姚记科技：卡牌业务布局拓展业务边界，关注各业务板块协同发展-20250305

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is experiencing short-term pressure on revenue and profits, but is expected to benefit from the release of production capacity in its playing card business, which may contribute to performance growth [4]. - The report highlights the importance of collaboration across various business segments, particularly in expanding the card business and improving the gaming and marketing sectors [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.79 billion yuan, a year-on-year decline of 21.89%. The net profit attributable to the parent company was 424 million yuan, down 23.95% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 881 million yuan, a decrease of 28.08% year-on-year, while the net profit was 140 million yuan, down 6.72% year-on-year. However, the non-recurring net profit showed a positive growth of 7.55% year-on-year [2][3]. - The playing card business generated a revenue of 491 million yuan in the first half of 2024, a slight decline of 4.72%, while the gaming business revenue was 513 million yuan, down 27.28% [3]. Revenue and Profit Forecast - The revenue projections for 2024 to 2026 are adjusted to 4.20 billion yuan, 4.62 billion yuan, and 5.03 billion yuan, reflecting a year-on-year change of -2.4%, +10%, and +8.8% respectively. The net profit attributable to the parent company is forecasted to be 575 million yuan, 673 million yuan, and 798 million yuan for the same period [4][5]. - The report indicates that the company’s price-to-earnings (P/E) ratios for 2024E, 2025E, and 2026E are projected to be 19.60, 16.75, and 14.13 respectively [5][4]. Business Segment Insights - The playing card business is expected to expand through the construction of a new production base, funded by a convertible bond issuance of 583 million yuan [3]. - The gaming segment continues to focus on casual games, with several titles in both domestic and international markets, indicating a sustained content production capability [3]. - The digital marketing segment aims to enhance its service offerings by collaborating with major platforms to create high-quality marketing cases [3].