XD INC(02400) 开源证券·2025-01-20 06:35Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see significant revenue growth driven by the launch of new content and seasonal events in its self-developed life simulation game "Heart Town" [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 783 million, 1.137 billion, and 1.246 billion yuan respectively, with corresponding EPS of 1.6, 2.3, and 2.5 yuan [5] - The current stock price corresponds to P/E ratios of 13.5, 9.3, and 8.5 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [5] Financial Summary and Valuation Metrics - Revenue for 2022 was 3.431 billion yuan, with a projected increase to 6.005 billion yuan in 2024, representing a year-over-year growth of 77.2% [8] - The company reported a net loss of 554 million yuan in 2022, but is expected to achieve a net profit of 783 million yuan in 2024, marking a significant turnaround [8] - Gross margin is projected to improve from 53.5% in 2022 to 65.2% by 2026, indicating enhanced profitability [8] - The return on equity (ROE) is expected to be 31.4% in 2024, reflecting strong operational efficiency [8]