SANQI HUYU(002555) 国盛证券·2025-04-20 12:23Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% year-on-year [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new versions of existing games [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company reported a revenue of 17.441 billion yuan and a net profit of 2.673 billion yuan, with projections for 2025-2027 indicating continued growth in both revenue and profit [6]. - The company's earnings per share (EPS) for 2024 is projected at 1.21 yuan, with a P/E ratio of 12.6 [6][7]. - The company maintains a strong return on equity (ROE) of 20.7% in 2024, with expectations for gradual improvement in subsequent years [6].