Ultrapower(300002) 申万宏源·2025-01-24 00:29Investment Rating - The investment rating for the company is "Buy" (maintained) [8][15]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.381 to 1.491 billion yuan for the year 2024, representing a year-on-year increase of 55.7% to 68.1% [2]. - The growth in 2024 is primarily driven by the improvement in profit margins of core gaming products, stable growth in AI ICT business, and contributions from non-recurring gains [2]. - The company has initiated a "2+2" new product strategy, focusing on two SLG and two non-SLG games, with new titles already launched for testing [8]. - The computer business is expected to continue its steady growth, and the company is actively exploring AI-related opportunities [8]. - The revenue forecast for 2024-2026 has been adjusted, with expected revenues of 6.38 billion, 7.69 billion, and 8.83 billion yuan respectively [8]. Financial Data and Profit Forecast - Total revenue for 2023 is reported at 5.962 billion yuan, with a projected revenue of 6.377 billion yuan for 2024, reflecting a growth rate of 6.9% [4]. - The net profit attributable to shareholders is expected to be 1.439 billion yuan in 2024, with a year-on-year growth rate of 62.2% [4]. - The earnings per share (EPS) for 2024 is projected to be 0.73 yuan, with a slight increase to 0.74 yuan in 2025 [4]. - The gross profit margin is expected to be around 60.5% in 2024, slightly decreasing in subsequent years [4].