恺英网络：事件点评：储备产品管线丰富，回购注销提振投资信心

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company's decision to change the purpose of its share repurchase to cancellation enhances shareholder returns and boosts long-term investor confidence [2] - The company has a rich pipeline of reserve products and IPs, which is expected to open a new product cycle [3] - The company is actively expanding its overseas business and leading in AI-related fields [4] Financial Performance and Projections - The company's revenue is projected to grow from 3725.53 million yuan in 2022 to 7216.31 million yuan in 2026, with a CAGR of 18.76% [6] - Net profit attributable to the parent company is expected to increase from 1025.23 million yuan in 2022 to 2522.59 million yuan in 2026, with a CAGR of 20.01% [6] - The company's ROE is forecasted to remain strong, ranging from 21.75% to 27.87% between 2022 and 2026 [6] - EPS is projected to grow from 0.48 yuan in 2022 to 1.17 yuan in 2026 [6] Product Pipeline - The company announced 22 new products during its 2025 product launch event, covering multiple genres such as MMORPG, SLG, and strategy card games [3] - Key self-developed games include "The Grave Robbers' Chronicles: Departure," "Three Kingdoms: The World's Heart," and "King of Legends 2" [3] - The company also has a strong portfolio of licensed IP games, such as "Dragon Nest World" and "Digimon: Source Code" [3] Share Repurchase and Capital Structure - The company repurchased 16.07 million shares, accounting for 0.75% of its total shares, at an average price of 12.43 yuan per share [2] - The repurchased shares will be canceled, reducing the total number of shares from 2152.52 million to 2136.44 million, which is expected to improve EPS and shareholder returns [2] Valuation Metrics - The company's P/E ratio is projected to decrease from 27.82x in 2022 to 11.31x in 2026, indicating a more attractive valuation [6] - The P/B ratio is expected to decline from 6.38x in 2022 to 2.46x in 2026 [6] - EV/EBITDA is forecasted to drop from 18.19x in 2022 to 8.24x in 2026 [6]