恺英网络：变更回购用途并注销，注重股东长期回报

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company is focusing on long-term shareholder returns by changing the purpose of its share repurchase plan from employee incentives to share cancellation, which will enhance EPS and long-term investment value [5] - The company has a rich pipeline of games, with several major titles set to launch in 2025, including "Douluo Continent: Legend of the Evil" and "World of Zhigu" [5] - The company is leveraging AI technology to automate and streamline game development processes, enhancing efficiency and reshaping game production workflows [5] - The company's financial performance is expected to grow steadily, with projected EPS of 0.82/0.97/1.11 yuan for 2024-2026 and PE ratios of 15.8/13.3/11.6 times based on the closing price on January 10 [5] Financial Summary - The company's total revenue is expected to grow from 4295 million yuan in 2023 to 7152 million yuan in 2026, with a CAGR of 15.1% [5] - Net profit attributable to the parent company is projected to increase from 1462 million yuan in 2023 to 2387 million yuan in 2026, with a CAGR of 18.9% [5] - The company's gross margin is expected to remain stable, increasing slightly from 83.5% in 2023 to 84.5% in 2026 [5] - ROE is projected to decline from 27.9% in 2023 to 22.5% in 2026, reflecting a gradual decrease in profitability [5] Game Pipeline and AI Integration - The company has a strong game pipeline, with titles like "Douluo Continent: Legend of the Evil" and "World of Zhigu" set to launch in 2025 [5] - The company is integrating AI technology into game development, using its proprietary "Xingyi" model to automate and enhance various aspects of game production [5] Shareholder Returns - The company has been consistently paying dividends and has implemented a semi-annual cash dividend policy since 2023 [5] - The company's executives have committed to using their post-tax dividend income to increase their holdings in the company over the next five years [5]