欢聚：YY Live出售交易完成，关注后续股东回馈计划，上调至买入-20250227

Investment Rating - The report upgrades the investment rating for the company to "Buy" [2][4][12] Core Views - The completion of the YY Live sale transaction is a significant event, with a total consideration of $2.1 billion, which includes$1.86 billion received in 2021 and an additional $240 million from the recent transaction [7] - The company has over$3.3 billion in net cash on hand, translating to a cash value of $58 per share [7] - The impact of product delisting on Q4 revenue is expected to be limited, with a forecast of a 3$63, indicating a potential upside of 21% from the current price [7] Financial Overview - Revenue is projected to decline from $2,412 million in 2022 to$2,268 million in 2023, with a slight recovery to $2,376 million by 2026 [3][14] - Net profit is expected to increase from$199 million in 2022 to $293 million in 2023, with a gradual increase to$282 million by 2026 [3][14] - The earnings per share (EPS) is forecasted to rise from $2.54 in 2022 to$4.16 in 2023, reaching $5.84 by 2026 [3][14] - The company maintains a healthy balance sheet with a projected cash and cash equivalents of$1,597 million in 2025 [14][15] Market Performance - The stock closed at $52.08 with a target price of$63.00, reflecting a potential upside of 21% [1][12] - The stock has shown a year-to-date change of 24.44% [6]