XD INC(02400) 国元证券·2025-04-03 07:11Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a turnaround in its annual performance, reporting a revenue of 5.012 billion yuan, a year-on-year increase of 47.9%, and a net profit of 812 million yuan, marking a significant recovery from losses [2][4]. - The gaming business saw substantial growth, with revenues reaching 3.434 billion yuan, up 64.2% year-on-year, driven by the successful launch of new games [3][4]. - The TapTap platform demonstrated a growing brand effect, with an average monthly active user (MAU) count of 44 million, reflecting a 23% increase year-on-year [3][4]. Financial Performance Summary - The company reported a gross profit of 3.479 billion yuan, with a gross margin of 69.4%, an increase of 8.4 percentage points compared to the previous year [2]. - Sales and R&D expense ratios were 27.88% and 18.34%, respectively, with sales expenses rising due to increased marketing for new game launches [2][3]. - The company plans to continue focusing on self-developed games and enhancing operational efficiency, with projected net profits of 999 million yuan, 1.194 billion yuan, and 1.343 billion yuan for 2025, 2026, and 2027, respectively [4][6].