XD INC(02400) 东吴证券·2025-03-06 18:28Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 49.6-50.4 billion yuan in 2024, representing a year-on-year growth of 46.3%-48.7%, and a net profit of 8.6-9.4 billion yuan, recovering from a net loss of 0.65 billion yuan in 2023, exceeding expectations [8] - The growth in revenue is driven by the successful launch of self-developed games and a rebound in TapTap's monthly active users (MAU), along with improved advertising conversion efficiency [8] - The company anticipates a significant increase in net profit in the second half of 2024, with estimates ranging from 6.09 to 6.89 billion yuan, reflecting a quarter-on-quarter growth of 143%-175% [8] - The report highlights the potential of the TapTap platform, which is expected to continue generating revenue growth through enhanced advertising capabilities and user engagement [8] Financial Summary - Total revenue for 2022 was 3.43 billion yuan, with a forecast of 5.00 billion yuan for 2024, indicating a growth rate of 47.65% [1] - The company reported a net profit of -0.55 billion yuan in 2022, with projections of 0.84 billion yuan for 2024, marking a significant turnaround [1] - The earnings per share (EPS) is expected to rise from -1.13 yuan in 2022 to 1.71 yuan in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 20.42 for 2024, decreasing to 15.99 by 2026 [1] Game Operations - The report expresses confidence in the ongoing success of self-developed games, particularly "出发吧麦芬" and "铃兰之剑," which are expected to contribute positively to revenue [8] - The company has a pipeline of new games that are anticipated to enhance performance, including "伊瑟重启日" and "仙境传说 RO：守护永恒的爱 2" [8] TapTap Platform - TapTap's advertising exposure is projected to increase by 43% year-on-year, capturing 10% of the gaming industry's advertising market [8] - The platform's value is expected to be further realized through continuous product adjustments and enhancements in user engagement [8]