 88.6% for 2025 and 2026 [3]