Ultrapower(300002) 开源证券·2025-01-23 07:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with a forecasted net profit attributable to shareholders ranging from 1.381 to 1.491 billion yuan, representing a year-on-year increase of 55.66% to 68.06% [4] - The strong performance is driven by successful products such as "Age of Origins" and "War and Order," along with stable growth in ICT operations and cloud services [4][5] - New games are being launched overseas, with expectations for sustained revenue growth due to their long lifecycle and effective marketing strategies [5] - The integration of AI across various business lines is anticipated to further enhance growth potential [6] Financial Summary - The company forecasts revenue growth from 5.962 billion yuan in 2023 to 7.094 billion yuan in 2024, reflecting a year-on-year increase of 19.0% [7] - The net profit attributable to shareholders is projected to grow from 887 million yuan in 2023 to 1.374 billion yuan in 2024, indicating a year-on-year increase of 54.9% [7] - The gross margin is expected to improve from 62.7% in 2023 to 63.0% in 2024, while the net margin is projected to rise from 14.9% to 19.4% [7][11] - The company’s earnings per share (EPS) is forecasted to increase from 0.45 yuan in 2023 to 0.70 yuan in 2024 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is 17.0 for 2024, decreasing to 14.3 by 2026 [7] - The price-to-book (P/B) ratio is projected to decline from 4.0 in 2023 to 2.3 in 2026 [7] - The return on equity (ROE) is expected to be 19.5% in 2024, slightly decreasing to 16.5% by 2026 [7]